BTCC vs YETH

BTCCBGrayscale Funds Trust

YETHCRoundhill Ether 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.

YETH Ether's volatility, repackaged as weekly income. YETH doesn't hold ether: it builds the exposure with options on spot ether ETFs, then sells weekly calls against that position, swapping the biggest upside weeks for premium.

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.

YETH The Fund seeks current income and secondary exposure to the price return of Ether ETFs traded on U.S.-regulated exchanges. It uses synthetic covered calls, primarily through options on Ether ETFs, to create that exposure while generating income.

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.

• YETH The income engine is mechanical: sell weekly FLEX calls on ether ETFs, then distribute on a weekly schedule the fund expects (but doesn't guarantee) to keep.roundhillinvestments.com
• No wallets, no keys, no custody. An at-the-money FLEX call stands in for the coin, all inside a 1940 Act fund that reports like any other ETF.roundhillinvestments.com
• At 0.96%, the fee sits right at the median for crypto options-income funds, and the overall build lands in the upper half of that 19-fund group.
• Trading since September 2024, weeks after US spot ether ETFs listed, so it has a live record through real ether drawdowns rather than a backtest.roundhillinvestments.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.

• YETH Upside is capped every week calls are written. A ripping ether rally leaves you with the premium and only part of the move.roundhillinvestments.com
• Distributions can exceed income and gains. The excess is return of capital: your own money coming back, with NAV lower for it.roundhillinvestments.com
• Ether's downside comes through largely intact; premium cushions, it doesn't hedge. Cheaper crypto-income builds exist, including SPBC at 0.54%.

Full BTCC profile⁠

Full YETH profile⁠