ICOIBitwise COIN Option Income Strategy ETF
Provides current income and exposure to the price return of common shares of Coinbase Global, Inc. (COIN).
By Bitwise Investments · Launched 2025
0.96%
#4,989 of 5,854 · expensive
$18M
#4,533 of 5,854 · small
30.87%
1 year
#4,211 of 5,854 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
AlternativeStrategy
Option income
What it actually holds
By weightConcentration
single-stock bet — holdings shown are derivatives collateral, not diversification
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Provides current income and exposure to the price return of common shares of Coinbase Global, Inc. (COIN).
- Strategy
- Actively managed ETF that seeks to provide current income through a synthetic covered call strategy on COIN. The Fund generates income by selling call options on COIN while maintaining exposure to its price returns through a combination of call and put options.
- Inception date
- April 1, 2025
- Fund family
- Bitwise Investments
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
The big yield isn't extra money
The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.
A fund-sized fee to own one company
This wraps a single stock, usually with an options overlay on top. You pay 0.50% to 1.00% a year for exposure you could hold directly, and any income comes from selling off your own upside. Owning the share itself costs less and keeps that upside intact.
Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023) · Israelov & Nielsen, 'Covered Calls Uncovered' (Financial Analysts Journal 2015)
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 2026-08-03