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HIPS GraniteShares HIPS US High Income ETF

Covered call on SPY, paying monthly

Over the year to Sep 11, 2026, HIPS paid 10.6% in cash and still finished 11.7 points behind SPY.

GraniteShares · Income ETFs · data as of

Key facts

10.6%Cash paid, 1 year, on its starting price
+5.8%Total return, 1 year
−11.7 ptsAgainst SPY
29.4%Return of capital, latest payout (GraniteShares estimate)

Method

ETFIQ Return Stability Score

33.2130th of 161

HIPS paid 10.6% in cash. Its price fell 5.2%, so 49% of what you were paid came back out of your own capital.

Was the payout funded by returns, or by your own capital?

Against its benchmark
MLPD −38.1 ptsMDST −30.2 ptsSLTY −29.1 ptsBLOX −27.8 ptsEIPI −27.8 ptsYQQQ −27.6 ptsULTY −23.3 ptsGDXY −22.0 ptsHIGH −20.8 ptsTOPW −18.6 ptsTDVI −18.3 ptsYMAX −18.1 ptsHISF −17.3 ptsACKY −17.2 ptsWEEI −16.9 ptsNDIV −16.6 ptsLQDW −16.2 ptsOARK −15.8 ptsFDND −15.5 ptsTCAL −15.0 ptsQRMI −14.8 ptsSDVD −14.8 ptsLFGY −14.5 ptsSLJY −14.5 ptsSCLZ −14.1 ptsYFYA −13.9 ptsQUSA −13.5 ptsHYGW −13.0 ptsJULH −13.0 ptsXLRI −13.0 ptsMAGY −12.9 ptsYYY −12.7 ptsXLKI −12.6 ptsJULJ −12.4 ptsLJUL −12.4 ptsJANJ −12.3 ptsLJAN −12.3 ptsFGSI −12.2 ptsLOCT −12.1 ptsRNTY −12.1 ptsAIPI −12.0 ptsIWMY −12.0 ptsOCTJ −11.9 ptsJUCY −11.6 ptsXLEI −11.6 ptsAPRJ −11.3 ptsLAPR −11.3 ptsXISE −11.3 ptsXIJN −11.1 ptsCVRD −11.0 ptsJANH −11.0 ptsAPRH −10.9 ptsXBTY −10.7 ptsXIDE −10.7 ptsOCTH −10.6 ptsJEPI −10.3 ptsXIMR −10.1 ptsSRHR −9.7 ptsXRMI −8.7 ptsVEGA −8.3 ptsBUYW −8.2 ptsIAUI −7.9 ptsBAGY −7.7 ptsXV −7.5 ptsKHPI −7.3 ptsYBTC −7.3 ptsFTHI −7.0 ptsYLDE −6.8 ptsIGLD −6.1 ptsQQQI −6.1 ptsRDVI −6.0 ptsSPIN −5.9 ptsFEPI −5.8 ptsIWMW −5.8 ptsTYLG −5.7 ptsBITY −5.6 ptsSPUT −5.4 ptsWTPI −5.2 ptsPAPI −4.7 ptsXLVI −4.7 ptsETCO −4.3 ptsJEPQ −4.1 ptsCAIE −4.0 ptsFTKI −3.9 ptsGPTY −3.7 ptsIQQQ −3.7 ptsGIAX −3.4 ptsBIGY −3.3 ptsISPY −3.1 ptsRYLD −3.1 ptsWEEL −2.9 ptsYMAG −2.9 ptsRDTY −2.6 ptsXLBI −2.5 ptsNBOS −1.8 ptsRYLG −1.8 ptsSPYI −1.7 ptsFTQI −1.6 ptsKNG −1.6 ptsTSPY −1.6 ptsTHTA −1.5 ptsQQQY −1.3 ptsRDTE −1.3 ptsDIVO −1.2 ptsSIXH −1.2 ptsXYLD −1.2 ptsDFII −1.1 ptsGPIQ −1.1 ptsQDTY −1.1 ptsXYLG −1.1 ptsXDTE −0.9 ptsQDTE −0.7 ptsQYLD −0.7 ptsXLII −0.7 ptsXPAY −0.7 ptsEGGY −0.6 ptsJOYT −0.6 ptsSDTY −0.6 ptsWDTE −0.4 ptsBTCC −0.3 ptsQYLG −0.3 ptsGPIX 0.0 ptsDJIA +0.1 ptsDYLG +0.3 ptsIWMI +0.3 ptsKGLD +0.3 ptsXLFI +0.3 ptsIVVW +0.4 ptsLTTI +0.5 ptsLQTI +0.6 ptsPBP +0.6 ptsHYTI +0.9 ptsTDAQ +0.9 ptsCSHI +1.3 ptsBALI +1.4 ptsYETH +1.5 ptsHYBL +1.6 ptsXLUI +1.6 ptsCHPY +1.9 ptsBTCI +2.1 ptsSOXY +2.3 ptsITWO +2.5 ptsDOGG +2.7 ptsCEPI +2.9 ptsXLYI +2.9 ptsYBIT +2.9 ptsTLTP +3.4 ptsDUBS +4.0 ptsSEPI +4.7 ptsXLCI +5.2 ptsIDVO +5.4 ptsTLTW +5.4 ptsBCCC +6.3 ptsOMAH +6.5 ptsIDUB +6.9 ptsXLSI +8.8 ptsUSOY +10.5 ptsBUCK +10.9 ptsKLIP +20.9 ptsNVYY +24.6 ptsHIPS −11.7 ptsHIPS −11.7 pts−38.1 pts+24.6 pts

