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ETF Comparison

BITO vs BTCI: Which Is the Better Pick in 2026?

A head-to-head comparison of ProShares Bitcoin Strategy ETF and NEOS Bitcoin High Income ETF covering yield, cost, risk, and income potential.

Data updated August 19, 2026

Best for

  • BITOInvestors who want straightforward Bitcoin exposure for the long run.
  • BTCIInvestors who want to maximize current income — roughly 26.27%, 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

BITO has lagged BTCI over the trailing twelve months, posting a -43.18% total return against -38.84%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -0.42% a year versus -3.48% 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.
SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BITO-25.16%-43.18%-3.48%44.4%-1.37-1.81-54.5%
BTCI-23.30%-38.84%-0.42%40.0%-1.34-1.74-48.4%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2024” measures every fund from October 17, 2024 — 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.

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
Last Close$8.73 as of August 19, 2026$28.73 as of August 19, 2026
Distribution yield1.89%26.27%
Distribution Safety Score™ 4046
Expense ratio0.95%0.98%
AUM$1.38B$1.10B
Distribution frequencyMonthlyMonthly
Underlying indexBitcoin FuturesBitcoin ETPs
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
Beta1.87781.6764
Last dividend$0.0138$0.6289
Ex-dividend date08/03/202608/19/2026

Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose BTCI if you want to maximize current income — roughly 26.27%, generated by selling options premium. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while BITO keeps full price exposure.

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
ETFs169
Total AUM$130B

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$32.2B

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 26.27% vs 1.89% 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 track different benchmarks: BITO is linked to Bitcoin Futures while BTCI tracks Bitcoin ETPs, which means their performance drivers differ.

BITO is the larger fund by assets ($1.38B), 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 0.98% for BTCI.

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want to maximize current income — BTCI distributes roughly 26.27% from selling options premium, vs 1.89% for BITO.
  • Want crypto exposure that pays income rather than waiting on price alone.
  • Prefer lower volatility — a beta of 1.7 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 $15.75/month, while BTCI would produce $218.92/month, at current distribution rates. Both pay monthly distributions.

BITO yield1.89%
BTCI yield26.27%
Monthly diff on $10K$203.17

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 1.6764 for BTCI, making BTCI the less volatile of the two by this measure.

BITO beta1.8778
BTCI beta1.6764

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.38B in assets. BTCI is managed by NEOS (launched 10/16/2024) with $1.10B in assets.

BITO AUM$1.38B
BTCI AUM$1.10B
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Frequently asked questions

What is the current distribution yield for BITO and BTCI?

BITO currently distributes 1.89% and BTCI 26.27%, based on fund data updated August 2026. Distribution yield 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.

What is the difference between BITO and BTCI?

BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a crypto approach, while BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach. They are issued by ProShares and NEOS respectively.

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 46, BITO scores 40, so BTCI's payout currently looks the more resilient of the two. BTCI has also shown lower price volatility (beta 1.68 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 $15.75 per month ($189.00 annually). The same in BTCI would produce about $218.92 per month ($2,627.00 annually).

Which has performed better historically, BITO or BTCI?

BITO has lagged BTCI over the trailing twelve months, posting a -43.18% total return against -38.84%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -0.42% a year versus -3.48% 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 August 16, 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

BITO and BTCI both deliver bitcoin exposure through monthly distributions, but they pursue sharply different income strategies. BITO uses bitcoin futures contracts to track price movements with minimal income generation (1.94% yield). BTCI wraps bitcoin ETPs and layers covered-call options to produce a 27.62% distribution rate. Both are ETFs, but BTCI's synthetic-income approach creates structural and tax-efficiency tradeoffs that BITO's straightforward futures strategy does not.

How they differ

The core difference is income source. BITO's 1.94% yield comes from holding futures positions and collecting any contango or calendar-spread income; it prioritizes price appreciation. BTCI generates its 27.62% yield primarily from selling call options against bitcoin holdings, capturing premium at the cost of capped upside. BITO's beta of 1.8778 is higher than BTCI's 1.6764, reflecting how futures contracts amplify bitcoin's volatility compared to an options-overlaid structure. Both charge similar expense ratios (0.95% vs. 0.98%), but BTCI's $1.10B in AUM is smaller and inception is much newer (October 2024 vs. October 2021), meaning it has less operating history. BITO holds $1.40B in assets, providing greater liquidity cushion.

Who each is best for

BITO: Fits investors who want direct bitcoin price participation with modest income, prioritize long holding periods, and can tolerate the amplified volatility that futures contracts introduce.

BTCI: Fits income-focused investors comfortable trading away capital appreciation upside in exchange for high monthly cash flow, and who have conviction that bitcoin will trade sideways or appreciate modestly rather than surge.

Key risks to know

  • NAV erosion at extreme distribution yields. BTCI's 27.62% annualized rate means investors receive a significant portion of NAV each month; unless underlying bitcoin appreciates at a similar pace, NAV will contract over time. This is a structural feature of covered-call income strategies, not a flaw, but it requires honest reinvestment or drawdown math before committing.
  • Call-cap risk in BTCI. By selling covered calls, BTCI caps gains if bitcoin rallies sharply; large price appreciation is transferred to call buyers. BITO, with no options overlay, captures the full upside of price movements.
  • Futures-specific basis and roll risk in BITO. Bitcoin futures can trade at a premium or discount to spot bitcoin, and rolling positions carries transaction costs. Persistent contango (a common state for bitcoin futures) can drag returns if prices remain flat or decline.
  • Very recent track record for BTCI. Launched in October 2024, BTCI has not survived a full market cycle or volatility stress test; claims about income sustainability and NAV stability rest on a few months of data.
  • Derivative and leverage effects. Both funds use derivatives (futures in BITO, options in BTCI) that can amplify losses in sharp downturns; they are not substitute holdings for direct bitcoin or spot-bitcoin ETFs.

Bottom line

If you want straightforward bitcoin exposure with upside participation and light income, BITO's futures-based approach and longer operating history offer clarity. If you're seeking maximum current income and comfortable with capped appreciation and NAV erosion, BTCI's covered-call strategy delivers higher yield—but requires monitoring that the underlying bitcoin gains don't slow relative to your distributions. Past performance doesn't predict future results, and both funds' behaviors in a sustained bitcoin downturn remain untested.

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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