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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 September 4, 2026

Best for

  • BTCIInvestors who want to maximize current income — roughly 22.95%, generated by selling options premium.
  • FBTCInvestors who want straightforward Bitcoin exposure for the long run.

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

BTCI has outpaced FBTC over the trailing twelve months, posting a -27.56% total return against -29.12%. Measured from Oct 2024 — when the younger fund began trading — FBTC has compounded at 9.61% a year versus 6.81% 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.
SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BTCI-12.51%-27.56%6.81%40.2%-0.91-1.21-48.4%
FBTC-11.23%-29.12%9.61%45.3%-0.86-1.17-53.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer 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.
MetricBTCIFBTC
Full nameNEOS Bitcoin High Income ETFFidelity Wise Origin Bitcoin Fund
IssuerNEOSFidelity Investments
Underlying indexBitcoin ETPsBitcoin
Last Close$32.88 as of September 4, 2026$69.41 as of September 4, 2026
Distribution rate22.95%—
Distribution Safety Score™ 46—
Safety-Adjusted Yield 10.56%—
Expense ratio0.98%0.25%
AUM$1.30B$13.5B
Distribution frequencyMonthlyNone
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.Bitcoin spot exposure through an exchange-traded bitcoin fund structure.
Asset classEquityCurrency
Inception date10/16/202401/10/2024
Beta1.67641.8779
Last dividend$0.6289—
Ex-dividend date08/19/2026—

Bottom lineChoose BTCI if you want to maximize current income — roughly 22.95%, 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$32.9B

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
Fidelity Investments
ETFs82
Total AUM$207B

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 22.95% 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 have different reference exposures: BTCI is linked to Bitcoin ETPs while FBTC is linked to Bitcoin, which means their performance drivers differ.

FBTC is the larger fund by assets ($13.5B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want to maximize current income — BTCI distributes roughly 22.95% 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.

Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $191.25/month, while FBTC has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

BTCI yield22.95%
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 $13.5B in assets.

BTCI AUM$1.30B
FBTC AUM$13.5B
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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 $191.25 per month ($2,295.00 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?

BTCI has outpaced FBTC over the trailing twelve months, posting a -27.56% total return against -29.12%. Measured from Oct 2024 — when the younger fund began trading — FBTC has compounded at 9.61% a year versus 6.81% for BTCI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTCI vs FBTC — at a glance

Generated September 6, 2026.

FBTC is a straightforward spot bitcoin ETF that tracks the underlying asset with minimal friction. BTCI has $1.30B, launched 1 year ago, while FBTC commands $13.5B and has been operating 2 years.

FBTC: Fits investors seeking pure, unmanaged bitcoin price exposure without any income overlay or upside sacrifice, and who prioritize simplicity and the lowest possible cost structure.

Key risks to know

  • NAV erosion from yield sustainability. A 22.95% annualized rate on a 1 year-old fund backed by option income is unproven through a full market cycle; if covered calls fail to sustain premium levels during lower volatility or if bitcoin's price momentum shifts, distributions may rely on return-of-capital to maintain the stated rate, eroding net asset value over time. This magnifies underperformance in bull markets and may frustrate investors betting on significant bitcoin appreciation. During sharp bitcoin declines, this compounded sensitivity can accelerate losses; during sharp rallies, call exercise forces rebalancing, creating a whipsaw effect.
  • Concentration in single asset class. Both funds' entire exposure is bitcoin; either could suffer material losses if bitcoin demand, regulatory treatment, or adoption trends shift sharply unfavorably, with no diversification buffer.

Bottom line

If you want pure bitcoin upside with minimal fees and no income distraction, FBTC's 0.25% cost and straightforward structure stand out. If you prioritize monthly cash flow and can accept the probability of capped appreciation and unproven income sustainability, BTCI's monthly distributions offer current yield at the cost of upside participation. Note that past performance doesn't predict future results, and both funds' short operating histories mean the risk-return profile may shift materially as markets evolve.

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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