What this ETF is trying to do

The BITWISE GME OPTION INCOME STRATEGY ETF (ticker: IGME) uses an option income strategy. This means the fund aims to generate cash for investors through specific trading methods.

What the numbers show

As of July 31, 2026, the current price of one share is $22.82. An estimated price from roughly one year ago was about $37.77.

It is important to understand that "price return" and "total return" are different:

• Price Return: This only tracks how much the share price changes. Over the last year, the one-year price return was -39.58%. The year-to-date (YTD) price return was -2.17%.

• Total Return: This includes both the share price changes and any cash distributions paid out. According to the data, the one-year total return was 7.80%, and the YTD total return was 15.74%.

To see how this works, imagine you invested $10,000 into this ETF about a year ago. If you only looked at the share price, your $10,000 would have dropped to approximately $6,042 because of the -39.58% price return. However, because the total return was 7.80%, the cash distributions helped offset some of that loss.

Income and distribution explanation

This ETF has a very high distribution yield of 77.03%. This represents the cash distributions relative to the ETF's price. The fund usually pays out money monthly, having made 11 payments over the last year. While these frequent payments provide cash income, a high yield alone can be misleading. A high distribution rate does not guarantee that your original investment is safe.

NAV erosion explanation

This ETF has a "severe erosion-risk flag" and an erosion-risk score of 30, which is labeled as "significant price erosion."

"NAV erosion" is a term used when the value of the fund's underlying assets declines. While a falling market price is not the same thing as NAV erosion, this ETF has experienced a large share-price decline. When a share price falls from a high level (like $37.77) to a much lower level (like $22.82), it can destroy your principal. Your "principal" is the original amount of money you invested. Income investors usually prefer ETFs where the share price stays steady or goes up slightly, rather than ones where the price collapses.

Pros

• The fund provides frequent cash distributions (usually monthly).

• The total return has been positive for both the last year and the current year-to-date period.

Cons

• There has been a significant share-price decline over the last year (-39.58%).

• The ETF carries a severe erosion-risk flag.

Beginner takeaway

When looking at ETFs, do not just look at the distribution yield. A very high yield might look good, but if the share price is dropping quickly, you could still lose money. Always check both the price return and the total return to see the full picture.