BDAY: Bitcoin exposure with DayMAX™ advantage

By Hamilton ETFs

(Sponsor Blog)

Bitcoin has become an increasingly accessible asset for investors, with growing participation from both institutional and retail investors through regulated investment vehicles. Institutional adoption, new regulatory frameworks and improved custody solutions continue to bring Bitcoin further into the mainstream.

Cryptocurrency ownership among U.S. investors has increased from 6% in 2021 to 17% in 2025, according to Gallup[1].

At Hamilton ETFs, we focus on developing innovative solutions that address real portfolio needs. As interest in Bitcoin has grown, we saw an opportunity to apply our options expertise to the asset class in a way that addresses the needs of income-oriented investors while avoiding the traditional trade-off between income generation and upside participation.

Introducing BDAY

The Hamilton Enhanced Bitcoin DayMAX™ ETF (BDAY) is a first-of-its-kind strategy designed to provide 100% exposure to Bitcoin’s potential upside while generating income through Hamilton’s innovative DayMAX™ strategy, which utilizes zero-days-to-expiration covered call writing (0DTE).

Until now, investors seeking income from Bitcoin have generally faced a trade-off: generating option premium in exchange for less Bitcoin upside potential. By not writing call options on BDAY’s Bitcoin holdings (achieved through investing in IBIT, iShares Bitcoin Trust ETF), we preserve full participation in Bitcoin: up or down. In addition, the actively managed DayMAX™ covered call strategy offers more opportunities for income generation by monetizing volatility every day.

In short, BDAY consists of:

• 100% Bitcoin exposure, via iShares Bitcoin Trust ETF (IBIT), without covered calls
• 25% Nasdaq 100 exposure, via Invesco NASDAQ 100 ETF (QQQM), from modest leverage, on which to apply 0DTE options strategy to generate attractive semi-monthly income

This structure allows the portfolio to clearly separate its roles. Bitcoin serves as the growth potential, providing 100% exposure to the asset, while QQQM in conjunction with the DayMAX™ strategy is used to generate option premium income.

Key features of the DayMAX™ strategy include:

• Daily Premium Collection: DayMAX™ writes zero-days-to-expiration (0DTE) call options each trading day. Because these options expire at the end of the same trading day, the strategy creates approximately 250 opportunities per year to generate option premium income.
• Enhanced Yield Potential: DayMAX™ employs modest 25% leverage to get its exposure to the income-generating QQQM sleeve, helping enhance the tax-efficient income generated by the strategy.
• Designed to Capture Daily Volatility: The strategy typically targets a 25% coverage ratio based on a modestly levered exposure of 125%.
• Exposure to Overnight Returns: By writing options that expire at the end of each trading day, DayMAX™maintains exposure to overnight market movements. Historically, a meaningful portion of equity market returns have occurred during these periods[2] (click here to learn more about overnight returns).
• Experienced Options Team: Led by our Chief Options Strategist, Nick Piquard, Hamilton’s options team has more than 50 years of combined experience managing options-based strategies, including navigating the complexities of daily option writing.

By combining Bitcoin exposure with Hamilton’s DayMAX™ income-generating expertise, BDAY offers a differentiated approach that allows investors to generate income twice a month and maintain full participation in the performance of the Bitcoin sleeve.

Note to reader: At present there are no plans to add BDAY to our enhanced, broad sector covered call ETFs, the Hamilton Enhanced U.S. Covered Call ETF (HYLD) and Hamilton Enhanced Canadian Covered Call ETF (HDIV).

Trivia

Question: As of the end of March, two publicly-traded, trillion-dollar companies (US$) own more than 30,000 bitcoins in strategic corporate reserves combined. What are their names?

Answer: SpaceX and Tesla[3].

Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs) managed by Hamilton ETFs. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Certain statements contained in this website may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Hamilton ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.

[1] Gallup. July 22, 2025 (Link)

[2] From January 5, 1998 to December 31, 2020. Source: Boyarchenko, N., Larsen, L. C., & Whelan, P. (2020, revised 2022). The Overnight Drift (Federal Reserve Bank of New York Staff Report No. 917).https://www.newyorkfed.org/research/staff_reports/sr917.html

[3] BitcoinTreasuries.net