CEPI vs XBTY

CEPIBREX Crypto Equity Premium Income ETF

XBTYDGraniteShares YieldBOOST Bitcoin ETF

In short

CEPI Crypto exposure without the coins. CEPI owns a basket of miners, exchanges and digital-payment stocks, then sells options against them for income, so the sector's volatility becomes the fuel for the premium.

XBTY Most bitcoin income funds write calls. XBTY works the other side: selling short-dated put spreads on a 2x long bitcoin ETF, harvesting premium from leveraged volatility while cash sits in Treasury bills. Gains are capped by design.

Stated mandate

CEPI The fund seeks current income and capital appreciation, while targeting most of the returns of the S&P 500 Total Return Index with lower volatility and additional income.

XBTY The Fund seeks income primarily by selling put options on leveraged ETFs tracking a 2x Long Bitcoin Daily ETF. It also seeks capped exposure to that leveraged ETF's performance.

Why people hold it

• CEPI Charges 0.85% a year, below the 0.96% median for crypto-linked income funds.
• Spreads across roughly 80 crypto and digital-payment stocks from the BITA Crypto Assets & Digital Payments Index, rather than leaning on one bitcoin proxy.
• Sits in the top quartile of the crypto-income group we track, one of the stronger builds in a crowded niche.
• A plain 1940 Act fund holding stocks, not coins: no wallet, no exchange account, 1099 at tax time.

• XBTY Premium comes off a 2x long bitcoin ETF, not spot bitcoin, so each option is priced on double-leverage volatility. Richer premiums per contract, bigger swings behind them.graniteshares.com
• Not naked puts: every put sold (40% out-of-the-money to 10% in-the-money, one week to one month) is paired with a lower-strike put at the same expiry.sec.govgraniteshares.com
• The fund never owns the leveraged ETF. Exposure runs through options and swaps, with cash parked in Treasury bills and other short-term instruments.sec.gov

Worth knowing

• CEPI Writing options for income trades away part of any big rally in crypto equities. Premium now, capped upside later.
• A December 2024 launch that still trades lightly next to the giant income ETFs, so spreads can run wider.
• Exposure leans on derivatives, including synthetic single-stock positions, so the options book drives results as much as the shares behind it.

• XBTY 1.15% net of a waiver through December 31, 2026, versus 11.40% gross, since the cap excludes option and swap costs. Above the group: BITA charges 0.65%, YBTC 0.95%.graniteshares.com
• Premium for upside: gains stop at the strike plus premium collected, while a drop in the leveraged ETF hits the fund down to its long-put strike.sec.gov
• Launched May 2025, small and lightly traded, which can mean wider spreads at the screen than the category's biggest names.

Full CEPI profile⁠

Full XBTY profile⁠