BITO
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ETF Comparison
BITO vs TKNZ: Which Is the Better Pick in 2026?
A head-to-head comparison of ProShares Bitcoin Strategy ETF and T. Rowe Price Active Crypto ETF covering yield, cost, risk, and income potential.
Updated November 6, 2026
No track record yet. TKNZ launched within the last six months. The forward distribution rate is left blank until a payout is published.
How these figures are calculated: methodology.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
TKNZ
Not rated
No published distribution safety rating is available.
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  BITO |  TKNZ |
|---|---|---|
| Full name | ProShares Bitcoin Strategy ETF | T. Rowe Price Active Crypto ETF |
| Issuer | ProShares | T. Rowe Price |
| Last Close | $10.08 as of November 6, 2026 | $28.85 as of November 6, 2026 |
| Distribution rate | 1.83% | — |
| Trailing 12-month yield | 16.34% | — |
| 30-day SEC yield | 0.68% | — |
| Distribution Safety Score™ | 15 | — |
| Safety-Adjusted Yield | 0.27% | — |
| Expense ratio | 0.95% | 0.75% |
| AUM | $1.52B | $24.9M |
| Distribution frequency | Monthly | Annual |
| Underlying index | Bitcoin Futures | Actively managed (no tracked index recorded) |
| Objective | Seeks 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 long-term capital appreciation through actively managed exposure to a diversified portfolio of crypto assets and crypto-related investments. |
| Asset class | Equity | Crypto |
| Inception date | 10/18/2021 | 07/16/2026 |
| Beta | 1.8778 | — |
| Last dividend | $0.01537 payable 11/06/2026 | — |
| Ex-dividend date | 11/02/2026 | — |
— Distribution rate, Safety-Adjusted Yield, last dividend, and ex-dividend date are not yet available because TKNZ launched July 2026; these fields will populate after the first distribution.
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 TKNZ over the year to date, posting a -15.61% total return against 17.23%. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | Since Jul 2026 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|
| BITO | -15.61% | 16.83% | 37.1% | 1.23 | 2.04 | -12.6% |
| TKNZ | 17.23% | 17.23% | 42.6% | 1.12 | 1.82 | -16.2% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 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 Jul 2026” measures every fund from July 16, 2026 — 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 shared window since Jul 2026. 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 shared window since Jul 2026) — 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
| Metric | BITO | TKNZ |
|---|---|---|
| Forward distribution rate | 1.83% | — |
| Trailing 12-month yield | 16.34% | — |
| 30-day SEC yield | 0.68% | — |
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.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineWe won't call this one: TKNZ launched July 2026, so there is not yet a track record to compare. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer ETF as provisional.
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 TKNZ 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.
Learn the mechanics: Crypto covered-call funds, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs160
Total AUM$116B
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).
See our curated list of related YouTube videos on BITO.
ETFs39
Total AUM$34.6B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
T. Rowe Price is a major asset manager known for building diversified, actively managed ETF portfolios across multiple asset classes and investment styles. Their fund lineup spans bond funds, dividend and income-focused strategies, broad equity exposure, international markets, and thematic equity themes, serving both income-seeking and growth-oriented investors. The issuer offers a substantial breadth of options with tickers like PABGX and PREIX, appealing to investors seeking professional portfolio management across traditional and specialized investment categories.
See our curated list of related YouTube videos on TKNZ.
Quick verdict
BITO (ProShares Bitcoin Strategy ETF) and TKNZ (T. Rowe Price Active Crypto ETF) are both ETFs, but they take different approaches.
BITO has paid a 16.34% yield over the past 12 months. TKNZ has not yet established a full distribution history, so a comparable yield figure is not available.
TKNZ is cheaper with an expense ratio of 0.75% compared to 0.95%.
BITO has $1.52B in assets vs $24.9M for TKNZ, but TKNZ only launched July 2026 — AUM comparisons will become more meaningful as it builds a track record.
