BPI Grayscale Bitcoin Premium Income ETF
Covered call on IBIT, paying monthly
Since its launch on Apr 30, 2026, BPI paid 5.4% in cash and still finished 0.8 points behind IBIT.
Key facts
What a holder got
Over the year to Sep 18, 2026, BPI returned +5.4% with distributions reinvested and Bitcoin (IBIT) returned +6.2%, so a holder came out behind it by 0.8 points. The lighter segment is the 5.4% that arrived as cash rather than as price.
Period by period
| Window | Cash paid | Price | Total return | IBIT | Ahead or behind |
|---|---|---|---|---|---|
| 3 months | 4.0% | +22.0% | +26.6% | +29.2% | −2.5 pts |
| Since launch | 5.4% | −0.8% | +5.4% | +6.2% | −0.8 pts |
When BPI pays
BPI pays monthly. The last distribution was $0.1315 a share, which went ex on Sep 14, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 15 days the ex-date falls near Sep 29, 2026; that date is an ETFIQ projection, not the issuer’s.
| Ex-date | Pay date | Amount | Basis |
|---|---|---|---|
| Sep 29, 2026 | Oct 1, 2026 | $0.1315 | ETFIQ projection |
| Oct 14, 2026 | Oct 16, 2026 | $0.1315 | ETFIQ projection |
| Oct 29, 2026 | Nov 2, 2026 | $0.1315 | ETFIQ projection |
Every distribution ETFIQ holds for BPI (9, most recent first)
| Ex-date | Amount |
|---|---|
| Sep 14, 2026 | $0.1315 |
| Aug 28, 2026 | $0.2135 |
| Aug 13, 2026 | $0.0877 |
| Jul 30, 2026 | $0.0695 |
| Jul 14, 2026 | $0.1699 |
| Jun 29, 2026 | $0.1533 |
| Jun 12, 2026 | $0.213 |
| May 28, 2026 | $0.1462 |
| May 14, 2026 | $0.1823 |
Every income ETF going ex-dividend in the next fortnight
In plain words
Since it launched on Apr 30, 2026, BPI has returned +5.4% with distributions reinvested, against +6.2% for Bitcoin (IBIT), and has paid out 5.4% of its starting value in cash along the way. It pays monthly, and at its current price the latest distribution annualizes to 6.3%. No Rule 19a-1 notice has been published for this fund, so there is no issuer estimate of how much of its distributions was a return of capital.
| Strategy | covered call |
|---|---|
| Benchmark | Bitcoin (IBIT) (proxy) |
| Pays | monthly |
| Net assets (the issuer’s own daily fund list, as of Sep 18, 2026) | $2m |
| Latest payout, annualized (ETFIQ) | 6.3% |
| Expense ratio (485BPOS XBRL, Apr 30, 2026) | 0.65% |
| Cash paid, last 12 months, over today’s price (ETFIQ) | 5.4% |
| Launched | Apr 30, 2026 |
| Pays | monthly |
| Typical gap between ex-dates | 15 days |
| Typical wait from ex-date to payment | 2 days |
| Last paid, per share | $0.1315 ex Sep 14, 2026 |
| Sum of the last 9 distributions | $1.3667 |
Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed
Questions people ask
- How much has BPI paid over the last year?
- Over the period from its launch on Apr 30, 2026 to Sep 18, 2026, BPI paid 5.4% of its starting price in cash distributions, while the price fell 0.8%.
- Is BPI ahead of IBIT?
- Over the period from its launch on Apr 30, 2026 to Sep 18, 2026, with every distribution reinvested, BPI returned +5.4% against +6.2% for Bitcoin (IBIT), so a holder was behind it by 0.8 points.
- How often does BPI pay, and how much?
- BPI pays monthly. The latest distribution annualizes to 6.3% at its price on Sep 18, 2026, which is not a promise; the next one can differ.
- When does BPI next pay a distribution?
- BPI pays monthly. The last distribution went ex on Sep 14, 2026 at $0.1315 a share. The next is not declared; on a cadence of about 15 days the ex-date falls near Sep 29, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
- What does BPI cost?
- The prospectus expense ratio is 0.65% a year.
The words on this page
- Total return
- What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
- Cash paid
- Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
- Ahead or behind
- The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
- Return of capital
- The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
- Covered call
- Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.
Every term used here, defined in full on the income ETFs vocabulary page.
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.
Compare BPI
Also against BLOX, BTCC, BTCI, CEPI, DFII, EHCC, EHY, ETCO, ETTY, LFGY, NEHI, SOLM, XBCI, XBTY, XEY, XRPM, YBIT, YBTC, YETH.
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Where BPI is written about
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Cite this page. ETFIQ, BPI, income ETFs, data as of Sep 18, 2026. https://etfiq.com/funds/bpi Free to use with attribution; the underlying files are at Open data.