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ETF Comparison

BITO vs BTCI: Futures Exposure, or Bitcoin Plus an Overlay?

A head-to-head of ProShares Bitcoin Strategy and NEOS Bitcoin High Income covering how each gets bitcoin exposure and how cash is made.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • BITOInvestors who want straightforward Bitcoin exposure for the long run.
  • BTCIInvestors who want to maximize current income — roughly 25.42%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

BITO has lagged BTCI over the trailing twelve months, posting a -30.85% total return against -26.67%. Measured from Oct 2024 — the start of shared available history — BTCI has compounded at 9.52% a year versus 7.19% for BITO. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Oct 2024Volatility Sharpe Sortino Max drawdown
BITO-8.50%-30.85%7.19%45.4%-0.91-1.25-54.5%
BTCI-7.65%-26.67%9.52%40.6%-0.87-1.18-48.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2024” measures every fund from October 17, 2024 — the start of shared available history — 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.

Distribution rate and SEC yield

MetricBITOBTCI
Forward distribution rate1.85%25.42%
Trailing 12-month yield21.89%29.88%
30-day SEC yield0.31%1.35%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on BITO vs IBIT, BTCI vs BTC-USD.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBITOBTCI
Full nameProShares Bitcoin Strategy ETFNEOS Bitcoin High Income ETF
IssuerProSharesNEOS
Underlying indexBitcoin FuturesBitcoin ETPs
Last Close$11.28 as of October 2, 2026$33.92 as of October 2, 2026
Distribution rate1.85%25.42%
Trailing 12-month yield21.89%29.88%
30-day SEC yield0.31%1.35%
Distribution Safety Score™ 3851
Safety-Adjusted Yield 0.70%12.96%
Expense ratio0.95%0.98%
AUM$1.73B$1.38B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks total return through managed exposure to bitcoin futures contracts rather than direct bitcoin holdings, maintaining that futures position through rising, flat and declining markets.Seeks to generate high monthly income with potential appreciation through bitcoin exposure.
Asset classEquityEquity
Inception date10/18/202110/16/2024
Beta1.87781.48
Last dividend$0.01738 declared, pays 10/07/2026$0.7184
Ex-dividend date10/01/202609/16/2026

Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose BTCI if you want to maximize current income — roughly 25.42%, generated by selling options premium. BITO and BTCI both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

BITO vs BTCI: futures or overlay income?

BITO is bitcoin futures. BTCI adds an options overlay on bitcoin ETPs. Exposure method, not the printed yield, is the decision.

BITOBTCI
Bitcoin sleeveManaged bitcoin futuresBitcoin ETPs plus call overlay
Expense ratio0.95%0.98%
Distribution rate1.85%25.42%

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Crypto volatility. BITO and BTCI sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.
  • Capped upside and premium dependence. BTCI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ProShares
ETFs170
Total AUM$129B

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.

See all ProShares ETFs
NEOS
ETFs19
Total AUM$34.7B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

See all NEOS ETFs

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Quick verdict

BITO (ProShares Bitcoin Strategy ETF) and BTCI (NEOS Bitcoin High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

BTCI offers the higher yield at 25.42% vs 1.85% 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 0.98%.

They have different reference exposures: BITO is linked to Bitcoin Futures while BTCI is linked to Bitcoin ETPs, which means their performance drivers differ.

BITO is the larger fund by assets ($1.73B), but assets alone do not establish trading costs or 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 0.98% for BTCI.

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want to maximize current income — BTCI distributes roughly 25.42% from selling options premium, vs 1.85% for BITO.
  • Want crypto exposure that pays income rather than waiting on price alone.
  • Prefer lower volatility — a beta of 1.5 vs 1.9 for BITO.

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 $15.42 cash per distribution, while BTCI would produce $211.83 cash per distribution, at current distribution rates. Both pay monthly distributions.

BITO yield1.85%
BTCI yield25.42%
Cash diff on $10K$196.42

Cost & efficiency

Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $980 for BTCI (simplified, not compounded). The $30.00 difference may be offset by yield or performance.

BITO ER0.95%
BTCI ER0.98%

Strategy & risk

BITO tracks Bitcoin Futures with a crypto approach, while BTCI tracks Bitcoin ETPs with a crypto approach. Beta is 1.8778 for BITO and 1.48 for BTCI, making BTCI the less volatile of the two by this measure.

BITO beta1.8778
BTCI beta1.48

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.73B in assets. BTCI is managed by NEOS (launched 10/16/2024) with $1.38B in assets.

BITO AUM$1.73B
BTCI AUM$1.38B
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Frequently asked questions

What is the difference between BITO and BTCI?

