NEOS 比特币高收益 ETF (BTCI)：在以收入为重点的投资组合中拥有比特币的最佳方式

建立以收入为中心的投资组合可能很棘手。有时我们必须牺牲巨大的价格上涨潜力来换取我们想要的收入

This ETF Is My Favorite Way to Own Bitcoin. Here's Why

该 ETF 是我最喜欢的持有比特币的方式。这就是为什么

Building an income-focused portfolio can be tricky. Sometimes we have to choose between high-octane growth stocks with immense upside price potential and our desired income.

建立以收入为中心的投资组合可能很棘手。有时我们必须在具有巨大上涨潜力的高辛烷值增长股票和我们想要的收入之间做出选择。

But what if there was a way to have the best of both worlds?

但如果有一种方法可以两全其美呢？

Well, lucky for us, over the last few years, the industry incumbents have introduced covered call option strategy ETFs for nearly every high-flying index out there — like the Nasdaq-100, Russell 2000, etc.

好吧，对我们来说幸运的是，在过去的几年里，行业老牌企业为几乎所有高涨的指数（例如纳斯达克 100、罗素 2000 等）推出了备兑看涨期权策略 ETF。

However, it wasn't until recently that an income-focused alternative to those high-flying spot Bitcoin ETFs came about.

然而，直到最近，一种以收入为中心的替代方案才出现，以替代那些飞速发展的现货比特币 ETF。

As an income-focused investor, the NEOS Bitcoin High Income ETF (BTCI) is my favorite way to own Bitcoin.

作为一名注重收入的投资者，NEOS 比特币高收入 ETF (BTCI) 是我最喜欢的持有比特币的方式。

By offering its investors a 28% annual distribution yield, this ETF is the best way to own Bitcoin in your portfolio if you care about both monthly income and potential price appreciation in rising markets.

通过为投资者提供 28% 的年分配收益率，如果您同时关心月收入和新兴市场中潜在的价格升值，那么该 ETF 是在您的投资组合中拥有比特币的最佳方式。

In this analysis, I'm going to…

在这个分析中，我将...

Let's dig in!

让我们深入挖掘吧！

BTCI's Investment Strategy

BTCI的投资策略

The NEOS Bitcoin High Income ETF BTCI seeks to distribute monthly income generated from writing call options on Bitcoin via Bitcoin index options — which seems to be the first ETF to do so. Given Bitcoin's historically high volatility, the management team is able to write out-of-the-money call options that don't cover the entire value of the portfolio. This means BTCI's price has the opportunity to move up and down with the price of Bitcoin.

NEOS 比特币高收入 ETF BTCI 寻求通过比特币指数期权分配在比特币上出售看涨期权所产生的每月收入——这似乎是第一个这样做的 ETF。鉴于比特币历史上的高波动性，管理团队能够编写不涵盖投资组合全部价值的价外看涨期权。这意味着BTCI的价格有机会随着比特币的价格上下波动。

For example, as of 1/13/25 the fund left 22% of its notional value "uncapped." In this scenario, that means 22% of the fund's value can move freely alongside the price of Bitcoin — unburdened by the "cap" of the premium income generated by writing call options.

例如，截至 2025 年 1 月 13 日，该基金仍有 22% 的名义价值“不受限制”。在这种情况下，这意味着该基金价值的 22% 可以随着比特币的价格自由流动——不受卖出看涨期权产生的溢价收入“上限”的影响。

This specific strategy is important for two reasons:

这一具体策略很重要，原因有二：

But is this strategy actually working?

但这个策略真的有效吗？

Let's analyze the fund's performance since inception and find out.

让我们分析一下该基金自成立以来的表现并找出答案。

BTCI's Performance Since Inception

BTCI自成立以来的业绩

The NEOS Bitcoin High Income ETF began trading on October 18, 2024. The fund began trading at $50 / share, while the price of Bitcoin was ~$68,000.

