Dividend comparison
YBTC vs BTCI: Which Is Better for Income?
Side-by-side yield, projected income, and dividend fundamentals for Roundhill Investments - Bitcoin Covered Call Strategy ETF and NEOS Bitcoin High Income ETF. Updated July 26, 2026.
| Metric | YBTC Roundhill Investments - Bitcoin Covered Call Strategy ETF | BTCI NEOS Bitcoin High Income ETF |
|---|---|---|
| Dividend yield (TTM) | — | — |
| Dividend / share (TTM) | — | — |
| Price | $17.76 | $28.39 |
| Payout ratio (TTM) | — | — |
| Dividend growth streak | — | — |
| Beta | 1.09 | 1.44 |
| Market cap | $157.4M | $463.7M |
| Exchange | CBOE | CBOE |
| Expense ratio | 0.96% | 0.99% |
| Assets under management | $128.3M | $1.10B |
| Number of holdings | 6 | — |
| Top 10 concentration | 100.0% | — |
YBTC
—/mo
Yield data unavailable
BTCI
—/mo
Yield data unavailable
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 BTCI 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
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
| Period | YBTC | BTCI |
|---|---|---|
| 1 month | 6.16% | 4.18% |
| 3 months | -20.00% | -20.99% |
| Year to date | -37.57% | -35.51% |
| 1 year | -57.99% | -51.14% |
| 3 years | — | — |
| 5 years | — | — |
- YBTC
- BTCI
Both series indexed to 100 on 2024-10-17 using the adjusted closing price series. Past performance does not guarantee future results.
- YBTC
- BTCI
YBTC6 holdings total
| Name | Weight |
|---|---|
| 912797UJ4United States Treasury Bill 10/08/2026 | 91.75% |
| FGXXXFirst American Government Obligations Fund 12/01/2031 | 7.03% |
| 4IBIT 260821C00036440IBIT 08/21/2026 36.44 C | 4.90% |
| 4IBIT 260724C00037510IBIT 07/24/2026 37.51 C | -0.15% |
| 4IBIT 260821P00036440IBIT 08/21/2026 36.44 P | -3.57% |
Quick verdict
Compare the metrics above, then add both tickers to a Dividend Wealth portfolio to see combined income forecasts and diversification impact.
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.