BITO (ProShares Bitcoin Strategy ETF) gets bitcoin through futures contracts, not spot coins. BTCI (NEOS Bitcoin High Income ETF) holds bitcoin ETPs and writes calls for monthly cash. That is why BTCI distributes 25.42% against 1.85% and costs 0.98% against 0.95%. The larger yield is option premium, not a safer bitcoin fund. Figures as of October 2026.

What is the current distribution rate for BITO and BTCI?

BITO currently distributes 1.85% and BTCI 25.42%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BITO or BTCI better for dividend income?

It depends on your goals. BTCI 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.

Can I hold both BITO and BTCI?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BITO or BTCI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — BTCI scores 51, BITO scores 38, so BTCI's payout currently looks the more resilient of the two. BTCI has also shown lower price volatility (beta 1.48 vs 1.88 for BITO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BITO or BTCI?

BITO has an expense ratio of 0.95% while BTCI charges 0.98%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BITO vs BTCI generate?

At current rates, $10,000 in BITO would generate roughly $15.42 cash per distribution ($185.00 annually). The same in BTCI would produce about $211.83 cash per distribution ($2,542.00 annually).

Which has performed better historically, BITO or BTCI?

BITO has lagged BTCI over the trailing twelve months, posting a -30.85% total return against -26.67%. Measured from Oct 2024 — the start of shared available history — BTCI has compounded at 9.52% a year versus 7.19% for BITO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BITO vs BTCI — at a glance

Generated October 3, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

Both BITO and BTCI are bitcoin-exposure ETFs that distribute income monthly, but they pursue fundamentally different strategies. BITO uses bitcoin futures contracts for directional bitcoin exposure with a modest 1.85% yield. BTCI, launched a year after BITO, holds bitcoin exchange-traded products and overlays a covered-call strategy to generate a 25.42% distribution rate. The choice between them hinges on whether you're seeking core bitcoin participation or maximum monthly cash flow. That structural difference explains the yield gap: BITO distributes 1.85% versus BTCI's 25.42%. BITO carries a beta of 1.8778, suggesting it amplifies bitcoin's moves, while BTCI's beta of 1.48 indicates somewhat damped directional sensitivity—consistent with a portion of returns being offset by call-writing obligations. BITO has been operating since 10/18/2021, giving it over 4 years; BTCI launched 10/16/2024, making it 1 year old. Both charge minimal expense ratios (0.95% for BITO, 0.98% for BTCI), and both manage $1+ billion in assets.

Who each is best for

BITO: Fits investors seeking straightforward bitcoin price exposure with modest yield and are comfortable with a futures-based vehicle that can amplify volatility relative to spot bitcoin.

BTCI: Designed for income-focused investors willing to accept call caps on upside—the strategy caps gains if bitcoin rallies sharply—in exchange for substantially higher monthly distributions, and who can tolerate the higher tax complexity of option strategies and the fund's youth.

Key risks to know

  • NAV erosion at extreme yields. BTCI's 25.42% annualized distribution rate—far above typical equity yields—raises the risk that NAV per share will decline over time if the underlying bitcoin holding doesn't appreciate enough to offset distributions. This is a structural concern with synthetic-income strategies relying on option premium in a volatile asset class.
  • Call assignment and upside capping. BTCI's covered-call overlay means the fund forgoes bitcoin gains above the strike price each month. If bitcoin rallies sharply, BTCI shareholders participate less than BITO holders or direct bitcoin investors, turning opportunity cost into realized drag on total return.
  • Options volatility and rolling risk. BTCI's repeated sale of calls exposes it to gaps between strike selection and bitcoin's actual price moves. If bitcoin becomes significantly more volatile, call premiums may not cover the fund's costs, or the fund may be forced to choose strikes that cap upside more aggressively than before, compressing yields.
  • Futures tracking and contango/backwardation. BITO's use of futures rather than spot bitcoin means it bears the cost of rolling contracts in or out of contango (futures trading above spot) or backwardation (below spot). In persistent contango, this drag compounds over time and is not directly observable in the stated yield.
  • Track record asymmetry. BTCI has been operating for 1 year, so its high yield has not yet weathered a major bitcoin drawdown or a period of elevated options volatility; BITO has 4 years, but even that is too brief to establish whether the strategy is sustainable across full market cycles.

Bottom line

If you want core bitcoin exposure with a longer operational history and are comfortable with modest income, BITO offers straightforward futures-based participation. If you prioritize monthly cash flow and can accept that upside will be capped and NAV may erode if bitcoin doesn't appreciate steadily, BTCI's covered-call strategy generates substantially higher income—but its youth, complex tax treatment, and assignment risk make it a higher-friction holding. Past performance doesn't predict future results, and both funds' track records in extended downturns remain limited.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.