BTCC vs YBTC: Grades, Fees and Holdings Compared

Grayscale Funds Trust

BTCCBNYSE Arca

Roundhill Bitcoin Covered Call Strategy ETF

YBTCCCboe

Overlap

0.5%by weight

Expense ratio

BTCC −0.29pt a year

BTCC0.66%YBTC0.95%

Avg volume · 30D

YBTC 3.0×the volume

BTCC23.9KYBTC72.3K

BTCC vs YBTC Performance

Oct 31, 2025 – Oct 30, 2026

−27.4%BTCC−32.4%YBTC

Expense ratio: BTCC 0.66%, better; YBTC 0.95%
Fund size: BTCC $15M; YBTC $131M
1Y total return: BTCC −27.4%, better; YBTC −32.4%
Yield (12M): BTCC 65.93%, better; YBTC 58.20%
Holdings: BTCC 4; YBTC 4
Avg volume (30D): BTCC 23.9K sh; YBTC 72.3K sh, better
NAV per share: BTCC $12.40; YBTC $17.35
52W range

ETF.net Grade

Pillar letters and Scores for BTCC, YBTC, with each pillar’s weight
Pillar	BTCC	YBTC
Cost30% weight	A90Higher	C40
Mission25% weight	Not scored	B69
Risk15% weight	B65Higher	C52
Tradability15% weight	C44	A76Higher
Holdings10% weight	Not scored	C49
Durability5% weight	C51	A90Higher

Rank among Crypto Option Income funds

How we build Categories ›

Same Category. BTCC and YBTC 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 YBTC 5th of 21 funds in the Crypto Option Income Category.

Rank 1ABITAThe iShares Bitcoin Premium Income ETFScore 88
Rank 2BBTCCGrayscale Funds TrustScore 70
Rank 3BBAGYAmplify Bitcoin Max Income Covered Call ETFScore 64
Rank 3BCEPIREX Crypto Equity Premium Income ETFScore 64
Rank 5CYBTCRoundhill Bitcoin Covered Call Strategy ETFScore 54
Rank 6CDFIIFT Vest Bitcoin Strategy & Target Income ETFScore 52

Our read on each fund

ETF.net Research

BTCCBGrayscale Funds Trust

YBTCCRoundhill Bitcoin Covered Call Strategy 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.

YBTC No data

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.

YBTC No data

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.

YBTC No data

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.

YBTC No data

Full BTCC profile⁠

Full YBTC profile⁠

BTCC vs YBTC Holdings

How BTCC and YBTC differ

Overlap by weight

0.5%

Shared holdings make up 6.0% of YBTC and 1.1% of BTCC.

Level by level

Holdings1 in both0.5%
Asset classAlternatives100%
Countryby domicile100%

Sector

No Sector split for BTCC and YBTC.

Country, concentration and asset class

Country by domicile

Country weights in BTCC and YBTC, widest gap first
Country	More in BTCCMore in YBTC	BTCC	YBTC
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BTCC108.4%
YBTC108.3%

Securities held

BTCC3
YBTC3

Asset class

BTCC: Alternatives
YBTC: Alternatives

Holdings

Only in BTCC2
In both1
Only in YBTC2

Only in BTCC

2 securities, 100% of BTCC by weight

United States Treasury Bill 12/24/202693.90%
Gbtc 03/19/2027 56.54 C13.41%

Only in YBTC

2 securities, 100% of YBTC by weight

United States Treasury Bill 12/03/2026100.50%
Ibit 11/20/2026 46.03 C1.75%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BTCC and YBTC, widest gap first
Holding	More in BTCCMore in YBTC	BTCC	YBTC
First American Government Obligations Fund 12/01/2031FGXXX	YBTC +5.53 points	0.09%	5.62%

All 6 BTCC holdings⁠All 6 YBTC 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 YBTC Cost

Overpaying YBTC vs BTCC

$4,973

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

BTCC 0.66%
$12,896
YBTC 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

BTCC 0.66%
YBTC 0.95%
Overpaying

Year by year

Year	BTCC	YBTC	Overpaying
10	$1,180	$1,678	$498
20	$4,504	$6,322	$1,818
30	$12,896	$17,869	$4,973

Expense ratio

0.66%BTCC, cheaper
0.95%YBTC

BTCC0.66%YBTC0.95%

0.65%1.52%

Middle half of Crypto Option Income funds
Median 0.85%

BTCC 5th cheapest of 21 funds

YBTC 12th cheapest of 21 funds

BTCC vs YBTC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BTCC 65.93%, better; YBTC 58.20%
Payout (12M): BTCC $8.16; YBTC $10.10
Last payment: BTCC $0.22; YBTC $0.11
Ex-dividend: BTCC Oct 29, 2026; YBTC Oct 28, 2026
Paid on: BTCC Oct 30, 2026; YBTC Oct 29, 2026
Frequency: BTCC Irregular; YBTC Weekly

Distribution history

Per share, 2026, same scale for both

BTCCIrregular · 20 paymentsAll BTCC payments⁠

YBTCWeekly · 43 paymentsAll YBTC payments⁠

BTCC vs YBTC 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 2025YBTC 35.6%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: BTCC −0.65since May 2025YBTC 0.20since Feb 2024
Worst fallMax drawdown, 5 years: BTCC −44.3%since Apr 2025YBTC −48.8%since Jan 2024
Market sensitivityBeta, 5 years: BTCC 1.01YBTC 1.01; Market = 1

BTCC and YBTC in the news

All news⁠

Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
Updated Oct 6, 2026YBTC
ETF Filings
Grayscale files a Zcash income ETF on options it says may not last
Sep 28, 2026BTCC
Deep Dive
Grayscale's Zcash ETF rose 24.7%, then announced a 3-for-1 split
Sep 19, 2026YBTC
Deep Dive
Bitcoin ETFs lost $463 million. ARKB accounted for half
Sep 12, 2026YBTC
ETF Filings
Grayscale files for a 2x Zcash ETF built on options on its two-week-old ETP
Sep 10, 2026BTCC
Deep Dive
Miners rose 11% as bitcoin ETFs gained 3% and Solana funds slipped
Sep 5, 2026YBTC

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BTCC vs YBTC

In short

Stated mandate

Why people hold it