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BPIGrayscale Bitcoin Premium Income ETF

Get income1y track recordRanked #1,450 of 1,622 in this goal

Seeks current income while maintaining prospects for capital appreciation through options on Bitcoin ETPs.

By Grayscale · Launched 2025

Annual Cost

0.65%

#3,297 of 5,562 · average

Fund Size

$3M

#5,219 of 5,562 · small

Dividend YieldGoal

26.25%

Track Record

1 year

#4,304 of 5,562 · young

Performance

Total-return NAV · USD
Growth of $10,000
$6,370-36.3%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 3 holdings = 11.5% of fund✓ well diversified

N/A
11.8%
First American Government Obli
0.3%
N/A
-0.5%

Asset allocation

Other
49.7%
Cash
27.2%
Stocks
23.2%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
39.7%High

Year-on-year price swings

Max drawdown
-48.1%Severe

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks current income while maintaining prospects for capital appreciation through options on Bitcoin ETPs.
Strategy
Invests primarily in options on Bitcoin exchange-traded products (ETPs) to gain synthetic exposure to Bitcoin returns. Utilizes a covered call strategy by selling call options to generate income while maintaining potential for capital appreciation.
Inception date
April 1, 2025
Fund family
Grayscale

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

Covered call ETF — yield ≠ total return

The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.

Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Why we flagged this: strategy=option_income + option_income_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-19