← All funds
🔒
You're viewing the free teardown. Pro unlocks the deeper sections on this fund — risk assessment, scoring & verdict, track record vs. the underlying, holdings & concentration, peer comparison, pros & cons, and the analyst commentary.
Start your 7-day free trial BATS · Active · options-income
BAGY
Amplify Bitcoin Max Income Covered Call ETF
Amplify Investments LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The Amplify Bitcoin Max Income Covered Call ETF seeks to maximize current income through a covered call strategy tied to the investment exposure to the price return of bitcoin..
The Fund seeks exposure to the price return of bitcoin by investing in Bitcoin ETPs (spot and/or futures ETFs) and Bitcoin ETP Options, while selling call options approximately 5% out-of-the-money with maturities of one week or less to generate maximum option premium income. The Fund sells call options covering 100% of its Bitcoin ETP price return exposure, fully capping upside beyond the strike price in exchange for premium income. The anticipated annualized option premium range is 30%-60%. Remaining assets are held in U.S. Treasuries and cash as collateral.
Ticker
BAGY
Issuer
Amplify Investments LLC
Exchange
BATS
Inception
2025-04-29 · 1.3 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call via Bitcoin ETP Options (long calls/short puts for price exposure) plus direct Bitcoin ETP shares held through a Cayman subsidiary, overlaid with short call options
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Synthetic covered calls — short OTM call options (~5% OTM, weekly expiry) on Bitcoin ETPs for income; long calls and/or short puts for synthetic long Bitcoin ETP exposure
generates income
Underlying
Bitcoin ETPs (Bitcoin Spot ETFs, Bitcoin Futures ETFs) and CBOE Bitcoin U.S. ETF Index
income exposure
MONTHLY
54.1%
DIST. RATE
— ROC
Ordinary Income
Ordinary Income
Underlying
Bitcoin ETPs (Bitcoin Spot ETFs, Bitcoin Futures ETFs) and CBOE Bitcoin U.S. ETF Index
Strategy
Synthetic covered calls — short OTM call options (~5% OTM, weekly expiry) on Bitcoin ETPs for income; long calls and/or short puts for synthetic long Bitcoin ETP exposure
Tax
Ordinary Income
The Fund sells call options on 100% of its Bitcoin ETP price return exposure at approximately 5% out-of-the-money with target maturities of one week or less, fully capping upside beyond the strike price. Synthetic long exposure to the Bitcoin Price is created via combinations of purchased call options and sold put options (or in-the-money calls) referencing Bitcoin ETPs or the Bitcoin ETP Index. Both traditional exchange-traded options and FLEX Options (OCC-guaranteed) may be used.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
160.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
—
ROC
Frequency
Monthly
Dist. rate
54.07%
ROC %
—
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
21.2%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The Fund expects to make monthly distributions funded by call option premiums received. Distributions may exceed income and gains, resulting in a portion being treated as return of capital (ROC), which reduces shareholder cost basis rather than being taxable currently. Once cost basis reaches zero, further distributions are treated as capital gain.
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-07-30
Ex-dividend
2026-07-30
Pay date
—
Payback Period
1.8 yr
Dist. Since Incep.
$16.9
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
7
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$35.7$30.8$25.9$21.0
FEB '26AUG '26
Price $23.20
50-DMA $22.68
200-DMA $27.34
Bearish — 50-DMA below 200-DMA
Price $22.77 is below the 200-day SMA ($27.34); 50-day SMA $22.68. The 50-day SMA sits below the 200-day — an established downtrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
4K
Avg dollar volume
$97,798
Bid/ask spread
0.04%
Premium/discount
—
Turnover
251%
Estimated bid/ask spread ~0.04% (very tight). Average daily dollar volume ~$0.1M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$11M
$14M$8M$1M
APR '25AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
BAGY · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.