Hamilton ETFs Launches Canada's First Bitcoin ETF Using 0DTE Options Strategy

Hamilton ETFs has launched the Hamilton Enhanced Bitcoin DayMAX™ ETF (BDAY), marking the first time a Canadian fund has paired direct Bitcoin exposure with a zero-days-to-expiration (0DTE) options strategy—a structure previously reserved for equity-based products.

The Toronto-based asset manager announced on June 24, 2026, that BDAY had successfully closed its initial Class E unit offering and would begin trading on June 25 on Cboe Canada.

The new ETF combines two major trends in Canadian investing:

• Growing retail demand for Bitcoin exposure
• Increasing interest in income-generating ETFs that utilize sophisticated options strategies

Unlike traditional covered-call Bitcoin ETFs that sell monthly or weekly options, BDAY actively writes same-day expiring (0DTE) call options, creating a more dynamic approach to generating income while maintaining Bitcoin exposure.

What BDAY Actually Does

At its core, BDAY holds Bitcoin as its primary asset.

To enhance returns and reduce volatility, the fund combines:

• Direct Bitcoin exposure
• An actively managed 0DTE options strategy
• Approximately 25% leverage

The strategy is managed by Hamilton ETFs' options team, led by Nick Piquard, with over 50 years of combined experience.

How the Strategy Works

The fund writes call options that expire on the same trading day.

This allows BDAY to:

• Collect option premiums almost daily
• Generate recurring income
• Avoid locking in Bitcoin's upside for weeks or months

Compared to traditional covered-call ETFs, this structure may allow investors to participate more fully during sustained Bitcoin rallies while still earning options income.

The ETF also employs 25% leverage, increasing both potential returns and downside risk.

Investors can expect semi-monthly distributions, rather than the monthly payments common among covered-call crypto ETFs.

Expanding Hamilton's DayMAX™ ETF Family

BDAY is the latest addition to Hamilton ETFs' DayMAX™ ETF suite.

Previously launched products include:

• CDAY — Canadian equities
• SDAY — U.S. equities
• QDAY — Technology stocks

These funds introduced Canada's first ETFs utilizing 0DTE options strategies when they launched in July 2025.

With BDAY, Hamilton extends the same income-generation framework into the cryptocurrency market.

According to Babak Assadi, Head of Product Strategy and Trading:

"We are excited to expand our DayMAX™ ETF suite with the addition of BDAY—Canada's first ETF to combine Bitcoin exposure with a 0DTE options strategy."

Hamilton intentionally filed BDAY's preliminary prospectus on May 22, 2026, the 16th anniversary of Bitcoin Pizza Day, symbolizing Bitcoin's evolution into mainstream finance.

Why BDAY Matters for Canadian Investors

Canada has consistently been a leader in Bitcoin ETFs.

Notably:

• Canada approved the world's first Bitcoin ETF in February 2021
• The United States approved spot Bitcoin ETFs only in January 2024

This head start has allowed Canadian investors access to increasingly sophisticated Bitcoin investment products.

Solving Bitcoin's Income Problem

Bitcoin itself produces no yield.

Traditional covered-call Bitcoin ETFs addressed this issue by selling options, but investors sacrificed much of Bitcoin's upside during strong rallies.

BDAY attempts to improve that balance by:

• Selling same-day options instead of monthly contracts
• Capturing daily volatility premiums
• Preserving more long-term upside participation

Performance will depend largely on Bitcoin's volatility.

Higher volatility generally results in:

• Higher option premiums
• Greater income potential

Lower volatility could reduce premium income significantly.

The actively managed strategy aims to adjust positions as market conditions evolve.

Tax-Efficient Income

Hamilton states that BDAY targets tax-efficient distributions while using up to 25% leverage.

For Canadian investors, distributions structured as:

• Return of Capital (ROC)
• Capital Gains

may receive more favorable tax treatment than ordinary income, particularly within registered investment accounts.

Hamilton ETFs' Growing Presence

Hamilton ETFs now manages more than $17 billion in assets.

The firm has built its reputation around enhanced-income ETFs that combine:

• Modest leverage
• Covered-call strategies
• Active portfolio management

BDAY extends this philosophy into digital assets by taking advantage of Bitcoin's unusually high intraday volatility.

Because Bitcoin often experiences larger daily price swings than traditional equity indices, same-day options can generate relatively attractive premiums.

The ETF will trade on Cboe Canada, an exchange increasingly recognized for innovative ETF listings and derivatives-based products.

What Investors Should Watch

BDAY launches during a period when Bitcoin continues trading near historically elevated levels amid growing institutional adoption following the success of U.S. spot Bitcoin ETFs.

Several factors will determine the fund's long-term success:

1. Distribution Sustainability

Can semi-monthly income be maintained without steadily reducing the ETF's net asset value (NAV)?

2. Performance During Bear Markets

The fund's 25% leverage could magnify losses during major Bitcoin declines, even if options premiums provide partial downside protection.

3. Investor Adoption

Strong asset growth could encourage competing ETF issuers to launch similar Bitcoin income products.

Final Thoughts

BDAY fills a unique gap within Canada's ETF market by combining:

• Direct Bitcoin ownership
• Active same-day options trading
• Enhanced income generation
• Semi-monthly distributions

Rather than relying on traditional monthly covered-call strategies, Hamilton's 0DTE approach seeks to capture Bitcoin's daily volatility while preserving more long-term upside potential.

Whether the strategy consistently delivers on its objectives will become clearer as the ETF builds a track record through multiple Bitcoin market cycles.

Trading Information

• ETF: Hamilton Enhanced Bitcoin DayMAX™ ETF
• Ticker: BDAY
• Exchange: Cboe Canada
• Trading Began: June 25, 2026