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ETF Comparison

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

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 August 13, 2026

Best for

  • BITOInvestors who want straightforward Bitcoin exposure for the long run.
  • YBITInvestors who want to maximize current income — roughly 38.66%, generated by selling options premium.

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBITOYBIT
Full nameProShares Bitcoin Strategy ETFYieldMax Bitcoin Option Income Strategy ETF
IssuerProSharesYieldMax
Last Close$8.55 as of August 13, 2026$18.16 as of August 13, 2026
Distribution yield1.93%38.66%
Distribution Safety Score™ 4044
Expense ratio0.95%0.99%
AUM$1.41B$47.4M
Distribution frequencyMonthlyWeekly
Underlying indexBitcoin FuturesBitcoin
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.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.
Asset classEquityEquity
Inception date10/18/202104/22/2024
Beta1.87781.5424
Last dividend$0.0138$0.1350
Ex-dividend date08/03/202608/13/2026

Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose YBIT if you want to maximize current income — roughly 38.66%, generated by selling options premium. There's no free lunch: YBIT'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 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.

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$128B

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
YieldMax
ETFs59
Total AUM$9.16B

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.

See all YieldMax ETFs

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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 YBIT over the trailing twelve months, posting a -48.74% total return against -42.97%. Measured from Apr 2024 — when the younger fund began trading — BITO has compounded at -6.99% a year versus -13.44% 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.
SymbolYTD1YSince Apr 2024Volatility Sharpe Sortino Max drawdown
BITO-30.82%-48.74%-6.99%44.2%-1.61-2.10-54.5%
YBIT-27.65%-42.97%-13.44%37.1%-1.64-2.08-47.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 12, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Apr 2024” measures every fund from April 23, 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.

Quick verdict

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 38.66% vs 1.93% 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 YBIT tracks Bitcoin, which means their performance drivers differ.

BITO is the larger fund by assets ($1.41B), 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 YBIT.

Choose YBIT

YieldMax Bitcoin Option Income Strategy ETF

  • Want to maximize current income — YBIT distributes roughly 38.66% from selling options premium, vs 1.93% 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 $16.08/month, while YBIT would produce $322.17/month, at current distribution rates.

BITO yield1.93%
YBIT yield38.66%
Monthly diff on $10K$306.08

Cost & efficiency

Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $990 for YBIT (simplified, not compounded). The $40.00 difference may be offset by yield or performance.

BITO ER0.95%
YBIT ER0.99%

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, indicating YBIT is less volatile relative to the market.

BITO beta1.8778
YBIT beta1.5424

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.41B in assets. YBIT is managed by YieldMax (launched 04/22/2024) with $47.4M in assets.

BITO AUM$1.41B
YBIT AUM$47.4M
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Frequently asked questions

What is the current distribution yield for BITO and YBIT?

BITO currently distributes 1.93% and YBIT 38.66%, 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 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 44, 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 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 YBIT generate?

At current rates, $10,000 in BITO would generate roughly $16.08 per month ($193.00 annually). The same in YBIT would produce about $322.17 per month ($3,866.00 annually).

Which has performed better historically, BITO or YBIT?

BITO has lagged YBIT over the trailing twelve months, posting a -48.74% total return against -42.97%. Measured from Apr 2024 — when the younger fund began trading — BITO has compounded at -6.99% a year versus -13.44% for YBIT. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BITO vs YBIT — at a glance

Generated August 9, 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 YBIT are both bitcoin-focused ETFs that use derivatives to gain exposure rather than holding bitcoin directly. BITO tracks bitcoin futures contracts with a monthly distribution and 1.88% yield; YBIT sells weekly call options against bitcoin ETPs and aims for 46.45% yield. The crucial difference is their yield structure: BITO's modest payout comes from standard fund operations, while YBIT's outsized yield relies on capped upside through systematic call selling.

How they differ

The biggest distinction is income generation method. BITO manages a portfolio of bitcoin futures aimed at total return, with a 1.88% distribution rate. YBIT, by contrast, pursues weekly distributions by selling call options on bitcoin ETPs—a covered-call strategy that caps your gain if bitcoin rallies hard. That strategy drives YBIT's 46.45% annualized distribution rate, roughly 25 times BITO's payout.

Second, YBIT is far smaller and newer. With $48.2M in AUM and a July 2023 inception, it has one-quarter the track record of BITO ($1.41B, October 2021). Size matters for liquidity and strategy sustainability under stress.

Third, their leverage and market sensitivity differ. YBIT's beta of 1.54 indicates it moves roughly 54% faster than the broad market; BITO's beta of 1.88 shows sharper swings. Both track bitcoin price action, but BITO's futures-based approach amplifies volatility more than YBIT's option-overlay design.

Who each is best for

BITO: Fits investors seeking direct, leveraged exposure to bitcoin price movements with a small monthly income component and no cap on upside potential. Works for those who view bitcoin as an appreciating asset and accept the higher beta volatility that comes with futures-based tracking.

YBIT: Fits investors prioritizing consistent weekly cash flow and who are comfortable surrendering significant upside if bitcoin rallies sharply. Designed for allocations where regular income matters more than capital appreciation and where a capped-gain structure aligns with a hedging or portfolio-stabilization goal.

Key risks to know

  • Call cap risk (YBIT): Weekly option sales lock in a ceiling on gains. If bitcoin rallies 20% in a quarter, YBIT shareholders capture far less than BITO holders, structurally underperforming in bull markets. This is not a volatility cost—it's a permanent opportunity cost.
  • NAV erosion at extreme yields (YBIT): A 46.45% annualized distribution rate means YBIT returns capital weekly. If the underlying bitcoin ETPs don't appreciate enough to offset distributions, NAV erodes over time. This risk sharpens in flat or sideways bitcoin markets.
  • Liquidity and size risk (YBIT): At $48.2M AUM, YBIT is thinly traded. Wide bid-ask spreads and potential fund closure if assets shrink further could lock you into positions at unfavorable prices or force reinvestment into alternative instruments.
  • Futures contango and tracking error (BITO): Rolling bitcoin futures contracts incurs costs when the futures curve is in contango (distant contracts trade above near-term ones). This drag accumulates and can underperform spot-bitcoin returns over time.
  • Leverage and drawdown risk: Both funds amplify bitcoin's volatility through derivatives. A 30% bitcoin decline hits BITO harder than spot holders and forces YBIT to absorb call losses and cash distribution pressure simultaneously.

Bottom line

BITO offers straightforward leveraged bitcoin exposure with modest income and unlimited upside; YBIT trades upside potential for aggressive weekly cash flow. If you're chasing bitcoin appreciation and see monthly distributions as a bonus, BITO aligns with that goal; if you need reliable income and accept capped gains, YBIT's structure is purpose-built for that trade. Both carry derivative and concentration risks—verify that bitcoin's volatility and your portfolio's cash-flow needs match what each fund delivers.

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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