Best Cryptocurrency Covered Call ETFs of 2026
Crypto covered call ETFs hold bitcoin or ether, or in one case the companies tied to bitcoin, and write calls on that position. Crypto is far more volatile than most stocks, which is why these funds can pay some of the highest distributions in the directory.
That volatility cuts both ways. When crypto prices climb quickly, the calls cap how much of the rally the fund keeps, and when prices fall, the income only cushions part of the drop. Comparing funds that hold the same coin is the fairest test of how well each strategy works.
So far in 2026, the ranking runs from BCCC at −9.74% to ETHY at −36.59%, across 6 funds. None of them is in positive territory, and the middle of the pack is down 15.9%.
Key Takeaways
- The best total return belongs to BCCC: −9.74%.
- Same sector, very different results: 26.8 percentage points separates first from last.
- Midway down the table, funds are down about 15.9%.
The Top 3 in 2026
1. BCCC: Global X Bitcoin Covered Call ETF
At number one, BCCC has delivered −9.74% with distributions included. Payouts added 18.6 percentage points, against a 28.3% slide that sets the tone for its year. Looking at its approach, it writes calls on roughly 40 to 50% of the portfolio and it carries no currency hedge. It pays out at a 24.29% annual rate and has an MER of 1.09%. Funds in this family count on three things for their return: the price of the holdings, the dividends they pay, and the premiums from the calls. You'll also find it as BCCC.U in U.S. dollars.
2. BCCL: Global X Enhanced Bitcoin Covered Call ETF
Next comes BCCL, a total return of −13.84% placing it second. Its payouts added 22.4 percentage points, but the units gave back more, falling 36.2%. Its yield is 31.00% and its MER 2.1%; as for the strategy, it writes calls on roughly 40 to 50% of the portfolio, it uses about 25% leverage and its currency is unhedged. The borrowing in its family is kept light, around a quarter of the fund, which magnifies moves in both directions without turning it into a heavily geared product. It is also available as BCCL.U in U.S. dollars.
3. HBIX: Harvest Bitcoin Enhanced Income ETF
HBIX just makes the top three with −14.77%. Price did the damage here, down 33.2%, while distributions recovered 18.4 percentage points. Peeling back a layer, it writes calls on roughly 33 to 50% of the portfolio, it uses about 25% leverage and it doesn't hedge its currency. Its distributions work out to a 22.68% annualized yield, and it charges 2.79%.
What Sets the Leaders Apart
Two funds can pay out about the same and still end up far apart, and that has been the pattern in 2026. Distributions averaged 19.8 percentage points at the top and 15.7 percentage points at the bottom, but price returns were −32.57% and −40.33%. What a fund holds, and how much of it is covered by calls, made the difference.
Leveraged funds have gathered near the bottom, 3 of the laggards against 2 of the leaders, a reminder that borrowing deepens a weak stretch.
A high yield hasn't translated into a high rank. HBTE pays the most, at 48.00%, and sits 4th of 6 on total return, which is why yield alone is a poor guide.
MERs also pull apart, a typical 2.10% for the leaders and 1.42% for the laggards.
The Bottom 3 in 2026
4. HBTE: Harvest Bitcoin Leaders Enhanced Income ETF
HBTE has returned −17.10%, which puts it 4th. Distributions brought in 20.3 percentage points, which wasn't enough to cover a 37.4% loss in price. An MER of 2.49% comes out of the return every year, which adds up. Its design explains a lot: it writes calls on roughly 33 to 50% of the portfolio, it uses about 25% leverage and it runs without a currency hedge. Leverage raises the stakes in both directions, and this year it hasn't tipped things in its favour. It currently yields 48.00% on an annualized basis.
5. BTCY: Purpose Bitcoin Yield ETF (Hedged)
Near the foot of the table, BTCY is 5th with −20.29%. Its units have given up 31.7%, and distributions of 11.4 percentage points fell short of making that up. On the mechanics, it writes calls on about 50% of the portfolio, it uses about 25% leverage and it uses a hedge to keep exchange rates out of its return, while the yield sits at 11.19% and the MER at 1.42%. Even with leverage adding market exposure, it hasn't kept up with the leaders. Further units are listed as BTCY.B (unhedged).
6. ETHY: Purpose Ether Yield ETF
Propping up the list is ETHY, with −36.59%. A 51.9% dip in the units leaves it behind even after 15.3 percentage points of distributions. Here, it writes calls on about 50% of the portfolio, it uses about 25% leverage and it takes currency out of the equation with a hedge to the loonie; investors currently get a 22.15% yield and pay an MER of 1.4%. Its leverage hasn't been enough to pull it up the table this year.
What to Watch in Cryptocurrency Funds
Volatility is the defining feature here. Crypto prices can swing by large amounts in weeks, which makes the option income high, but it also means the calls can cap a big rally and offer little protection in a sharp fall.
Look at which coin each fund holds and whether it uses leverage. Bitcoin and ether don't always move together, and a leveraged fund will usually be found at one end of the table or the other.
How to Compare Them Yourself
Lead with total return. Comparing covered call ETFs on price alone understates the ones that pay the most, since that cash never shows up in the unit price.
Second, see which part did the work. Payouts that come with a sliding unit price can wear down what you own, even if the total return looks fine for now.
One more step: check costs and holdings. A fund's MER comes out every year, and leverage adds swings both ways. Our Compare tool puts up to five funds next to each other.
All 6 Funds Ranked
| # | Fund | 2026 Total Return | Price Return | Annualized Yield | MER | Leverage |
|---|---|---|---|---|---|---|
| 1 | BCCCGlobal X Bitcoin Covered Call ETF | −9.74% | −28.32% | 24.29% | 1.09% | No |
| 2 | BCCLGlobal X Enhanced Bitcoin Covered Call ETF | −13.84% | −36.24% | 31.00% | 2.10% | Yes |
| 3 | HBIXHarvest Bitcoin Enhanced Income ETF | −14.77% | −33.16% | 22.68% | 2.79% | Yes |
| 4 | HBTEHarvest Bitcoin Leaders Enhanced Income ETF | −17.10% | −37.42% | 48.00% | 2.49% | Yes |
| 5 | BTCYPurpose Bitcoin Yield ETF (Hedged) | −20.29% | −31.70% | 11.19% | 1.42% | Yes |
| 6 | ETHYPurpose Ether Yield ETF | −36.59% | −51.85% | 22.15% | 1.40% | Yes |
Too new to rank this year: BDAY.
How We Rank
Total return for 2026 sets the order, measured from December 31, 2025 with every distribution put back into more units on its pay date, so the numbers sit close to fund managers' reported performance. We rank each fund once, note its other versions, and leave newer funds unranked.
Past returns don't predict future returns. This article is written automatically from market data and updated every trading day; it is for information only and is not investment advice. Check each provider's documents before investing.