Bitwise Announced December Distributions for Option Income ETFs
Bitwise announced December distributions for option income ETFs, including ICOI, IMRA, IMST, IGME, ICRC, and IETH, disclosing distribution per share, distribution rate, and the return of capital breakdown.
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Distribution Parameters & Snapshot of the Lineup
Bitwise set distribution per share and distribution rate for each fund based on data as of 1 p.m. ET, Dec 24, 2025. Across all six products, we can see a 30-day SEC yield of 0.00% and a return of capital of 100.00% for the most recently announced distribution.
For distribution per share, Bitwise reported the following values:
- ICOI $2.24702 with a distribution rate of 140.11%
- IMRA $1.41664 with 100.18%
- IMST $1.30827 with 110.09%
- IGME $2.25546 with 100.15%
- ICRC $2.75890 with 100.07%
- IETH $2.68298 with 100.28%
Bitwise also provided the 1-month return:
- ICOI -2.82%
- IMRA -9.45%
- IMST -8.63%
- IGME 5.42%
- ICRC 15.37%
- IETH -4.32%
And the since inception return:
- ICOI -7.33%
- IMRA -35.18%
- IMST -47.01%
- IGME -20.19%
- ICRC -28.47%
- IETH -30.17%
Distribution Rate, Return of Capital, SEC Yield, and Strategy Risks
The key technical point here is that the distribution rate in Bitwise’s disclosure reflects an annual rate calculated from the most recently announced distribution and the current NAV, and it does not equal total return. Within a single distribution, Bitwise allows a mix of components, including ordinary dividends, capital gain, and return of capital, and the figures separately show return of capital at 100.00% for each of the announced distributions. This matters for understanding the nature of the cash flow and how it can relate to NAV dynamics and the fund’s exchange price across different periods.
Separately, Bitwise highlighted the 30-day SEC yield as a metric that reflects dividends and interest income for the previous month after fund expenses and provides an annualized estimate of that income. A 0.00% 30-day SEC yield also underscores that the primary cash flow for these products in this disclosure comes from option income mechanics, rather than a dividend or interest component that typically sits behind SEC yield.
In the risk block, Bitwise also set the strategy framework. The funds use a covered call approach, where selling call options generates premiums, but it limits participation in gains of the underlying instrument above the strike, while the risk of a decline in the underlying instrument’s price remains. Bitwise also stated that an investment in a fund does not count as an investment in the underlying security, and the funds do not directly hold shares of COIN, CRCL, GME, MARA, MSTR, or Ether ETPs; fund shareholders also do not receive dividends from such underlying instruments. Price return exposure comes through options exposure, so the precision of participation in the underlying’s moves can differ from a scenario of directly holding the underlying shares.
We also see an important clarification on expenses. Bitwise listed a net expense ratio of 0.98% for each Option Income Fund, except IETH with a net expense ratio of 0.97%. It also noted a gross expense ratio of 0.99% for ICOI and IMST with a fee waiver through April 2, 2027.
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Conclusion
The figures show high monthly cash flow alongside weak since inception total return. This suggests that the current period is formed through the option premium and return of capital, so the annualized distribution rate reflects a one-month pace and depends heavily on the NAV. This configuration fits call overwrite: the strategy stabilizes cash flow, but it limits participation in upside and stays sensitive to the direction of the underlying asset.
Therefore, the key signal here comes from comparing tickers within the lineup: where the premium offsets the move and costs, where it does not, and how quickly the funds rebuild the base between distributions. Get more insights from our guides for beginners and professionals, and stay tuned for the latest updates and opportunities in the new economy, crypto industry, and blockchain developments!
