BPI – Grayscale Bitcoin Premium Income ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide current income while also providing potential for capital appreciation. The fund is an actively managed exchange-traded fund (“ETF”) that seeks indirect exposure to the returns of bitcoin by investing in bitcoin ETPs, including, but not limited to the Grayscale Bitcoin Trust (Ticker: GBTC) and the Grayscale Bitcoin Mini Trust ETF (Ticker: BTC). The manager seeks to deliver this through fully synthetic exposure via the purchase and sale of a combination of call and put option contracts that utilize the Bitcoin ETPs as the reference asset. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
BPI	Grayscale Bitcoin Premium Income ETF	ETF	Open	—	—	Apr 1, 2025	$2.61M	0.650%	—	—	−$1.93M

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