Amplify Bitcoin Max Income Covered Call ETF
BAGY
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- Amplify Bitcoin Max Income Covered Call ETF (BAGY) is an actively managed exchange-traded fund that seeks to maximize current income through a synthetic covered call strategy providing exposure to the price return of Bitcoin, without directly investing in the cryptocurrency; the fund employs weekly options-writing techniques on Bitcoin exchange-traded products (ETPs), standardized exchange-traded options, and FLEX options to target 30-60% annualized option premiums while allowing participation in up to 5% weekly Bitcoin price appreciation. Core holdings include Bitcoin ETPs such as CBTX and MBTX for long exposure, coupled with short call and put options approximately 5% out-of-the-money with maturities of one week or less, U.S. Treasurys, and cash equivalents; the strategy involves buying Bitcoin ETPs and options, writing weekly covered calls across the portfolio, rolling expiring options weekly to compound premiums, and distributing monthly income from option premiums and other sources. The fund, with a total expense ratio of 0.65%, trades on the Cboe BZX exchange under ticker BAGY (CUSIP 032108466) and features approximately 12-19 holdings subject to active management. Launched on April 29, 2025, and sponsored by Amplify Investments LLC (an affiliate of Amplify Holding Co. LLC) with sub-advisers Kelly Strategic Management, LLC (portfolio managers Kevin Kelly and Gerry O’Donnell) and Penserra Capital Management LLC, BAGY operates primarily in U.S. markets through a wholly-owned Cayman Islands subsidiary for indirect Bitcoin ETP investments. In November 2025, Amplify ETFs, the issuer family managing over $16 billion in assets, received the "Best Crypto-Linked ETF Issuer 2025" award from ETF Express, highlighting recognition for its innovative Bitcoin-linked strategies including BAGY. The fund concurrently launched alongside the related Amplify Bitcoin 24% Premium Income ETF (BITY) on the same date as part of Amplify's expansion into next-generation weekly Bitcoin option income products, with no subsequent acquisitions, funding rounds, or major reorganizations reported; monthly distributions commenced in May 2025, including amounts such as $1.46125 (May), $1.41350 (June), and up to $1.53000 (September), often comprising option premiums and estimated return of capital. BAGY targets income-focused investors seeking to harvest Bitcoin volatility in the cryptocurrency derivatives segment, with geographic focus on U.S. securities exchanges and global Bitcoin price exposure.