Dividend comparison
YBTC vs BITO: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Roundhill Investments - Bitcoin Covered Call Strategy ETF and ProShares Bitcoin ETF, side by side. Updated October 21, 2026.
- Fees. Both charge about 0.95% a year, so cost is not what separates them.
- Income. YBTC pays more income, yielding 56.01% over the last twelve months versus 22.43% for BITO. That is about $3,358 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, BITO returned -33.1% versus -49.8% for YBTC, with dividends reinvested. $10,000 would have grown to $6,689 in BITO and $5,016 in YBTC.
- Risk. BITO has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -77.8%, against -62.1% for YBTC.
- Diversification. YBTC holds 6 positions and BITO holds 5.
- Size. BITO is the larger fund with $1.6 billion in assets, against $142 million for YBTC.
Bottom line: YBTC fits better if you care most about more income today and smaller drawdowns. BITO fits better if you care most about stronger 1-year returns.
| Metric | YBTC Roundhill Investments - Bitcoin Covered Call Strategy ETF | BITO ProShares Bitcoin ETF |
|---|---|---|
| Dividend yield (TTM) | 56.01% | 22.43% |
| Dividend / share (TTM) | $10.51 | $2.47 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.1129 on Oct 15, 2026 | $0.0174 on Oct 7, 2026 |
| Ex-dividend date | Oct 14, 2026 | Oct 1, 2026 |
| Price | $18.76 | $11.01 |
| Beta | 1.01 | 1.74 |
| Max drawdown (5Y) | -62.1% | -77.8% |
| Market cap | $140.1M | $2.22B |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.95% | 0.95% |
| Assets under management | $141.8M | $1.61B |
| Number of holdings | 6 | 5 |
| Top 10 concentration | 211.7% | — |
YBTC
$466.75/mo
$5601 /yr at 56.01% yield
BITO
$186.91/mo
$2243 /yr at 22.43% yield
| Year | YBTC | BITO |
|---|---|---|
| 2025 | $20.2469 | $9.5198 |
| 2024 | — | $14.0307 |
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 YBTC vs BITO actually do
It does not own bitcoin or a bitcoin fund. Instead it holds long calls and short puts at matching strikes on a bitcoin ETF, which together replicate the price movement of the reference asset, with Treasuries posted as collateral. Against that synthetic position it writes weekly call options, so upside is capped every single week while the full downside of bitcoin passes through unhedged.
Suits a holder who wants frequent cash flow from a bitcoin allocation and understands that a weekly cap plus uncapped downside is an asymmetric bargain. Not appropriate for anyone treating it as a way to own bitcoin, because in a sustained rally the capped structure will fall a long way behind the asset it references.
Speculative income, very high volatility
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
| Period | YBTC | BITO |
|---|---|---|
| 1 month | 0.70% | 0.82% |
| 3 months | 5.22% | 26.70% |
| Year to date | -34.06% | -9.46% |
| 1 year | -49.84% | -33.11% |
| 3 years | — | 115.46% |
| 5 years | — | -11.21% |
- YBTC
- BITO
Both series indexed to 100 on 2024-01-18 using the adjusted closing price series. Past performance does not guarantee future results.
- YBTC
- BITO
YBTC6 holdings total
| Name | Weight |
|---|---|
| 912797VA2United States Treasury Bill 12/03/2026 | 93.32% |
| 912797UJ4United States Treasury Bill 10/08/2026 | 90.20% |
| 4IBIT 260821C00036440IBIT 08/21/2026 36.44 C | 12.98% |
| 4IBIT 260918C00043870IBIT 09/18/2026 43.87 C | 6.49% |
| FGXXXFirst American Government Obligations Fund 12/01/2031 | 5.75% |
| 4IBIT 261016C00045860IBIT 10/16/2026 45.86 C | 3.15% |
| 4IBIT 260821P00036440IBIT 08/21/2026 36.44 P | -0.01% |
| 4IBIT 260814C00037890IBIT 08/14/2026 37.89 C | -0.03% |
| 4IBIT 260731C00037930IBIT 07/31/2026 37.93 C | -0.03% |
| 4IBIT 260724C00037510IBIT 07/24/2026 37.51 C | -0.15% |
Quick verdict
YBTC fits better if you care most about more income today and smaller drawdowns. BITO fits better if you care most about stronger 1-year returns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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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.