ICRC Bitwise CRCL 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 CRCL, paying monthlyBitwise0.96% feePaid monthlyFirst traded Oct 2, 2025SEC filings ↗
Ask about this fund
Share ▾
Share on XDownload as PDF

Since it first traded on Oct 2, 2025, ICRC paid 18.9% in cash and finished 3.8 points ahead of CRCL.

18.9%
Cash paid, since launch, on its starting price
−54.4%
Total return, since launch
+3.8 pts
Against CRCL
25.4%
Last payout, annualized
Where the return came from
Price change −34.4%Cash paid +4.1%, reinvested+5.7 pts vs CRCL

Over the 3 months to Jul 31, 2026, ICRC returned −31.5% with distributions reinvested and (CRCL) returned −37.2%, so a holder came out ahead of it by 5.7 points. The lighter segment is the 4.1% that arrived as cash rather than as price.

7.0%

Price change −26.4%Cash paid +14.5%, reinvested−13.7 pts vs CRCL

Over the 6 months to Jul 31, 2026, ICRC returned −15.8% with distributions reinvested and (CRCL) returned −2.1%, so a holder came out behind it by 13.7 points. The lighter segment is the 14.5% that arrived as cash rather than as price.

0.0%

Price change −68.3%Cash paid +18.9%, reinvested+3.8 pts vs CRCL

From launch to Jul 31, 2026, ICRC returned −54.4% with distributions reinvested and (CRCL) returned −58.2%, so a holder came out ahead of it by 3.8 points. The lighter segment is the 18.9% that arrived as cash rather than as price.

0.0%

Get the weekly ETF note

Four ranked ETF lists in one email every Friday morning. Free, with no recommendations. The last note

Confirm from the link that arrives, and unsubscribe in one click. See Privacy.

WindowCash paidPriceTotal returnCRCLAhead or behind
3M 4.1%−34.4%−31.5%−37.2%+5.7 pts
6M 14.5%−26.4%−15.8%−2.1%−13.7 pts
Since launch 18.9%−68.3%−54.4%−58.2%+3.8 pts

Source: ETFIQ.

In plain words

Strategysynthetic covered call
Benchmark(CRCL)
How the benchmark is set (ETFIQ)Its prospectus names CRCL as the company its options are written on (prospectus, Form 485BPOS, accession 0001213900-26-049948, filed 2026-04-30).
Paidmonthly
Last payout, annualized (ETFIQ)25.4%
Expense ratio (485BPOS XBRL, Apr 30, 2026)0.96%
Cash paid, its last 12 months, over its last price (ETFIQ)59.5%
First tradedOct 2, 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 ICRC

How much did ICRC pay over its life?
Over the period from its first trade on Oct 2, 2025 to Jul 31, 2026, ICRC paid 18.9% of its starting price in cash distributions, while the price fell 68.3%.
Did ICRC finish ahead of CRCL?
Over the period from its first trade on Oct 2, 2025 to Jul 31, 2026, with every distribution reinvested, ICRC returned −54.4% against −58.2% for (CRCL), so a holder was ahead of it by 3.8 points.
How often did ICRC pay, and how much?
ICRC paid monthly. Its last distribution annualized to 25.4% at its last price, on Jul 31, 2026.
What did ICRC cost?
The prospectus expense ratio is 0.96% a year.
Sources and dates
Prices, ICRC and CRCLTiingo 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, ICRC, income ETFs, data as of Jul 31, 2026. https://etfiq.com/funds/icrc

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→