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Start your 7-day free trial BATS · Active · options-income
YBTC
Roundhill Bitcoin Covered Call Strategy ETF
Roundhill Financial Inc.
Verdict
AVOID
Weighted score · 2.45 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to provide current income.
The Fund employs a synthetic covered call strategy, investing at least 80% of net assets in Bitcoin ETF Options (call and put options on Bitcoin ETFs or a Bitcoin ETF Index). It creates synthetic long exposure to Bitcoin ETFs by purchasing call options and selling put options at generally the same strike price, while also selling out-of-the-money call options to generate weekly income. The sold call options limit upside participation beyond their strike price, effectively converting potential price appreciation into current income distributions. The Fund also holds short-term U.S. Treasury securities and money market funds as collateral.
Ticker
YBTC
Issuer
Roundhill Financial Inc.
Exchange
BATS
Inception
2024-01-18 · 2.4 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call via purchased Bitcoin ETF call options, sold Bitcoin ETF put options, and sold out-of-the-money Bitcoin ETF call options
Index-based
— · Solactive GBS Global Markets All Cap USD Index TR (used for performance comparison only)
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Options
actively managed
OPTIONS OVERLAY
Strategy
Synthetic covered call: long call + short put (synthetic long exposure) combined with short out-of-the-money call options to generate income
generates income
Underlying
Bitcoin ETFs (e.g., spot Bitcoin ETFs listed on U.S. exchanges) and/or the Cboe Bitcoin U.S. ETF Index (CBTX) / Cboe Mini Bitcoin U.S. ETF Index (MBTX)
income exposure
WEEKLY
88.8%
DIST. RATE
100% ROC
Ordinary Income
Ordinary Income
Underlying
Bitcoin ETFs (e.g., spot Bitcoin ETFs listed on U.S. exchanges) and/or the Cboe Bitcoin U.S. ETF Index (CBTX) / Cboe Mini Bitcoin U.S. ETF Index (MBTX)
Strategy
Synthetic covered call: long call + short put (synthetic long exposure) combined with short out-of-the-money call options to generate income
Tax
Ordinary Income
The Fund sells out-of-the-money Bitcoin ETF call options with approximately one-week or shorter expirations to generate weekly income, which caps upside participation beyond the strike price. Synthetic long exposure is achieved by simultaneously purchasing Bitcoin ETF call options and selling Bitcoin ETF put options at generally the same strike price. Both traditional exchange-traded options and FLEX Options are used, all listed on regulated U.S. exchanges and guaranteed for settlement by the OCC.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
64.5%
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
100%
ROC
Return of Capital — mixed100%
Net Investment Income0%
Frequency
Weekly
Dist. rate
88.75%
ROC %
100%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
35.0%
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
Per the fund's most recent 19a-1 notice (as stated on the issuer fund page), the estimated distribution is 100% return of capital.
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
2026-06-17
Ex-dividend
2026-06-17
Pay date
—
Payback Period
1.1 yr
Dist. Since Incep.
$47.9
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
5
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$32.2$27.2$22.3$17.3
JUN '25JUN '26
Price $17.66
50-DMA $20.24
200-DMA $23.52
Bearish — 50-DMA below 200-DMA
Price $17.66 is below the 200-day SMA ($23.52); 50-day SMA $20.24. 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
91K
Avg dollar volume
$1,852,973
Bid/ask spread
0.26%
Premium/discount
—
Turnover
0%
Estimated bid/ask spread ~0.26% (moderate). Average daily dollar volume ~$1.9M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$132M
$321M$177M$34M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
YBTC · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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