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Start your 7-day free trial BATS · Active · options-income
BTCI
NEOS Bitcoin High Income ETF
NEOS ETF Trust (adviser: NEOS)
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The NEOS Bitcoin High Income ETF (the "Fund") seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products ("ETP") that have direct exposure to Bitcoin..
The Fund is an actively managed ETF that invests in spot Bitcoin ETPs (primarily through a Cayman Islands controlled foreign corporation subsidiary) and employs a synthetic covered call options strategy on Bitcoin-related instruments. The synthetic long exposure is created by buying call options and selling put options at the same strike price, while income is generated by writing (selling) call options on Bitcoin-related instruments. The Fund holds U.S. Treasury securities as collateral for its options positions and targets monthly income distributions.
Ticker
BTCI
Issuer
NEOS ETF Trust (adviser: NEOS)
Exchange
BATS
Inception
2024-10-17 · 1.8 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) + Physical (sampled/optimized) via Cayman subsidiary holding Spot Bitcoin ETPs; synthetic long Bitcoin exposure via long calls/short puts plus written call options for income
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: long call + short put at same strike for synthetic long exposure, plus written (short) call options for income generation; bear call spread used when adviser expects Bitcoin price to decline or remain flat
generates income
Underlying
Bitcoin-related instruments (Spot Bitcoin ETPs, Bitcoin Futures ETFs, Bitcoin index referencing same)
income exposure
MONTHLY
40.1%
DIST. RATE
92% ROC
Ordinary Income
Ordinary Income
Underlying
Bitcoin-related instruments (Spot Bitcoin ETPs, Bitcoin Futures ETFs, Bitcoin index referencing same)
Strategy
Synthetic covered calls: long call + short put at same strike for synthetic long exposure, plus written (short) call options for income generation; bear call spread used when adviser expects Bitcoin price to decline or remain flat
Tax
Ordinary Income
The Fund primarily gains Bitcoin exposure synthetically by purchasing call options and selling put options at the same strike price. It generates monthly income by writing call options on Bitcoin-related instruments, capping upside participation beyond the strike price. The Fund primarily uses FLEX Options listed and cleared on regulated U.S. exchanges, with options typically having approximately one-month expirations held to or near expiration.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
80.7%
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
92%
ROC
Return of Capital — mixed92%
Net Investment Income8%
Frequency
Monthly
Dist. rate
40.06%
ROC %
92%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
18.0%
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 July 2026 distribution of $0.6458 per share is composed predominantly of Return of Capital (92%, $0.5963) with a small Net Investment Income portion (8%, $0.0495). No capital gains or prior year undistributed income are included. On a fiscal year-to-date basis, 93% of cumulative distributions have been classified as Return of Capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 22 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
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
2026-07-22
Ex-dividend
2026-07-22
Pay date
—
Payback Period
2.5 yr
Dist. Since Incep.
$25.5
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
9
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$51.0$42.8$34.6$26.4
AUG '25AUG '26
Price $28.82
50-DMA $28.33
200-DMA $33.78
Bearish — 50-DMA below 200-DMA
Price $28.46 is below the 200-day SMA ($33.78); 50-day SMA $28.33. 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
435K
Avg dollar volume
$15,246,041
Bid/ask spread
0.10%
Premium/discount
+0.08%
Turnover
10%
Estimated bid/ask spread ~0.23% (moderate). Average daily dollar volume ~$15.2M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$1.12B
$1.27B$1.05B$834M
MAR '26AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
BTCI · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.