CEPI vs XEY

CEPIBREX Crypto Equity Premium Income ETF

XEYDGraniteShares YieldBOOST Ether 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.

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

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.

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

• 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.

• 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

• 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.

• 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 CEPI profile⁠

Full XEY profile⁠