27% of the 161 sit at or below HIPS on this measure.

What happened to the principal
ETCO −75.0%XBTY −74.7%YETH −67.4%YBTC −61.4%BTCC −59.9%YBIT −58.9%BAGY −58.0%SLTY −54.4%ULTY −53.3%NVYY −52.4%BITY −51.9%BCCC −49.4%BTCI −46.9%DFII −44.8%LFGY −43.0%YMAX −41.0%BLOX −38.8%TOPW −36.6%OARK −33.3%KLIP −32.8%GDXY −32.5%YMAG −27.1%YQQQ −26.3%MAGY −25.8%IWMY −23.1%CEPI −21.0%RDTY −19.9%RDTE −19.4%QDTE −18.5%EGGY −15.1%TLTP −14.5%XLYI −14.1%LTTI −13.8%ACKY −13.7%WDTE −13.7%QQQY −13.0%QDTY −12.8%XDTE −12.8%AIPI −12.2%QUSA −11.8%LQTI −10.4%TLTW −10.3%SDTY −9.9%GIAX −9.8%XLUI −9.5%HIGH −9.3%LQDW −9.3%TCAL −9.0%FEPI −8.5%XV −8.4%IGLD −8.1%XLRI −8.0%XLCI −7.9%FDND −7.6%YYY −7.5%XLSI −7.3%RNTY −6.5%HYTI −6.3%GPTY −6.0%OMAH −6.0%XLBI −5.7%HYGW −5.6%IWMW −5.3%XPAY −4.9%HISF −4.7%QRMI −4.2%USOY −4.0%XLFI −3.8%FGSI −3.2%BUCK −2.5%HYBL −2.5%JUCY −2.3%XRMI −2.3%MLPD −1.7%CAIE −1.6%IAUI −1.6%YFYA −1.6%IVVW −1.4%CVRD −1.3%JEPI −1.1%KNG −0.9%XIJN −0.7%JULJ −0.6%WTPI −0.5%CSHI −0.4%JULH −0.3%LJUL −0.2%XISE 0.0%JANH +0.1%JANJ +0.1%LAPR +0.1%LOCT +0.1%LJAN +0.2%OCTJ +0.2%XLII +0.2%APRJ +0.3%OCTH +0.3%XIDE +0.3%XIMR +0.4%APRH +0.5%TSPY +0.6%KHPI +0.7%BIGY +0.8%WEEL +0.9%SRHR +1.0%FTHI +1.1%QQQI +1.5%XLVI +2.1%SPYI +2.6%QYLG +2.8%YLDE +2.8%BUYW +2.9%SDVD +3.0%XYLG +3.4%KGLD +3.8%THTA +3.9%DJIA +4.2%FTKI +4.3%SCLZ +4.4%PAPI +4.5%RYLD +4.7%XLKI +5.0%PBP +5.1%IWMI +5.3%DYLG +5.4%TDAQ +5.9%XYLD +5.9%JEPQ +6.0%SPIN +6.1%NBOS +6.5%SPUT +6.5%RYLG +7.1%GPIX +7.9%FTQI +8.0%DOGG +8.2%ISPY +8.4%QYLD +8.4%DIVO +8.9%MDST +9.3%VEGA +9.4%BALI +9.5%GPIQ +9.8%SLJY +11.0%RDVI +11.7%TDVI +11.7%IQQQ +12.3%SEPI +13.8%XLEI +13.8%SIXH +14.1%ITWO +14.3%EIPI +14.6%JOYT +16.1%IDVO +16.4%DUBS +18.9%WEEI +18.9%IDUB +19.0%TYLG +21.2%NDIV +22.9%CHPY +24.9%SOXY +68.6%HIPS −5.2%HIPS −5.2%−75.0%+68.6%

