ETF Evaluator:
NEOS Bitcoin High Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
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Risk
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ETF Details
NEOS Bitcoin High Income ETF Overview
NEOS Bitcoin High Income ETF (BTCI) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Neos Funds launched the ETF in 2024.
The investment 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.
Under normal circumstances, the fund will invest at least 80% of its net assets in Spot Bitcoin ETPs and/or options on the Bitcoin Futures ETFs. For purposes of the fund’s name policy, the value of such derivative instruments shall be valued at their notional value. The fund is non-diversified.
About NEOS Bitcoin High Income ETF (BTCI)
There are 2 members of the management team with an average tenure of 1.79 years: Garrett Paolella (2024) and Troy Cates (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CME CF BTC-USD Ref Rate 4PM NY TR USD index with a weighting of 100%. NEOS Bitcoin High Income ETF has 12 securities in its portfolio. The top 10 holdings constitute 98.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NEOS Bitcoin High Income ETF is part of the Other global asset class and is within the Miscellaneous ETF group. NEOS Bitcoin High Income ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 3.5% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.0% (1.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NEOS Bitcoin High Income ETF has 56.7% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BTCI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NEOS Bitcoin High Income ETF expense ratio is high compared to funds in the Digital Assets category. NEOS Bitcoin High Income ETF has an expense ratio of 0.99%, which is 2% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NEOS Bitcoin High Income ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, NEOS Bitcoin High Income ETF returned 6.9%, which earned it a grade of B, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
NEOS Bitcoin High Income ETF has a trailing yield of 41.21%, which is above the 15.12% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NEOS Bitcoin High Income ETF Grades
Year to date, the ETF has returned -25.5%, 5.2 percentage points better than the category, which translates into a grade of B. The fund has returned -41.7% over the past year (grade of B).
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BTCI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BTCI Return (NAV) | 6.9% | -16.3% | -41.7% | na | na | na |
| BTCI Return (Price) | 6.5% | -16.3% | -41.8% | na | na | na |
| NAV +/- Price Return | 0.367% | 0.031% | 0.108% | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| BTCI Grade (NAV) | B | B | B | na | na | na |
| +/- Category (NAV) | 3.9% | 0.4% | -9.5% | na | na | na |
| BTCI Tax-Cost Ratio | na | na | 10.4% | na | na | na |
BTCI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BTCI Return (NAV) | -25.5% | -1.2% | na | na | na | na | na | na | na | na | na |
| BTCI Return (Price) | -25.7% | -1.0% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.005% | -0.153% | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BTCI Grade (NAV) | B | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 5.2% | 8.6% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 41.2% |
| Total Assets: | $ 1,093 Mil |
| Share Class Assets: | $ 1,093 Mil |
| Turnover: | na |
| Expense Ratio: | 0.99% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Paolella Garrett (2024), Cates Troy (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 98.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 3.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 1.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 38.9% |
| Cash: | 56.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neos Funds |
| Phone Number: | 833-833-1311 |
| Website: | |
| Inception Date: | October 16, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.99% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
