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BTCC vs DFII

Grayscale Funds Trust

BTCCBNYSE Arca

FT Vest Bitcoin Strategy & Target Income ETF

DFIICNYSE Arca

Overlap

0.0%by weight

Expense ratio

BTCC −0.19pt a year

BTCC0.66%DFII0.85%

Avg volume · 30D

BTCC 3.0×the volume

BTCC23.9KDFII8K

BTCC vs DFII Performance

Oct 31, 2025 – Oct 30, 2026

−27.4%BTCC−30.7%DFII

Oct 31, 2025 to Oct 30, 2026. BTCC −27.4%. DFII −30.7%. Use the arrow keys to read each point.−40%−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BTCC 0.66%, better
DFII 0.85%
Fund size
BTCC $15M
DFII $20M
1Y total return
BTCC −27.4%, better
DFII −30.7%
Yield (12M)
BTCC 65.93%, better
DFII 20.66%
Holdings
BTCC 4
DFII 4
Avg volume (30D)
BTCC 23.9K sh, better
DFII 8K sh
NAV per share
BTCC $12.40
DFII $13.04
52W range

ETF.net Grade

BTCC: Cost 90, Risk 65, Mission not scored, Tradability 44, Holdings not scored, Durability 51. DFII: Cost 50, Risk 50, Mission not scored, Tradability 60, Holdings 39, Durability 72.
Pillar letters and Scores for BTCC, DFII, with each pillar’s weight
PillarBTCCDFII
Cost30% weightA90HigherC50
Mission25% weightNot scoredNot scored
Risk15% weightB65HigherC50
Tradability15% weightC44B60Higher
Holdings10% weightNot scoredD39
Durability5% weightC51A72Higher

Rank among Crypto Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BTCC and DFII are both graded against the same 21 Crypto Option Income funds, so their Grades compare head to head.

Crypto Option Income⁠

Category · 21 funds
See all 21 ›

BTCC ranks 2nd and DFII 6th of 21 funds in the Crypto Option Income Category.

  1. Rank 1ABITAThe iShares Bitcoin Premium Income ETFScore 88
  2. Rank 2BBTCCGrayscale Funds TrustScore 70
  3. Rank 3BBAGYAmplify Bitcoin Max Income Covered Call ETFScore 64
  4. Rank 5CYBTCRoundhill Bitcoin Covered Call Strategy ETFScore 54
  5. Rank 6CDFIIFT Vest Bitcoin Strategy & Target Income ETFScore 52
  6. Rank 6CXBCINEOS Boosted Bitcoin High Income ETFScore 52

Our read on each fund

ETF.net Research

BTCCBGrayscale Funds Trust

DFIICFT Vest Bitcoin Strategy & Target Income ETF

In short

BTCC Grayscale's income angle on bitcoin: rather than just holding the asset, BTCC sells calls against bitcoin ETPs to convert crypto volatility into cash. Income first, bitcoin participation second, at a fee that undercuts most of its covered-call peers.

DFII A bitcoin income fund that never owns a coin. First Trust's Vest team sells options on bitcoin ETPs to fund a monthly payout targeted 15% above one-month Treasury rates, trading away part of bitcoin's upside for cash flow.

Stated mandate

BTCC The Fund seeks current income and, secondarily, participation in Bitcoin returns through options on Bitcoin exchange-traded products designed to track Bitcoin's price.

DFII The Fund seeks partial participation in bitcoin returns while generating a high level of income. It uses options referencing Bitcoin Exposure Instruments rather than investing directly in bitcoin.

Why people hold it

  • BTCC Runs at 0.66% a year, below the typical fee in its crypto options-income group and cheaper than peers like CEPI and DFII at 0.85%.
  • The mandate is blunt: current income first, bitcoin participation second, using options on bitcoin exchange-traded products. No mystery about the job.
  • Top quartile of its crypto options-income peer group, one of the stronger implementations on that shelf.
  • Exposure runs through options on listed bitcoin ETPs, so no wallets, keys or crypto exchange accounts. It sits in an ordinary brokerage account.
  • DFII The payout policy is written down, not improvised: a target income level 15% above the one-month Treasury distribution rate, paid monthly.ftportfolios.com
  • No coins, keys, or exchange accounts. Exposure runs through options on bitcoin ETPs held inside an ordinary 1940 Act fund you buy in a brokerage account.sec.gov
  • 0.85% a year, which sits below the median fee in its crypto options-income peer group.sec.gov
  • Part of First Trust Vest's target-income lineup, the firm's options-overlay machinery aimed at bitcoin instead of an equity index.ftportfolios.com

Worth knowing

  • BTCC Covered calls swap upside for income. When bitcoin rips, the sold calls hand back part of the move, while the drawdowns still come through.
  • A small fund that trades lightly, so spreads can widen. Limit orders and patience do real work here.
  • Launched in 2025, so the track record is short and covers only a slice of a crypto cycle.
  • DFII Partial participation is the bargain. The options that fund the income also clip the upside, so the fund is built to lag bitcoin in a strong run.ftportfolios.com
  • Distributions can include return of capital, meaning some of a payout may be your own principal handed back rather than income the fund earned.ftportfolios.com
  • Launched in 2025 and small, so it trades lightly next to bigger crypto-income names and carries a short record through a full crypto cycle.

