Data as of .
BPI vs CEPI: which paid, and which earned it?
BPI and CEPI both write options for income.
What they hold in common
By the books each fund has filed, BPI and CEPI hold 0% of their money in the same securities at the same weight.
| Only in BPI | Only in CEPI |
|---|---|
| TREASURY BILL 100.00% | Advanced Micro Devices Inc 6.59% |
| Micron Technology Inc 5.71% | |
| Applied Digital Corp 5.64% | |
| Strategy Inc 5.58% | |
| MARA Holdings Inc 5.57% | |
| IREN Ltd 5.29% | |
| TSMC 4.72% | |
| NVIDIA Corp 4.55% |
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 Apr 30, 2026 and Jun 30, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| BPI | CEPI | BPI | CEPI | BPI | CEPI | |
| 3 months | +26.6% | +0.9% | 4.0% | 9.6% | −2.5 pts | +3.1 pts |
| 6 months | not published | +29.4% | not published | 22.2% | not published | −4.4 pts |
| 1 year | not published | +18.1% | not published | 35.3% | not published | +6.0 pts |
| Since launch | +5.4% | +26.2% | 5.4% | 51.2% | −0.8 pts | −1.0 pts |
| BPI Grayscale Bitcoin Premium Income ETF Covered call on IBIT, paying monthly | CEPI REX Crypto Equity Premium Income ETF Covered call on BITQ, paying weekly | |
|---|---|---|
| Issuer | Grayscale | REX |
| Strategy | covered call | covered call |
| Benchmark | Bitcoin (IBIT) | Crypto industry (BITQ), used as the crypto proxy |
| Pays | monthly | weekly |
| Payout rate, annualized | 6.3% | 41.0% |
| Expense ratio | 0.65% | 0.85% |
| Cash paid, 1 year | 5.4% (since launch on Apr 30, 2026) | 35.3% |
| Price change, 1 year | −0.8% | −22.5% |
| Total return, 1 year | +5.4% (since launch on Apr 30, 2026) | +18.1% |
| Benchmark return, 1 year | +6.2% | +12.1% |
| Ahead or behind | −0.8 pts | +6.0 pts |
| Return of capital, latest estimate | not published | 100% |
| Age | 141 days | 653 days |
| Net assets | $2m | $121m |
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.
CEPI in plain words
Over the year to Sep 18, 2026, CEPI paid 35.3% of its starting value in cash distributions while its price fell 22.5%. With every distribution reinvested, the fund returned +18.1%. Crypto industry (BITQ), used as the crypto proxy returned +12.1% over the same days, so a holder was ahead by 6.0 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 41.0%, paid weekly. REX estimates that 100% of the distribution paid Aug 27, 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 CEPI?
- BPI charges 0.65% a year and CEPI charges 0.85%, 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 CEPI, data as of Sep 18, 2026. https://etfiq.com/compare/income/bpi-vs-cepi Free to use with attribution; the underlying files are at Open data.