Data as of .
BPI vs BTCI: which paid, and which earned it?
BPI and BTCI both write options for income.
What they hold in common
By the books each fund has filed, BPI and BTCI hold 0% of their money in the same securities at the same weight.
| Only in BPI | Only in BTCI |
|---|---|
| TREASURY BILL 100.00% | United States Treasury Bill 11/03/2026 58.93% |
| CBTX US 10/16/26 C1390 22.94% | |
| iShares Bitcoin Trust ETF 17.31% | |
| VanEck Bitcoin ETF/US 2.01% | |
| CBTX US 10/16/26 P1390 -0.18% | |
| CBTX US 10/16/26 C2060 -0.37% | |
| CBTX US 10/16/26 C1980 -0.63% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| BPI | BTCI | BPI | BTCI | BPI | BTCI | |
| 3 months | +26.6% | +22.3% | 4.0% | 7.0% | −2.5 pts | −6.9 pts |
| 6 months | not published | +11.9% | not published | 12.7% | not published | −3.8 pts |
| 1 year | not published | −29.1% | not published | 18.6% | not published | +2.0 pts |
| Since launch | +5.4% | +15.5% | 5.4% | 54.4% | −0.8 pts | −5.5 pts |
| BPI Grayscale Bitcoin Premium Income ETF Covered call on IBIT, paying monthly | BTCI NEOS Bitcoin High Income ETF Option income on IBIT, paying monthly | |
|---|---|---|
| Issuer | Grayscale | NEOS |
| Strategy | covered call | option income |
| Benchmark | Bitcoin (IBIT) | Bitcoin (IBIT) |
| Pays | monthly | monthly |
| Payout rate, annualized | 6.3% | 26.3% |
| Expense ratio | 0.65% | 0.99% |
| Cash paid, 1 year | 5.4% (since launch on Apr 30, 2026) | 18.6% |
| Price change, 1 year | −0.8% | −47.0% |
| Total return, 1 year | +5.4% (since launch on Apr 30, 2026) | −29.1% |
| Benchmark return, 1 year | +6.2% | −31.1% |
| Ahead or behind | −0.8 pts | +2.0 pts |
| Return of capital, latest estimate | not published | 94% |
| Age | 141 days | 701 days |
| Net assets | $3m | $1.3bn |
BPI in plain words
Over the period since launch on Apr 30, 2026 to Sep 18, 2026, BPI paid 5.4% of its starting value in cash distributions while its price fell 0.8%. With every distribution reinvested, the fund returned +5.4%. Bitcoin (IBIT) returned +6.2% over the same days, so a holder was behind by 0.8 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 6.3%, paid monthly.
BTCI in plain words
Over the year to Sep 18, 2026, BTCI paid 18.6% of its starting value in cash distributions while its price fell 47.0%. With every distribution reinvested, the fund returned −29.1%. Bitcoin (IBIT) returned −31.1% over the same days, so a holder was ahead by 2.0 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 26.3%, paid monthly. NEOS estimates that 94% of the distribution paid Jun 18, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
Questions people ask
- Which is cheaper, BPI or BTCI?
- BPI charges 0.65% a year and BTCI charges 0.99%, so BPI is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BPI against BTCI, data as of Sep 18, 2026. https://etfiq.com/compare/income/bpi-vs-btci Free to use with attribution; the underlying files are at Open data.