A head-to-head comparison of ProShares Bitcoin Strategy ETF and Tidal Trust II - Nicholas Crypto Income ETF covering yield, cost, risk, and income potential.
Data updated July 8, 2026
Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose BLOX if you want to maximize current income — roughly 39.16%, generated by selling options premium. There's no free lunch: BLOX's payout comes from selling options, which caps upside and can erode the share price over time, while BITO keeps full price exposure.
Editor's take
Our take
BITO
Updated Jul 8, 2026
BITO earns a footnote in history as the first U.S. Bitcoin ETF — but it owns Bitcoin futures, not coins. That distinction matters more than it sounds.
Futures drift from spot. Rolling contracts forward carries a cost that can make BITO lag Bitcoin's spot price over long holds, especially in strong markets.
The distribution is incidental. Its payout comes largely from interest on the cash collateral behind the futures, not a deliberate income strategy — don't buy it for yield.
Spot usually wins now. Since spot Bitcoin ETFs launched, most buy-and-hold investors get cleaner, cheaper exposure there; BITO is really a trader's tool.
BLOX
Updated Jul 8, 2026
BLOX is one of the more aggressive income products on the market: it sells options against a basket of crypto-related equities — not Bitcoin itself — and passes the premium through as a weekly distribution. That enormous headline rate is the draw and the catch in equal measure.
The rate is not a yield. Much of each distribution is option premium and, in flat or falling markets, a return of your own capital. Judge BLOX on total return (price plus distributions), not the posted rate.
It trades like leveraged crypto. Its beta sits well above the market, so it can swing several times as hard; in a crypto drawdown the NAV and the payout tend to fall together.
Built as a satellite, not a core. It fits income investors who specifically want crypto exposure to pay them now and who size the position for that volatility — not a set-and-forget holding.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.
See our curated list of related YouTube videos on BITO.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Nicholas Wealth Management operates a focused lineup of 10 ETFs that emphasize digital assets, income generation, and thematic investing strategies. The issuer's portfolio includes specialized funds targeting sectors such as blockchain (BLOX), precious metals (GLDN, SLVX), nuclear energy (NUKX), and digital finance (FIAX), alongside income-focused offerings. This niche positioning reflects the firm's focus on alternative and emerging investment themes rather than broad market exposure.
See our curated list of related YouTube videos on BLOX.
Basket (Equity portfolio focused on crypto-related companies)
Objective
Futures-Based
Seeks to provide current income and capital appreciation through exposure to crypto-related companies with an options strategy generating weekly income distributions.
Asset class
Equity
Equity
Inception date
10/18/2021
06/17/2025
Beta
1.8778
3.1121
Last dividend
$0.0104
$0.1080
Ex-dividend date
07/01/2026
07/06/2026
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
BITO has lagged BLOX over the trailing twelve months, posting a -43.30% total return against -4.80%. Measured from Jun 2025 — when the younger fund began trading — BLOX has compounded at 5.46% a year versus -40.04% for BITO. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 7, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jun 2025” measures every fund from June 17, 2025 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Quick verdict
BITO (ProShares Bitcoin Strategy ETF) and BLOX (Tidal Trust II - Nicholas Crypto Income ETF) are both dividend ETFs, but they take different approaches.
BLOX offers the higher yield at 39.16% vs 1.44% for BITO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
BITO is cheaper with an expense ratio of 0.95% compared to 0.99%.
They track different benchmarks: BITO is linked to Bitcoin Futures while BLOX tracks Basket (Equity portfolio focused on crypto-related companies), which means their performance drivers differ.
BITO is the larger fund by assets ($1.44B), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose BITO
ProShares Bitcoin Strategy ETF
Want straightforward Bitcoin exposure for long-term appreciation, not income.
Want to keep costs low — a 0.95% expense ratio vs 0.99% for BLOX.
Prefer lower volatility — a beta of 1.9 vs 3.1 for BLOX.
Choose BLOX
Tidal Trust II - Nicholas Crypto Income ETF
Want to maximize current income — BLOX distributes roughly 39.16% from selling options premium, vs 1.44% for BITO.
Want crypto exposure that pays income rather than waiting on price alone.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Deep dive
Yield & income
On a $10,000 investment, BITO would generate roughly $12.00/month, while BLOX would produce $326.33/month, at current distribution rates.
BITO yield1.44%
BLOX yield39.16%
Monthly diff on $10K$314.33
Cost & efficiency
Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $990 for BLOX (simplified, not compounded). The $40.00 difference may be offset by yield or performance.
BITO ER0.95%
BLOX ER0.99%
Strategy & risk
BITO tracks Bitcoin Futures with a futures-based approach, while BLOX tracks Basket (Equity portfolio focused on crypto-related companies) with a crypto approach. Beta is 1.8778 for BITO and 3.1121 for BLOX, indicating BITO is less volatile relative to the market.
BITO beta1.8778
BLOX beta3.1121
Fund details
BITO is managed by ProShares (launched 10/18/2021) with $1.44B in assets. BLOX is managed by Nicholas Wealth Management (launched 06/17/2025) with $321M in assets.
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Frequently asked questions
Is BITO or BLOX better for dividend income?
It depends on your goals. BLOX currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between BITO and BLOX?
BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a futures-based approach, while BLOX (Tidal Trust II - Nicholas Crypto Income ETF) tracks Basket (Equity portfolio focused on crypto-related companies) with a crypto approach. They are issued by ProShares and Nicholas Wealth Management respectively.
Can I hold both BITO and BLOX?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, BITO or BLOX?
BITO has an expense ratio of 0.95% while BLOX charges 0.99%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BITO vs BLOX generate?
At current rates, $10,000 in BITO would generate roughly $12.00 per month ($144.00 annually). The same in BLOX would produce about $326.33 per month ($3,916.00 annually).
Which has performed better historically, BITO or BLOX?
BITO has lagged BLOX over the trailing twelve months, posting a -43.30% total return against -4.80%. Measured from Jun 2025 — when the younger fund began trading — BLOX has compounded at 5.46% a year versus -40.04% for BITO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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