ICOI Bitwise COIN Option Income Strategy ETF

Closed on Jul 31, 2026. The exchange removed its listing on Aug 10, 2026. These are its last figures, as of the last day it traded. It is not in ETFIQ’s rankings, scores or comparisons.

Synthetic covered call on COIN, paying monthlyBitwise0.96% feePaid monthlyFirst traded Apr 3, 2025SEC filings ↗
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Over the year to Jul 31, 2026, ICOI paid 42.6% in cash and finished 9.0 points ahead of COIN.

42.6%
Cash paid, 1 year, on its starting price
−52.3%
Total return, 1 year
+9.0 pts
Against COIN
19.4%
Last payout, annualized
Where the return came from
Price change −10.2%Cash paid +3.7%, reinvested+16.9 pts vs COIN

Over the 3 months to Jul 31, 2026, ICOI returned −6.7% with distributions reinvested and Coinbase (COIN) returned −23.5%, so a holder came out ahead of it by 16.9 points. The lighter segment is the 3.7% that arrived as cash rather than as price.

49.3%

Price change −26.1%Cash paid +12.9%, reinvested+11.3 pts vs COIN

Over the 6 months to Jul 31, 2026, ICOI returned −13.6% with distributions reinvested and Coinbase (COIN) returned −24.9%, so a holder came out ahead of it by 11.3 points. The lighter segment is the 12.9% that arrived as cash rather than as price.

0.0%

Price change −79.0%Cash paid +42.6%, reinvested+9.0 pts vs COIN

Over the 1 year to Jul 31, 2026, ICOI returned −52.3% with distributions reinvested and Coinbase (COIN) returned −61.3%, so a holder came out ahead of it by 9.0 points. The lighter segment is the 42.6% that arrived as cash rather than as price.

0.0%

Price change −78.6%Cash paid +86.9%, reinvested−15.1 pts vs COIN

From launch to Jul 31, 2026, ICOI returned −29.5% with distributions reinvested and Coinbase (COIN) returned −14.3%, so a holder came out behind it by 15.1 points. The lighter segment is the 86.9% that arrived as cash rather than as price.

0.0%

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WindowCash paidPriceTotal returnCOINAhead or behind
3M 3.7%−10.2%−6.7%−23.5%+16.9 pts
6M 12.9%−26.1%−13.6%−24.9%+11.3 pts
1Y 42.6%−79.0%−52.3%−61.3%+9.0 pts
Since launch 86.9%−78.6%−29.5%−14.3%−15.1 pts

Source: ETFIQ.

In plain words

Strategysynthetic covered call
BenchmarkCoinbase (COIN)
How the benchmark is set (ETFIQ)Its prospectus names COIN as the company its options are written on (prospectus, Form 485BPOS, accession 0001213900-26-049948, filed 2026-04-30).
Paidmonthly
Last payout, annualized (ETFIQ)19.4%
Expense ratio (485BPOS XBRL, Apr 30, 2026)0.96%
Cash paid, its last 12 months, over its last price (ETFIQ)202.9%
First tradedApr 3, 2025
How this is computed
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 about ICOI

How much did ICOI pay in its last year?
Over the year to Jul 31, 2026, ICOI paid 42.6% of its starting price in cash distributions, while the price fell 79.0%.
Did ICOI finish ahead of COIN?
Over the year to Jul 31, 2026, with every distribution reinvested, ICOI returned −52.3% against −61.3% for Coinbase (COIN), so a holder was ahead of it by 9.0 points.
How often did ICOI pay, and how much?
ICOI paid monthly. Its last distribution annualized to 19.4% at its last price, on Jul 31, 2026.
What did ICOI cost?
The prospectus expense ratio is 0.96% a year.
Sources and dates
Prices, ICOI and COINTiingo end-of-day · Jul 31, 2026
Fee, 0.96%Prospectus filing with the expense ratio (SEC) ↗
All fund filingsFund filings on SEC EDGAR ↗
IssuerBitwise website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, ICOI, income ETFs, data as of Jul 31, 2026. https://etfiq.com/funds/icoi

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Total return
Price change plus every distribution reinvested on the day it went ex-dividend. This is what you actually ended up with, and the only fair basis for comparing with an index.
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
Total return minus benchmark total return, in percentage points. A fund can pay 12% a year and still be behind by 10 points if its price fell while the index rose.
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
The fund owns the stocks and sells call options on them, collecting premium and giving up gains above the strike. Synthetic covered call funds hold options instead of the stocks. 0DTE funds sell options that expire the same day.
Autocallable
A fund that pays a coupon and can be called away early, on dates set when it launched. If it is called, you get your money back with the coupon and the run ends. If it is not, it runs on to the next date.
Barrier
The level the underlying has to stay above for you to be repaid in full. A barrier is not a buffer. A buffer takes the first slice of a fall for you; a barrier takes none of it once it breaks, so below it you take the whole fall rather than only the part past it.
Every term used here, defined in full on the income ETFs vocabulary page. →
ETF News, Aug 10, 2026→