At a glance
BTCI charges 0.99% a year, below the 1.22% average of the 1 funds most like it. It has $1.03B in assets; it paid 29.76% of its price in distributions over the past 12 months, monthly. Over the past year it returned −28.6% with distributions reinvested.
The short version
NEOS Bitcoin High Income ETF (BTCI) is an actively managed fund. It gets bitcoin exposure through spot bitcoin ETFs and options, then writes call options to generate high monthly income. Its trailing 12-month yield was 29.76% as of October 27, 2026. The trade-offs: gains in strong bitcoin rallies are capped, most of bitcoin's declines still come through, and the expense ratio is 0.99%.
Price history
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BTCI -28.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BTCI official prospectus, to Dec 31, 2025 | — | -1.24% | — | — | — | +20.55% |
| BTCI price data to Oct 27, 2026 | -9.1% | -28.6% | — | — | — | +7.2% |
- Over the year to Oct 27, 2026, BTCI returned -28.6%.
- Its worst full calendar year was 2025 (-1.0%); its best was 2025 (-1.0%).
- The deepest fall in its price history was 48.4% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.1% | — |
| 2025 | -1.0% | -1.24% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $7.5200 | |
| 2025 | $16.0600 |
What's inside
As of Jun 30, 2026, the fund held 3 securities; the ten largest made up 110.51% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bill Bonds and notes | 86.34% | |
| iShares Bitcoin Trust ETF | 15.58% | |
| VanEck Bitcoin ETF/US | 8.59% |
By country
United States 110.51%By issuer
US Treasury 86.34%Other registered funds 24.17%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $307.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.75%, -3.09%, -19.18%.
How it works
Neos Investments manages the fund actively, so there is no index to follow. The prospectus describes three parts. First, the fund holds spot bitcoin ETPs, which are exchange-traded products that own actual bitcoin. Most of these sit in a subsidiary in the Cayman Islands. Under US tax rules for registered funds, that subsidiary can hold up to 25% of the fund's total assets. As of June 30, 2026, iShares Bitcoin Trust (IBIT) was 15.6% of assets and VanEck Bitcoin ETF (HODL) was 8.6%.
Second, the fund builds "synthetic" bitcoin exposure. It buys call options and writes put options with the same strike price and expiration date. Together, that pair rises and falls roughly in line with the asset underneath. The fund mainly uses FLEX options. These are exchange-listed contracts with customizable terms, and the Options Clearing Corporation guarantees settlement. As of June 30, 2026, these positions were options on CBTX at a 1,600 strike, expiring July 17, 2026. US Treasury bills, with an average maturity of about 0.1 years, made up 86.3% of assets.
Third, the fund writes call options and collects premiums to pay monthly income. On June 30, 2026, those calls had strikes of 1,840 and 1,910. If prices rise above a strike, the fund gives up the gains beyond it. Income from options is usually taxed as ordinary income.
What it really costs
- BTCI charges 0.99% a year, versus an average of 1.22% for the similar funds below.
- Of that, 0.98% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BTCI | $101 | $315 | $547 | $1,213 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund pays large monthly income, but bitcoin-level price swings and a short history make it a small, higher-risk position rather than a core one.
BTCI could add a large income stream. Its trailing 12-month yield was 29.76% ($9.54 per share) as of October 27, 2026, paid monthly. That income comes from bitcoin options, and the share price swings hard. The fund launched in October 2024, so it has no record in the 2008, 2020 or 2022 downturns. In 2025, its only full calendar year, it returned -1.24%. Its deepest drop was 48.4%, from October 6, 2025 to June 30, 2026, and it had not recovered as of October 27, 2026. Anyone selling shares or drawing income during a stretch like that would be cashing out at low prices, and a high yield does not stop the principal from shrinking. Costs are 0.99% a year, or $101 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin-linked monthly income and accept that written call options cap their gains in strong bitcoin rallies.
- People holding a small satellite position who can live with drops like the fund's 48.4% fall from October 2025 to June 2026.
- Investors comfortable with an actively managed options strategy that uses a Cayman subsidiary, spot bitcoin ETFs such as IBIT and HODL, and Treasury bills.
Look elsewhere if
- Anyone who wants bitcoin's full upside: written calls give away gains above their strike prices, while most of the downside remains.
- Retirees who need stable principal: one-year volatility was 40.5% and the one-year return was -28.6% as of October 27, 2026.
- Taxable investors seeking qualified dividends, since option income is usually taxed as ordinary income and the Cayman subsidiary adds tax complexity.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BTCI this fund | 0.1 yrs | 0.99% | $1.03B | -28.6% | — |
| CONY YieldMax COIN Option Income Strategy ETF | 0.2 yrs | 1.22% | $326.1M | -51.3% | -5.1% |
Questions investors ask
Does BTCI pay monthly dividends?
Yes. BTCI pays distributions monthly. Over the 12 months to October 27, 2026, it paid $9.54 per share, a trailing yield of 29.76%. Most of that money comes from premiums the fund collects for writing call options on bitcoin-related instruments, not from interest or company dividends. That income is usually taxed as ordinary income. A high payout does not mean a high total return: the fund returned -28.6% over the year to October 27, 2026.
Is BTCI good for retirement income?
It can produce large monthly income, but the risk is high. The trailing yield was 29.76% as of October 27, 2026. The share price, though, fell 48.4% from October 6, 2025 to June 30, 2026, and had not recovered by October 27, 2026. Someone drawing income during a drop like that may have to sell shares at low prices. The fund launched in October 2024, so it has no record in a long bear market.
What's the difference between BTCI and IBIT?
IBIT is a spot bitcoin ETP, meaning it holds actual bitcoin and tracks its price. BTCI is an actively managed fund that holds IBIT (15.6% of assets as of June 30, 2026), VanEck's HODL, Treasury bills and bitcoin-related options. BTCI writes call options to pay monthly income, which caps its gains when bitcoin rallies. Owning BTCI means more income but less upside, plus a 0.99% expense ratio and a more complex structure.
What is BTCI's expense ratio?
BTCI's expense ratio is 0.99%, according to its prospectus filed April 30, 2026. That includes a 0.98% management fee. In the SEC's standard example ($10,000 invested, 5% annual return), total costs come to $101 after one year, $315 after three, $547 after five and $1,213 after ten. For comparison, YieldMax COIN Option Income Strategy ETF (CONY) charges 1.22%. CONY uses a different strategy, built on options on COIN shares, so it is not a close substitute.
How has BTCI performed since launch?
Results have been mixed and volatile. According to the prospectus, the fund returned -1.24% in 2025 and averaged 20.55% a year from its October 2024 launch through December 31, 2025. Its strongest quarter gained 27.83% (ended June 30, 2025) and its weakest lost 20.67% (ended December 31, 2025). It then returned -9.1% in 2026 through October 27, 2026, and -28.6% over the year to that date.