A head-to-head comparison of ProShares Bitcoin Strategy ETF and YieldMax Bitcoin Option Income Strategy ETF covering yield, cost, risk, and income potential.
Data updated September 18, 2026
Best for
BITOInvestors who want straightforward Bitcoin exposure for the long run.
YBITInvestors who want to maximize current income — roughly 67.86%, generated by selling options premium.
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.
BITO has lagged YBIT over the trailing twelve months, posting a -32.20% total return against -28.23%. Measured from Apr 2024 — the start of shared available history — BITO has compounded at 3.33% a year versus -5.14% for YBIT. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Apr 2024” measures every fund from April 23, 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.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
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.
Actively managed fund that seeks weekly income while providing indirect exposure to the share price of U.S.-listed bitcoin exchange-traded products, subject to a limit on potential gains.
Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose YBIT if you want to maximize current income — roughly 67.86%, generated by selling options premium. BITO and YBIT 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.
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 YBIT 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. YBIT 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.
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.
YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on YBIT.
BITO (ProShares Bitcoin Strategy ETF) and YBIT (YieldMax Bitcoin Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.
YBIT offers the higher yield at 67.86% vs 1.21% 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 1.02%.
They have different reference exposures: BITO is linked to Bitcoin Futures while YBIT is linked to Bitcoin, which means their performance drivers differ.
BITO is the larger fund by assets ($1.60B), 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 1.02% for YBIT.
Choose YBIT
YieldMax Bitcoin Option Income Strategy ETF
Want to maximize current income — YBIT distributes roughly 67.86% from selling options premium, vs 1.21% 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.
Still deciding? Track BITO & YBIT for free
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On a $10,000 investment, BITO would generate roughly $10.08/month, while YBIT would produce $565.50/month, at current distribution rates.
BITO yield1.21%
YBIT yield67.86%
Monthly diff on $10K$555.42
Cost & efficiency
Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $1,020 for YBIT (simplified, not compounded). The $70.00 difference may be offset by yield or performance.
BITO ER0.95%
YBIT ER1.02%
Strategy & risk
BITO tracks Bitcoin Futures with a crypto approach, while YBIT is actively managed around Bitcoin exposure with a covered call approach. Beta is 1.8778 for BITO and 1.5424 for YBIT, making YBIT the less volatile of the two by this measure.
BITO beta1.8778
YBIT beta1.5424
Fund details
BITO is managed by ProShares (launched 10/18/2021) with $1.60B in assets. YBIT is managed by YieldMax (launched 04/22/2024) with $46.1M in assets.
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Frequently asked questions
What is the current distribution rate for BITO and YBIT?
BITO currently distributes 1.21% and YBIT 67.86%, based on fund data updated September 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 YBIT better for dividend income?
It depends on your goals. YBIT 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 YBIT?
BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a crypto approach, while YBIT (YieldMax Bitcoin Option Income Strategy ETF) is actively managed around Bitcoin exposure with a covered call approach. They are issued by ProShares and YieldMax respectively.
Can I hold both BITO and YBIT?
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 YBIT safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — YBIT scores 67, BITO scores 40, so YBIT's payout currently looks the more resilient of the two. YBIT has also shown lower price volatility (beta 1.54 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 YBIT?
BITO has an expense ratio of 0.95% while YBIT charges 1.02%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BITO vs YBIT generate?
At current rates, $10,000 in BITO would generate roughly $10.08 per month ($121.00 annually). The same in YBIT would produce about $565.50 per month ($6,786.00 annually).
Which has performed better historically, BITO or YBIT?
BITO has lagged YBIT over the trailing twelve months, posting a -32.20% total return against -28.23%. Measured from Apr 2024 — the start of shared available history — BITO has compounded at 3.33% a year versus -5.14% for YBIT. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
The funds appeal to investors with opposite yield priorities and risk tolerances.
How they differ
The biggest distinction is income strategy. BITO targets 1.21% annually with Monthly distributions, treating income as secondary to price tracking. YBIT pursues 67.86% annually through weekly payouts—a 56-percentage-point gap—by systematically selling call options against bitcoin ETPs, which caps gains if bitcoin rallies sharply. BITO's 1.8778 beta is materially higher than YBIT's 1.5424, reflecting YBIT's structural headwind from call-writing. On cost, BITO charges 0.95% versus YBIT's 1.02%; the difference is negligible, but YBIT's active management adds complexity. BITO holds $1.60B in assets and launched in 10/18/2021, while YBIT is much younger at $46.1M AUM since 04/22/2024.
YBIT: Investors prioritizing weekly cash flow over capital appreciation, comfortable accepting a capped upside in exchange for high current yield, and willing to accept the concentration risk and track record gap of a newer, actively managed fund.
Key risks to know
NAV erosion at extreme yield levels.YBIT's 67.86% distribution rate—sourced by selling calls weekly—will almost certainly rely on return-of-capital treatment. Distributions this high typically erode net asset value unless the underlying asset delivers capital gains matching or exceeding the payout, a tough hurdle in sideways or declining markets.
Capped upside from call-writing.YBIT's covered-call structure means investors forfeit gains if bitcoin rallies beyond the strike price. Rolling expiring contracts into further-dated ones locks in that premium as a cost drag, potentially depressing returns relative to spot bitcoin over time. Smaller asset bases increase the risk of fund closure or sharp bid-ask spreads, and offer less cushion against redemption waves.
Limited track record.YBIT launched in April 2024, leaving only months of data in varied market conditions. The call-selling strategy's resilience through a sustained bull market or a crypto regulation shock remains untested. Past performance does not predict future results, and both funds' bitcoin exposure carries substantial volatility risk.
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.
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