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ETF Comparison

IBIT vs BTCI: Own Bitcoin, or Sell Some Upside for Cash?

A head-to-head of iShares' spot bitcoin trust and NEOS's bitcoin high-income ETF covering structure, the options overlay, cost, and why only one pays a distribution.

Data updated August 19, 2026

Best for

  • BTCIInvestors who want to maximize current income — roughly 26.27%, generated by selling options premium.
  • IBITInvestors 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 IBIT over the trailing twelve months, posting a -38.84% total return against -41.29%. Measured from Oct 2024 — when the younger fund began trading — IBIT has compounded at 1.04% a year versus -0.42% 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-23.30%-38.84%-0.42%40.0%-1.34-1.74-48.4%
IBIT-23.87%-41.29%1.04%44.8%-1.29-1.71-53.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 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.
MetricBTCIIBIT
Full nameNEOS Bitcoin High Income ETFiShares Bitcoin Trust ETF
IssuerNEOSiShares
Last Close$28.73 as of August 19, 2026$36.60 as of August 19, 2026
Distribution yield26.27%0.00%
Distribution Safety Score™ 46—
Expense ratio0.98%0.25%
AUM$1.10B$47.0B
Distribution frequencyMonthlyNone
Underlying indexBitcoin ETPsBitcoin
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.Provide exposure to bitcoin price performance through a physically backed trust structure.
Asset classEquityEquity
Inception date10/16/202401/11/2024
Beta1.67641.8887
Last dividend$0.6289—
Ex-dividend date08/19/2026—

Bottom lineChoose BTCI if you want to maximize current income — roughly 26.27%, generated by selling options premium. Choose IBIT 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 IBIT keeps full price exposure.

Income overlay vs spot exposure: same asset, different job

Both funds ride bitcoin's price, but they are built for different jobs: IBIT simply holds the asset, while BTCI sells call options against bitcoin exposure and pays the premium out monthly. Neither substitutes for the other.

BTCIIBIT
What you ownBitcoin exposure plus short call optionsSpot bitcoin held in trust
Where returns come fromOption premium paid out monthly, plus capped price movesPrice movement only
Distribution26.27% (largely option premium and return of capital)None: bitcoin produces no income
Upside in a sharp rallyPartially sold in exchange for incomeFull participation
Expense ratio0.98%0.25%

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 IBIT 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$32.2B

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
iShares
ETFs473
Total AUM$4710B

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

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on IBIT.

See all iShares ETFs

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Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and IBIT (iShares Bitcoin Trust ETF) are both ETFs, but they take different approaches.

BTCI currently shows a 26.27% distribution yield. IBIT has not yet established a full distribution history, so a comparable yield figure is not available.

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

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

IBIT is the larger fund by assets ($47.0B), 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 26.27% from selling options premium, while IBIT 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 IBIT.

Choose IBIT

iShares Bitcoin Trust ETF

  • 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 $218.92/month, while IBIT has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

BTCI yield26.27%
IBIT yield0.00%

Cost & efficiency

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

BTCI ER0.98%
IBIT ER0.25%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while IBIT tracks Bitcoin with a crypto approach. Beta is 1.6764 for BTCI and 1.8887 for IBIT, making BTCI the less volatile of the two by this measure.

BTCI beta1.6764
IBIT beta1.8887

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.10B in assets. IBIT is managed by iShares (launched 01/11/2024) with $47.0B in assets.

BTCI AUM$1.10B
IBIT AUM$47.0B
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Frequently asked questions

Where does BTCI's distribution come from, and why does IBIT pay nothing?

IBIT (iShares Bitcoin Trust ETF) simply holds bitcoin. Bitcoin produces no income, so the fund has nothing to distribute and its entire return is price movement. BTCI (NEOS Bitcoin High Income ETF) takes bitcoin exposure and sells call options against it, paying the premium out monthly — which is where its 26.27% comes from, as of August 2026. That distribution is option premium and return of capital, not yield on an asset, and it is funded by capping upside: in a sharp bitcoin rally BTCI keeps less of the move than IBIT. The fee gap reflects the added machinery — 0.98% against 0.25%.

