About a year ago, the SEC authorized the first Bitcoin ETFs. The early ETFs tracked the value of Bitcoin and other cryptocurrencies such as Ether. Another approach was to form ETFs that invest in companies involved in the cryptocurrency universe. The newest iteration of crypto ETFs are funds (now two of them) that use covered call strategies to pay great dividend yields and give investment exposure to the crypto industry.On January 27, the REX Crypto Equity Premium Income ETF (CEPI) announced its first monthly dividend, hitting the ground with a 42% distribution yield. The ETFs own stocks invested in crypto-related activities. Here is the definition of the index tracked by the CEPI portfolio:The BITA Crypto Assets and Digital Payments Index (the “Index”) is a rules-based composite index that tracks the market performance of 25 companies, listed on recognized exchanges based in the US, that are actively engaged in crypto-related activities such as cryptocurrency mining, trading, custody, blockchain technology development, and the creation of digital payment solutions.The Index is weighted by modified free float market capitalization and is reconstituted quarterly and rebalanced monthly, providing a dynamic reflection of market trends.Here are the top holdings of CEPI:With a track record just two months old, CEPI’s results so far have little meaning; however, starting with a 42% yield from covered call trades is a great indication of what to expect.On January 13, the folks at YieldMax launched the YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF (LFGY). This ETF paid its first dividend on January 24 and has a reported distribution yield of 19.91%. Knowing how YieldMax ETFs operate, I expect that yield number to go much higher with an entire month’s operation. Here are the LFGY top holdings.I will monitor the returns for both ETFs to determine which is a better investment. I have found that it takes three to six months of results to get a good “handle” on a new ETF’s performance.More By This Author:How To Turn Google Stock Into A Monthly Income Stream With These ETFsWhich Apple ETF Delivers Bigger Gains?Buy This High-Yield Energy Midstream Stock Before The Next Dividend Hike