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IETHBitwise Ethereum Option Income Strategy ETF

Get incomeNewRanked #1,561 of 1,622 in this goal

Seeks to provide current income.

By Bitwise Investments · Launched 2025

Annual Cost

0.96%

#4,788 of 5,562 · expensive

Fund Size

$0.6M

#5,518 of 5,562 · small

Dividend YieldGoal

—

Track Record

8 months

#4,826 of 5,562 · young

Performance

Total-return NAV · USD
Growth of $10,000
$4,348-56.5%

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 8 holdings = 2.7% of fund✓ well diversified

DWS Government Money Market Series
6.1%
CBOE GLOBAL MARKETS, INC.EETH 1 C36
2.5%
CBOE GLOBAL MARKETS, INC.EETH 1 C39
0.9%
CBOE GLOBAL MARKETS, INC.EETH 1 C39
0.8%
JANE STREET EXECUTION SERVICES, LLC
-1.2%
CBOE GLOBAL MARKETS, INC.EETH 1 C41
-1.8%
IMC TRADING B.V.
-2.1%
JANE STREET EXECUTION SERVICES, LLC
-2.4%

Asset allocation

Cash
115.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
N/A
Max drawdown
-59.6%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 to provide current income.
Strategy
Actively managed ETF that provides income through a synthetic covered call strategy on Ether ETPs. Invests primarily in Ether ETP Options and may also hold cash and short-term U.S. Treasury securities for collateral and additional income.
Inception date
October 1, 2025
Fund family
Bitwise Investments

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