Dividend comparison

BITO vs BTCI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for ProShares Bitcoin ETF and NEOS Bitcoin High Income ETF, side by side. Updated October 24, 2026.

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BITO vs BTCI: key differences
The short answer, from the latest data on this page.
  • Fees. BITO is cheaper at 0.95% a year versus 0.99% for BTCI. On $10,000 that is $4 a year less in fees.
  • Income. BTCI pays more income, yielding 33.62% over the last twelve months versus 22.80% for BITO. That is about $1,081 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, BITO returned -32.1% versus -40.1% for BTCI, with dividends reinvested. $10,000 would have grown to $6,788 in BITO and $5,990 in BTCI.
  • Risk. BITO has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -77.8%, against -55.9% for BTCI.

Bottom line: BITO fits better if you care most about lower fees and stronger 1-year returns. BTCI fits better if you care most about more income today and smaller drawdowns.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricBITO
ProShares Bitcoin ETF
BTCI
NEOS Bitcoin High Income ETF
Dividend yield (TTM)22.80%33.62%
Dividend / share (TTM)$2.47$10.83
Payout frequencyMonthlyMonthly
Last dividend$0.0174 on Oct 7, 2026$0.6950 on Oct 23, 2026
Ex-dividend dateOct 1, 2026Oct 21, 2026
Price$10.83$32.22
Beta1.741.42
Max drawdown (5Y)-77.8%-55.9%
Market cap$2.22B$1.41B
ExchangeAMEXCBOE
Expense ratio0.95%0.99%
Assets under management$1.57B$1.44B
Number of holdings5—
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

BITO

$190.01/mo

$2280 /yr at 22.80% yield

BTCI

$280.13/mo

$3362 /yr at 33.62% yield

Dividend history
Total dividends paid per share in each calendar year. BITO pays monthly; BTCI pays monthly.
YearBITOBTCI
2025$9.5198$16.0521
2024$14.0307—
Strategy: Crypto-linked income
The most aggressive category on the site: funds that take exposure to bitcoin or a crypto-linked stock, usually through options or futures rather than by owning the asset, and sell calls against it to generate large distributions. Extreme implied volatility is what funds the payout, and the same volatility is what makes the exposure underneath unpredictable. Fees are around 1% a year and the exposure is often synthetic, so what you own is a set of derivative contracts, not the asset itself.

Distributions vary sharply, have included return of capital, and upside is capped while downside is not, so net asset value can fall a long way even in periods when the payments keep arriving.

What BITO vs BTCI actually do

BITO
A ProShares fund that tracks bitcoin through CME futures contracts rather than holding any bitcoin itself.

It buys front-month CME bitcoin futures and rolls them forward as each contract nears expiry, holding Treasuries as collateral. When longer-dated contracts trade above nearer ones, a condition called contango that has been common in bitcoin futures, each roll sells low and buys high and drags on return relative to spot bitcoin. Fees are around 0.95% a year on top of that roll cost, and its distributions come from collateral interest and realized futures gains rather than from anything the asset pays.

Suits an account that cannot hold spot bitcoin products directly but can hold a futures-based fund. Since spot bitcoin ETFs became available in 2024 the structural case for the futures wrapper is much narrower, and the combination of roll drag and fee means it should not be expected to keep pace with bitcoin itself.

High volatility, structural tracking drag

BTCI
A NEOS fund that holds spot bitcoin exchange-traded products and writes call options against that exposure for monthly income.

Rather than owning bitcoin or futures directly, it holds spot bitcoin ETPs such as IBIT and HODL, then sells calls on bitcoin-related funds to collect premium. Bitcoin's implied volatility is extreme by equity standards, so the premium collected and the resulting distributions are very large, and so is the amount of upside handed over when bitcoin runs. Fees are around 1% a year, which is high in absolute terms though normal for this category.

Suits someone who already wants bitcoin exposure and would rather convert its volatility into monthly cash than wait for appreciation. Entirely unsuitable as a core income holding: the underlying asset can halve, the distribution is not contractual, and the call overlay removes exactly the upside that justifies owning bitcoin in the first place.

Speculative income, very high volatility

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 17, 2024 would now be worth $10,274 in BITO and $9,107 in BTCI.
PeriodBITOBTCI
1 month-6.22%-6.18%
3 months21.34%11.72%
Year to date-10.69%-26.60%
1 year-32.13%-40.10%
3 years112.52%—
5 years-4.06%—
  • BITO
  • BTCI
6912518120242025202610391

Both series indexed to 100 on 2024-10-17 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • BITO
  • BTCI
0%17%34%51%67%Financial Services67.3%Cash & Others32.7%

Quick verdict

BITO fits better if you care most about lower fees and stronger 1-year returns. BTCI fits better if you care most about more income today and smaller drawdowns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is BITO or BTCI better for dividend income?
It depends on your goals. BITO currently yields 22.80% Trailing Twelve Months (TTM) while BTCI yields 33.62%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between BITO and BTCI?
ProShares Bitcoin ETF (BITO) is an ETF listed on AMEX. NEOS Bitcoin High Income ETF (BTCI) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, BITO or BTCI?
BITO has the lower expense ratio. BITO charges 0.95% a year and BTCI charges 0.99%, a difference of $4 a year on a $10,000 investment.
Which has performed better, BITO or BTCI?
Over the last 1 year, BITO has the higher total return with dividends reinvested: BITO returned -32.1% and BTCI returned -40.1%. Past performance does not predict future returns.
Which is riskier, BITO or BTCI?
Measured by the worst peak-to-trough decline over the last five years, BITO has been riskier: BITO fell as much as 77.8% and BTCI as much as 55.9%. Their betas are 1.74 and 1.42.
How often do BITO and BTCI pay dividends?
Both pay monthly. The most recent payments were $0.0174 for BITO and $0.6950 for BTCI.
How much income does $10,000 in BITO vs BTCI generate?
At current TTM yields, $10,000 in BITO would generate roughly $190.01 per month ($2280 annually). The same amount in BTCI would produce about $280.13 per month ($3362 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both BITO and BTCI?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare BITO vs BTCI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how BITO and BTCI fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.