Deep dive
Yield & income
On a $10,000 investment at the rates paid over the past 12 months, BITO would pay about $1,634.00 a year (about $136.17 per monthly distribution on average), while TKNZ has no reported distribution yield yet, so a cash estimate is not available.
BITO 12-month yield16.34%
TKNZ yield—
Cost & efficiency
Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $750 for TKNZ (simplified, not compounded). The $200.00 difference may be offset by yield or performance.
BITO ER0.95%
TKNZ ER0.75%
Strategy & risk
BITO tracks Bitcoin Futures with a crypto approach, while TKNZ is an actively managed ETF built around digital assets exposure.
BITO beta1.8778
TKNZ beta—
Fund details
BITO is managed by ProShares (launched 10/18/2021) with $1.52B in assets. TKNZ is managed by T. Rowe Price (launched 07/16/2026) with $24.9M in assets.
BITO AUM$1.52B
TKNZ AUM$24.9M
Frequently asked questions
Which of BITO or TKNZ pays more dividend income?
BITO currently reports a distribution yield, while TKNZ has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between BITO and TKNZ?
BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a crypto approach, while TKNZ (T. Rowe Price Active Crypto ETF) is an actively managed ETF built around digital assets exposure. They are issued by ProShares and T. Rowe Price respectively.
Can I hold both BITO and TKNZ?
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.
Which has lower fees, BITO or TKNZ?
BITO has an expense ratio of 0.95% while TKNZ charges 0.75%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BITO vs TKNZ generate?
At the rates paid over the past 12 months, $10,000 in BITO would pay about $1,634.00 a year (about $136.17 per monthly distribution on average). TKNZ has not established a distribution history yet, so a cash estimate is not available.
Which has performed better historically, BITO or TKNZ?
BITO has lagged TKNZ over the year to date, posting a -15.61% total return against 17.23%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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BITO vs TKNZ — at a glance
Generated November 1, 2026.
BITO tracks bitcoin futures contracts, offering a rules-based strategy with monthly distributions funded from yield on that futures position. TKNZ employs active management across a diversified portfolio of crypto assets and crypto-related investments, with annual distributions and a longer-term capital appreciation focus. BITO's $1.52B asset base is substantially larger than TKNZ's $24.9M, and BITO's 0.95% expense ratio is 0.2 percentage points higher than TKNZ's 0.75%, reflecting BITO's operational overhead for futures management versus TKNZ's active stock-picking approach. Designed for those prioritizing monthly cash flow over diversification.
TKNZ: Fits investors pursuing long-term appreciation in the crypto space who want active manager selection across multiple digital assets and crypto-related companies, and who do not require near-term distributions.
Key risks to know
* Futures basis and roll risk (BITO): Bitcoin futures are priced relative to spot bitcoin, and the futures curve can trade at a premium or discount that erodes returns as contracts roll forward. In backwardated markets, rolling maturing contracts into deferred contracts may generate losses regardless of bitcoin's spot price direction.
* Concentration and single-asset risk (BITO): BITO's exclusive exposure to bitcoin futures eliminates diversification across other digital assets. A prolonged decline or regulatory shock specific to bitcoin would apply to the full portfolio without offset.
* Manager risk (TKNZ): TKNZ's active stock-picking approach across crypto assets and crypto-related companies depends on the portfolio managers' ability to select outperformers. Underperformance relative to a passive crypto index would be an ongoing drag, and management changes could alter strategy.
* Leverage and volatility (BITO): BITO's beta of 1.8778 indicates sensitivity to stock market movements that exceeds broader equity indices, reflecting the leveraged nature of bitcoin's price swings and the fund's derivative structure.
Bottom line
If you want monthly income from a pure bitcoin position and can tolerate futures-specific risks and higher expenses, BITO provides a straightforward vehicle. If you prefer capital appreciation, active manager selection across a diversified crypto portfolio, and lower fees, TKNZ aligns with that profile—though its small size and recent launch mean less operational history to evaluate. Past performance of either strategy does not predict future crypto market returns.
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.
These comparisons follow the Dividend Vision methodology.