NEOS 比特币高收益 ETF 于 2024 年 10 月 18 日开始交易。该基金开始交易价格为 50 美元/股，而比特币的价格约为 68,000 美元。

As of 1/13/25, the price of Bitcoin has appreciated by +39.7% to ~$95,000 per coin. During the same period of time, BTCI's total return was +31.5% — capturing nearly ~80% of Bitcoin's total return while paying their investors monthly income.

截至 25 年 1 月 13 日，比特币的价格已上涨 39.7%，至每枚约 95,000 美元。同一时期，BTCI 的总回报率为 +31.5%——在向投资者支付每月收入的同时，获得了比特币总回报率的近 80%。

Since inception, the fund has paid investors $4.00 in cash distributions. $1.13 per share in October, $1.41 per share in November, and $1.46 per share in December. Assuming you purchased shares of BTCI at $50 / share — that's an 8% yield paid to investors in only 3-months time.

自成立以来，该基金已向投资者支付了 4.00 美元的现金分配。 10 月份为每股 1.13 美元，11 月份为每股 1.41 美元，12 月份为每股 1.46 美元。假设您以 50 美元/股的价格购买 BTCI 股票，那么仅 3 个月的时间，投资者就可以获得 8% 的收益率。

As of its most recent $1.46 per share distribution in December, the fund is offering investors a 28% annual yield — while simultaneously giving investors the opportunity to realize Bitcoin's price appreciation. The price of BTCI has already appreciated by +20% since inception in October.

截至 12 月份每股 1.46 美元的分配，该基金为投资者提供了 28% 的年收益率，同时为投资者提供了实现比特币价格升值的机会。自 10 月份推出以来，BTCI 的价格已经上涨了+20%。

As an income-focused investor, this ETF is exceeding expectations. If you're someone who's a bit intimidated by Bitcoin volatility, having that monthly income certainly helps. For example, the total return of BTCI during the month of December was -2.4%, compared to the total return of the price of Bitcoin being -4.3% — a +1.9% difference.

作为一个注重收益的投资者，这只ETF超出了预期。如果您对比特币的波动性感到有点害怕，那么每月的收入肯定会有所帮助。例如，12 月份 BTCI 的总回报率为 -2.4%，而比特币价格的总回报率为 -4.3%，相差 +1.9%。

If you can stomach Bitcoin's volatility, more power to you!

如果您能忍受比特币的波动性，您就会拥有更多力量！

Where BTCI Might Fit Inside of Your Income-Focused Portfolio

BTCI 可能适合您以收入为中心的投资组合

Being an income-focused investor has its perks — the names we usually hold inside of our portfolios tend to have resilience during market downturns, we get paid tax-efficient cash on a monthly / quarterly basis, and dividend growth stocks tend to outperform benchmark indices over a long enough time horizon.

作为一个以收入为中心的投资者有其好处——我们通常在投资组合中持有的股票往往在市场低迷期间具有弹性，我们每月/每季度获得节税现金，股息增长股票往往跑赢基准指数在足够长的时间范围内。

However, this investment strategy also has its drawbacks — including the lack of high-octane investment opportunities.

然而，这种投资策略也有其缺点——包括缺乏高活力的投资机会。

With that being said, I'd argue two things are true:

话虽这么说，我认为有两件事是正确的：

Now that the team over at NEOS has introduced a covered call Bitcoin ETF whose strategy both offers high monthly income and price appreciation in rising markets, there's no excuse to stay on the sidelines.

现在，NEOS 团队推出了一种备兑看涨期权比特币 ETF，其策略既能提供高月收入，又能在上涨的市场中提供价格升值，因此没有理由保持观望。

Personally, I've been a Bitcoin investor since 2017.

就我个人而言，我自 2017 年以来一直是比特币投资者。

Now as I shift my focus away from high-octane opportunities and instead toward income-focused ideas — BTCI is how I will continue to have a ~10% allocation to the evolving asset class throughout my wealth building journey.

现在，当我将注意力从高辛烷值的机会转移到以收入为中心的想法时，BTCI 是我在整个财富积累之旅中继续将约 10% 的资金分配给不断发展的资产类别的方式。