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IETHBitwise Ethereum Option Income Strategy ETF

Get incomeNewRanked #1,578 of 1,650 in this goal

Seeks current income while providing exposure to the price return of Ether ETPs.

By Bitwise Investments · Launched 2025

Annual Cost

0.96%

#4,989 of 5,854 · expensive

Fund Size

$0.5M

#5,734 of 5,854 · small

Dividend YieldGoal

—

Track Record

10 months

#4,721 of 5,854 · young

Performance

Total-return NAV · USD
Growth of $10,000
$4,800-52.0%

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

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 4 holdings = 11.0% of fund✓ well diversified

DWS Government Money Market Series
14.7%
THE OPTIONS CLEARING CORPORATIONEETH 260417C00026000
4.0%
THE OPTIONS CLEARING CORPORATIONEETH 260417C00028000
-2.2%
JANE STREET EXECUTION SERVICES, LLC
-5.4%

Asset allocation

Cash
110.3%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
N/A
Max drawdown
-59.8%Severe

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks current income while providing exposure to the price return of Ether ETPs.
Strategy
Actively managed ETF that provides current income through a synthetic covered call strategy on Ether ETPs. Invests primarily in Ether ETP Options and utilizes FLEX Options to gain exposure to ether's price returns while generating income from selling call options.
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

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.

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

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