BTCC vs XEY

BTCCAGrayscale Funds Trust

XEYDGraniteShares YieldBOOST Ether 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.

XEY Most crypto income funds sell calls on the coin. XEY sells puts on 2x Ether ETFs, harvesting the fatter premiums that leverage creates, and pays weekly. The fund itself holds no leverage; the leverage lives inside the options it writes.

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.

XEY XEY seeks to generate income mainly by selling puts on leveraged ETFs designed to deliver twice the daily performance of Ether, targeting twice the option income. It also seeks exposure to that leveraged ETF's performance, with potential gains capped.

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.

• XEY The twist: it writes puts on leveraged Ether ETFs rather than on Ether, aiming for twice the option income of the plain version.graniteshares.com
• The YieldBOOST structure sells near-the-money puts and buys further out-of-the-money puts, so the downside on the options leg is defined rather than open-ended.graniteshares.com
• Distributions land weekly, not monthly or quarterly, across the whole YieldBOOST shelf.graniteshares.comgraniteshares.com 2

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.

• XEY At 1.07%, the fee sits above what a typical crypto options-income peer charges; CEPI and BAGY run their versions cheaper.
• Selling puts means the strike levels cap the upside while Ether's drawdowns still come through. The issuer also discloses that payouts can include return of capital.graniteshares.com
• A 2026 launch, still small and lightly traded. Thin volume can mean wider spreads, so limit orders matter here.

Full BTCC profile⁠

Full XEY profile⁠