Data as of .
BPI vs NEHI: which paid, and which earned it?
BPI and NEHI both write options for income.
What they hold in common
By the books each fund has filed, BPI and NEHI hold 0% of their money in the same securities at the same weight.
| Only in BPI | Only in NEHI |
|---|---|
| TREASURY BILL 100.00% | United States Treasury Bill 80.67% |
| iShares Ethereum Trust ETF 19.33% |
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.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| BPI | NEHI | BPI | NEHI | BPI | NEHI | |
| 3 months | +26.6% | +40.9% | 4.0% | 9.2% | −2.5 pts | −13.7 pts |
| 6 months | not published | +16.5% | not published | 14.7% | not published | −7.2 pts |
| Since launch | +5.4% | −16.3% | 5.4% | 18.6% | −0.8 pts | −0.3 pts |
| BPI Grayscale Bitcoin Premium Income ETF Covered call on IBIT, paying monthly | NEHI NEOS Ethereum High Income ETF Option income on ETHA, paying monthly | |
|---|---|---|
| Issuer | Grayscale | NEOS |
| Strategy | covered call | option income |
| Benchmark | Bitcoin (IBIT) | Ether (ETHA) |
| Pays | monthly | monthly |
| Payout rate, annualized | 6.3% | 31.6% |
| Expense ratio | 0.65% | 0.98% |
| Cash paid, 1 year | 5.4% (since launch on Apr 30, 2026) | 18.6% (since launch on Dec 3, 2025) |
| Price change, 1 year | −0.8% | −36.5% |
| Total return, 1 year | +5.4% (since launch on Apr 30, 2026) | −16.3% (since launch on Dec 3, 2025) |
| Benchmark return, 1 year | +6.2% | −16.0% |
| Ahead or behind | −0.8 pts | −0.3 pts |
| Return of capital, latest estimate | not published | 93% |
| Age | 141 days | 289 days |
| Net assets | $2m | $110m |
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.
NEHI in plain words
Over the period since launch on Dec 3, 2025 to Sep 18, 2026, NEHI paid 18.6% of its starting value in cash distributions while its price fell 36.5%. With every distribution reinvested, the fund returned −16.3%. Ether (ETHA) returned −16.0% over the same days, so a holder was about even. At its price on Sep 18, 2026 the latest distribution annualizes to 31.6%, paid monthly. NEOS estimates that 93% 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 NEHI?
- BPI charges 0.65% a year and NEHI charges 0.98%, 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 NEHI, data as of Sep 18, 2026. https://etfiq.com/compare/income/bpi-vs-nehi Free to use with attribution; the underlying files are at Open data.