Which of BTCI or IBIT pays more dividend income?

BTCI currently reports a distribution yield, while IBIT 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 IBIT?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while IBIT (iShares Bitcoin Trust ETF) tracks Bitcoin with a crypto approach. They are issued by NEOS and iShares respectively.

Can I hold both BTCI and IBIT?

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 IBIT?

BTCI has an expense ratio of 0.98% while IBIT 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 IBIT generate?

At current rates, $10,000 in BTCI would generate roughly $218.92 per month ($2,627.00 annually). IBIT has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, BTCI or IBIT?

BTCI has outpaced IBIT over the trailing twelve months, posting a -38.84% total return against -41.29%. Measured from Oct 2024 — when the younger fund began trading — IBIT has compounded at 1.04% a year versus -0.42% 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 IBIT — at a glance

Generated August 15, 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

BTCI and IBIT both provide bitcoin exposure through ETFs, but they pursue fundamentally different objectives. IBIT is a straightforward spot bitcoin trust designed to track bitcoin's price; BTCI layers a covered-call options strategy on top of bitcoin holdings to generate monthly income. The distinction is strategy, not underlying asset — both hold actual bitcoin, but BTCI sells calls against it to produce a 27.62% distribution rate, while IBIT holds and distributes nothing.

How they differ

The defining difference is income generation versus price appreciation. BTCI's covered-call strategy generates a 27.62% annual distribution rate with monthly payouts, while IBIT distributes nothing and aims purely for price tracking. This income comes at a cost: BTCI's expense ratio is 0.98%, versus IBIT's 0.12%, and covered calls cap upside when bitcoin rallies — the sold calls limit gains above the strike price. IBIT is vastly larger at $47.3B in assets compared to BTCI's $1.10B, reflecting its simpler mandate and earlier market adoption. BTCI's beta of 1.6764 is notably lower than IBIT's 1.8887, suggesting the options overlay dampens bitcoin's volatility somewhat.

Who each is best for

BTCI: Fits investors seeking regular monthly cash flow from bitcoin exposure and willing to accept capped upside potential in exchange for a high current yield. Particularly suited to those who view their bitcoin holding primarily as an income-producing asset rather than a growth vehicle.

IBIT: Designed for investors who want pure, unmodified bitcoin price exposure without the mechanical drag of an options strategy. Fits those with a longer time horizon who prioritize simplicity, lower costs, and full participation in bitcoin appreciation.

Key risks to know

  • NAV erosion from distribution yield. At a 27.62% distribution rate, BTCI is distributing far more annually than bitcoin typically returns. This structural mismatch means NAV is likely to erode over time unless bitcoin appreciates sharply enough to cover the leakage. A 27%+ yield is not sustainable from underlying returns alone.
  • Covered-call cap on upside. BTCI's income strategy caps gains when bitcoin rises above the call strike price. During strong bull markets, this opportunity cost can become substantial compared to unhedged holdings like IBIT.
  • Options and derivative risk. BTCI's call-selling strategy introduces counterparty and volatility risk specific to the options market. If call mechanics shift or underlying volatility changes unexpectedly, the consistency of monthly distributions could be affected.
  • Concentration and nascent-market risk. Both funds hold only bitcoin. Bitcoin remains a young, volatile asset class with regulatory uncertainty. A sustained downturn or regulatory shock would affect both equally, but IBIT's larger AUM may offer slightly deeper liquidity.
  • Beta and volatility divergence. IBIT's higher beta (1.8887) reflects purer bitcoin volatility; BTCI's lower beta suggests the call overlay moderates swings, but this comes at the cost of capped gains, not reduced risk per se.

Bottom line

If you need monthly income and can live with capped upside, BTCI's yield stands out; if you want straightforward bitcoin exposure at minimal cost, IBIT's simplicity and liquidity win. Neither addresses bitcoin's inherent volatility — both will swing with the underlying asset — and the mathematics of BTCI's distribution rate warrant close monitoring. Past performance does not predict future results.

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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