YBTC ETF Explained: Returns, Expense Ratio, Holdings and Alternative ETFs
The Roundhill Bitcoin Covered Call Strategy ETF (YBTC) is an actively managed income product that pays out option premiums as weekly distributions. Income investors often review it when comparing the Bitcoin price outlook, related stock trends and dividend appeal.
SubscribeWhat Is the Roundhill Bitcoin Covered Call Strategy ETF?
This is an actively managed ETF that runs a synthetic covered call options strategy using an exchange-traded fund that holds Bitcoin as its underlying asset. It collects premiums by selling call options and replicates upside exposure by buying call options and selling put options.
It suits investors who want to maintain Bitcoin price exposure while earning regular option premium income.
It is an actively managed ETF operated by Roundhill.
How Does the Roundhill Bitcoin Covered Call Strategy ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | None (active options strategy) |
| Management Style | Active (synthetic covered call) |
| Rebalancing Frequency | Weekly option rollover |
| Distribution Frequency | Weekly distributions |
| Total Expense Ratio | 0.95% |
Using a listed ETF that holds Bitcoin as the underlying asset, the fund sells call options every week to collect premiums. At the same time, it maintains exposure to Bitcoin price appreciation through a synthetic position that combines long call options and short put options. Option contracts are newly set each week and adjusted to market volatility.
- Weekly option rollovers produce a high income frequency
- The synthetic position secures exposure through options rather than physical Bitcoin
Roundhill Bitcoin Covered Call Strategy ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $131.3M, and the total expense ratio is 0.95% per year.
Compared with similar Bitcoin income ETFs, it differs in option rollover frequency and distribution policy, so a comparison is worthwhile.
Roundhill Bitcoin Covered Call Strategy ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBecause the fund is tied to the large price swings of its underlying asset, Bitcoin, its price repeatedly rises and falls, and option premium levels tend to move in step with volatility.
Investor interest in Bitcoin income products continues. In phases when crypto market volatility expands, fund flows tend to swing more widely and attention to the distribution level also rises.
Roundhill Bitcoin Covered Call Strategy ETF Pros and Cons
Its strength is option premium income distributed weekly, while its drawback is the cap on gains caused by selling call options in rising markets.
💪 Key Strengths
⚠️ Points to Watch
Roundhill Bitcoin Covered Call Strategy ETF Alternative ETFs and Related Products
YBIT, BTCC and BAGY, which appear in the table of the same Bitcoin covered call strategy, are comparable products that differ in issuer and option rollover method, while YETH is a sister product that uses Ethereum as its underlying asset. Investors who want Bitcoin price upside exposure without option caps can consider the spot Bitcoin ETFs IBIT and FBTC as direct substitutes. Related category products can also be reviewed, such as QYLD, based on the Nasdaq 100, and MSTY and YMAX, based on single-stock options, as covered call income products for other asset classes.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 YBIT | YieldMax Bitcoin Option Income Strategy ETF | $19.14 | +1.5% | $58.7M | 1.02% | 67.96% | -55.5% |
 YETH | Roundhill Ether Covered Call Strategy ETF | $8.41 | +2.1% | $55.1M | 0.96% | 81.96% | -60.6% |
 MLPD | Global X MLP & Energy Infrastructure Covered Call ETF | $24.73 | -0.3% | $25.3M | 0.60% | 11.54% | +2.8% |
 BTCC | Grayscale Bitcoin High Income ETF | $12.50 | +1.1% | $15.4M | 0.65% | 65.28% | -54.1% |
 BAGY | Amplify Bitcoin Max Income Covered Call ETF | $21.11 | +1.9% | $9.0M | 0.65% | 47.13% | -54.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 1.98% | $121.04 | +1.7% | $3.5B | 26.1 | 0.2% |
 FAF | First American Financial Corp | 0.09% | $64.97 | -1.8% | $6.6B | 9.2 | 3.57% |
Roundhill Bitcoin Covered Call Strategy ETF Investor Checkpoints
Here are the points to check before investing in YBTC. As an options strategy-based income product, its structure differs from an ordinary spot ETF, so you should confirm the distribution method and the cap on upside participation in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check cumulative costs for long-term holding | Annual fee applies |
| 📆 Distribution Frequency | Understand the weekly option premium distribution structure | Weekly distributions maintained |
| 📊 Upside Participation Cap | Check for possible profit limits in sharp rallies | Characteristic of covered call structure |
| ⚠️ Principal Volatility | Recognize underlying asset losses if Bitcoin price plunges | Volatility exposure continues |
Bitcoin's own high volatility and the cap on gains from the option selling structure are the key risk factors. Because distributions come from option premiums, the distribution level may also fluctuate with market conditions.
This is an active strategy ETF suited to investors who want Bitcoin price exposure and regular option income at the same time. It is advisable to give full consideration to the limited participation in rising markets and to volatility risk before investing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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