ETF Comparison

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

A head-to-head comparison of NEOS Bitcoin High Income ETF and Fidelity Wise Origin Bitcoin Fund covering yield, cost, risk, and income potential.

Data updated August 29, 2026

Best for

BTCIInvestors who want to maximize current income — roughly 23.40%, generated by selling options premium.
FBTCInvestors who want straightforward Bitcoin exposure for the long run.

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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

BTCI has outpaced FBTC over the trailing twelve months, posting a -29.11% total return against -31.04%. Measured from Oct 2024 — when the younger fund began trading — FBTC has compounded at 8.03% a year versus 5.80% for BTCI. 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.
Symbol	YTD	1Y	Since Oct 2024	Volatility	Sharpe	Sortino	Max drawdown
BTCI	-14.16%	-29.11%	5.80%	40.1%	-0.97	-1.28	-48.4%
FBTC	-13.75%	-31.04%	8.03%	45.1%	-0.93	-1.25	-53.4%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 28, 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.
Metric	BTCI	FBTC
Full name	NEOS Bitcoin High Income ETF	Fidelity Wise Origin Bitcoin Fund
Issuer	NEOS	Fidelity Investments
Underlying index	Bitcoin ETPs	Bitcoin
Last Close	$32.26 as of August 29, 2026	$67.44 as of August 29, 2026
Distribution yield	23.40%	—
Distribution Safety Score™	46	—
Safety-Adjusted Yield	10.76%	—
Expense ratio	0.98%	0.25%
AUM	$1.30B	$13.9B
Distribution frequency	Monthly	None
Objective	Seeks to generate high monthly income with potential appreciation through bitcoin exposure.	Bitcoin spot exposure through an exchange-traded bitcoin fund structure.
Asset class	Equity	Currency
Inception date	10/16/2024	01/10/2024
Beta	1.6764	1.8779
Last dividend	$0.6290	—
Ex-dividend date	08/19/2026	—

Bottom lineChoose BTCI if you want to maximize current income — roughly 23.40%, generated by selling options premium. Choose FBTC if you want straightforward Bitcoin exposure for the long run. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while FBTC 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.

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.
Crypto volatility. BTCI and FBTC 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: 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.

NEOS

ETFs19

Total AUM$32.7B

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.

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Fidelity Investments

ETFs82

Total AUM$208B

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

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FBTC.

See all Fidelity Investments ETFs

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Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both ETFs, but they take different approaches.

BTCI currently shows a 23.40% distribution yield. FBTC has not yet established a full distribution history, so a comparable yield figure is not available.

FBTC is cheaper with an expense ratio of 0.25% compared to 0.98%.

They track different benchmarks: BTCI is linked to Bitcoin ETPs while FBTC tracks Bitcoin, which means their performance drivers differ.

FBTC is the larger fund by assets ($13.9B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose BTCI

NEOS Bitcoin High Income ETF

Want to maximize current income — BTCI distributes roughly 23.40% from selling options premium, while FBTC makes no distribution.
Want crypto exposure that pays income rather than waiting on price alone.
Prefer lower volatility — a beta of 1.7 vs 1.9 for FBTC.

Choose FBTC

Fidelity Wise Origin Bitcoin Fund

Want straightforward Bitcoin exposure for long-term appreciation, not income.
Want to keep costs low — a 0.25% expense ratio vs 0.98% for BTCI.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $195.00/month, while FBTC has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

BTCI yield23.40%

FBTC yield—

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $250 for FBTC (simplified, not compounded). The $730.00 difference may be offset by yield or performance.

BTCI ER0.98%

FBTC ER0.25%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while FBTC tracks Bitcoin with a crypto approach. Beta is 1.6764 for BTCI and 1.8779 for FBTC, making BTCI the less volatile of the two by this measure.

BTCI beta1.6764

FBTC beta1.8779

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.30B in assets. FBTC is managed by Fidelity Investments (launched 01/10/2024) with $13.9B in assets.

BTCI AUM$1.30B

FBTC AUM$13.9B

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Frequently asked questions

Which of BTCI or FBTC pays more dividend income?

BTCI currently reports a distribution yield, while FBTC 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 BTCI and FBTC?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while FBTC (Fidelity Wise Origin Bitcoin Fund) tracks Bitcoin with a crypto approach. They are issued by NEOS and Fidelity Investments respectively.

Can I hold both BTCI and FBTC?

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, BTCI or FBTC?

BTCI has an expense ratio of 0.98% while FBTC charges 0.25%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in BTCI would generate roughly $195.00 per month ($2,340.00 annually). FBTC has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, BTCI or FBTC?

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BTCI vs FBTC — at a glance

Generated August 29, 2026.

Overview

BTCI and FBTC are both bitcoin-focused ETFs, but they pursue sharply different strategies. FBTC offers direct spot bitcoin exposure with minimal costs and no distributions. BTCI wraps bitcoin ETPs in a covered-call overlay designed to generate substantial monthly income, trading simplicity for yield and higher fees.

How they differ

The fundamental split is strategy: FBTC is a straightforward bitcoin spot fund seeking price appreciation; BTCI overlays covered calls on bitcoin ETPs to manufacture a 23.40% distribution rate. That income comes with structural costs—BTCI's 0.98% expense ratio more than quadruples FBTC's 0.25% fee, and the call strategy introduces options risk absent from spot bitcoin ownership. FBTC is substantially larger at $13.9B in AUM versus BTCI's $1.30B, suggesting greater liquidity and tighter spreads. BTCI's beta of 1.6764 is notably lower than FBTC's 1.8779, reflecting how the call overlay dampens bitcoin's price volatility—a tradeoff that caps upside in rallies but limits downside in crashes.

Who each is best for

BTCI: Fits investors prioritizing monthly cash flow over capital appreciation, comfortable with capped upside and willing to accept options-related complexity in exchange for a high distribution yield.

FBTC: Designed for investors seeking pure bitcoin exposure and long-term appreciation with minimal fee drag, indifferent to current distributions and comfortable with bitcoin's full volatility profile.

Key risks to know

NAV erosion at elevated yield levels. BTCI's 23.40% annualized distribution rate is materially higher than typical bitcoin price appreciation over time, suggesting distributions likely include return of capital; this structure is likely to erode NAV over extended holding periods if bitcoin appreciates more slowly than the distributions withdraw.

Covered-call cap on upside. The call overlay in BTCI systematically limits gains when bitcoin rallies sharply, creating opportunity cost in bull markets. Investors receive full downside exposure but foregone gains above strike prices.

Options liquidity and assignment risk. BTCI relies on rolling covered calls; if underlying call liquidity deteriorates or market dislocations occur, the fund may face assignment or repricing pressure that disrupts the income strategy.

Concentration in single asset. Both funds hold only bitcoin; any structural, regulatory, or adoption shock to bitcoin itself affects both equally. Their exposures do not diversify across the broader cryptocurrency ecosystem.

Early fund track record. Both BTCI and FBTC are under one year old; neither has weathered a full market cycle, limiting visibility into how fees and distributions will perform through a prolonged bear market.

Bottom line

FBTC is the simpler vehicle—low cost, no distributions, direct bitcoin upside. BTCI trades upside potential for monthly income and structural complexity; its high yield likely depends on capital erosion, making it a different risk profile than spot bitcoin. If you want price appreciation with minimal drag, FBTC stands out; if you need current income from bitcoin and accept capped gains, BTCI's coverage model is the tradeoff. Past performance doesn't predict future results, and neither fund's brief history tells you much about how it will behave in a sustained downturn.

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

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