Full BTCC profile⁠

Full DFII profile⁠

BTCC vs DFII Holdings

How BTCC and DFII differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BTCC and 0.0% of DFII.

Level by level

  • Holdings0 in both0.0%

Sector

No Sector split for BTCC and DFII.

Country, concentration and asset class

Country by domicile

No country split for DFII.

Concentration

Weight in the 10 largest Holdings

  • BTCC108.4%
  • DFII1912.7%

Securities held

  • BTCC3
  • DFII3

Asset class

BTCC
Alternatives
DFII
Multi-Asset

Holdings

  • Only in BTCC3
  • In both0
  • Only in DFII3

Only in BTCC

3 securities, 100% of BTCC by weight

  • United States Treasury Bill 12/24/202693.90%
  • Gbtc 03/19/2027 56.54 C13.41%
  • First American Government Obligations Fund 12/01/20310.09%

Only in DFII

3 securities, 100% of DFII by weight

  • 2026-12-31 S&P 500® Mini Index P 3,060.601909.86%
  • 2026-12-31 iShares Bitcoin Trust ETF C 71.010.09%
  • 2026-12-31 S&P 500® Mini Index C 2,869.31<0.01%

Weight gaps

BTCC and DFII share no securities.

All 6 BTCC holdings⁠All 7 DFII holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BTCC vs DFII Cost

Overpaying DFII vs BTCC

$3,303

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BTCC 0.66%

    $12,896

  • DFII 0.85%

    $16,199

$10,000
30 years

Cost over time

  • BTCC 0.66%
  • DFII 0.85%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DFII $16,199BTCC $12,896

Year by year

YearBTCCDFIIOverpaying
10$1,180$1,508$328
20$4,504$5,706$1,202
30$12,896$16,199$3,303

Expense ratio

  • 0.66%BTCC, cheaper
  • 0.85%DFII
  • Middle half of Crypto Option Income funds
  • Median 0.85%

BTCC 5th cheapest of 21 funds

DFII 10th cheapest of 21 funds

BTCC vs DFII Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BTCC 65.93%, better
DFII 20.66%
Payout (12M)
BTCC $8.16
DFII $2.70
Last payment
BTCC $0.22
DFII $0.22
Ex-dividend
BTCC Oct 29, 2026
DFII Oct 1, 2026
Paid on
BTCC Oct 30, 2026
DFII Oct 2, 2026
Frequency
BTCC Irregular
DFII Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

BTCCIrregular · 34 paymentsAll BTCC payments⁠
One bar per payment. 34 payments from 2025 to 2026 YTD. Apr 30, 2025 $1.64; May 21, 2025 $0.94; Jun 25, 2025 $1.97; Jul 23, 2025 $1.85; Aug 14, 2025 $0.74; Aug 28, 2025 $1.18; Sep 12, 2025 $0.95; Sep 29, 2025 $0.89; Oct 14, 2025 $0.70; Oct 29, 2025 $0.62; Nov 13, 2025 $0.60; Nov 26, 2025 $0.57; Dec 12, 2025 $0.55; Dec 29, 2025 $0.53; Jan 14, 2026 $0.41; Jan 29, 2026 $0.37; Feb 12, 2026 $0.37; Feb 26, 2026 $0.37; Mar 12, 2026 $0.36; Mar 30, 2026 $0.37; Apr 14, 2026 $0.22; Apr 29, 2026 $0.38; May 14, 2026 $0.35; May 28, 2026 $0.28; Jun 12, 2026 $0.28; Jun 29, 2026 $0.26; Jul 14, 2026 $0.19; Jul 30, 2026 $0.26; Aug 13, 2026 $0.23; Aug 28, 2026 $0.22; Sep 14, 2026 $0.23; Sep 29, 2026 $0.26; Oct 14, 2026 $0.26; Oct 29, 2026 $0.22. Use the arrow keys to read each point.$0$22026YTD
DFIIMonthly · 18 paymentsAll DFII payments⁠
One bar per payment. 18 payments from 2025 to 2026 YTD. May 1, 2025 $0.31; Jun 2, 2025 $0.37; Jul 1, 2025 $0.36; Aug 1, 2025 $0.39; Sep 2, 2025 $0.37; Oct 1, 2025 $0.37; Nov 3, 2025 $0.33; Dec 1, 2025 $0.28; Jan 2, 2026 $0.26; Feb 2, 2026 $0.25; Mar 2, 2026 $0.20; Apr 1, 2026 $0.19; May 1, 2026 $0.21; Jun 1, 2026 $0.21; Jul 1, 2026 $0.17; Aug 3, 2026 $0.18; Sep 1, 2026 $0.20; Oct 1, 2026 $0.22. Use the arrow keys to read each point.$0$22026YTD

BTCC vs DFII Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTCC 29.0%since May 2025DFII 37.6%since May 2025
Return per unit of riskSharpe ratio, 3 years
BTCC −0.65since May 2025DFII −0.33since May 2025
Worst fallMax drawdown, 5 years
BTCC −44.3%since Apr 2025DFII −51.0%since Apr 2025
Market sensitivityBeta, 5 years
BTCC 1.01DFII 1.36

BTCC and DFII in the news

All news⁠

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