39.4% of the 161 sit at or below HIPS on this measure.

Weighted evenly, those two positions are what the score combines, across the 161 income ETFs writing on an index or proxy. Neither spread above is the score: a fund can sit further right on one and score lower. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

What the score is computed from
What it measuresThis fundIts percentileWeight
against its benchmark−11.7 pts2750%
what happened to the principal−5.2%39.450%

All income ETFs ranked by this score · How it is computed

What a holder got

HIPS against SPYHIPS returned +5.8% with distributions reinvested against +17.5% for S&P 500 (SPY), used as a default proxy, a gap of −11.7 pts. Of that, 10.6% arrived as cash rather than price.+5.8%HIPS total return+17.5%S&P 500 (SPY), used as a default proxy10.6% of it arrived as cash

Over the year to Sep 11, 2026, HIPS returned +5.8% with distributions reinvested and S&P 500 (SPY), used as a default proxy returned +17.5%, so a holder came out behind it by 11.7 points. The lighter segment is the 10.6% that arrived as cash rather than as price.

Its ten largest equity positions

HIPS top ten by weight, 48.9% of its 41 equity positions, from the holdings filed for Jun 30, 2026. The options the fund writes are not positions of this kind and are not listed. Source: the fund’s SEC filing.
HoldingWeight
Treasury Bill30.88%
Two Harbors Investment Corp2.08%
Plains All American Pipeline Lp2.06%
Kimbell Royalty Partners Lp2.03%
Dorchester Minerals Lp2.02%
Delek Logistics Partners Lp2.01%
Blackrock Enhanced Large Cap Core Fund I2.00%
Western Midstream Partners Lp1.96%
Cvr Partners Lp1.92%
Capital Southwest Corp1.91%

Method

Period by period

HIPS over each window to Sep 11, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowCash paidPriceTotal returnSPYAhead or behind
3 months2.8%+0.2%+3.0%+3.3%−0.3 pts
6 months5.6%0.0%+5.7%+16.0%−10.4 pts
1 year10.6%−5.2%+5.8%+17.5%−11.7 pts
3 years32.0%−4.2%+31.4%+77.9%−46.5 pts
Since launch74.2%−42.5%+63.6%+357.8%−294.1 pts

Method

When HIPS pays

HIPS pays monthly. The last distribution was $0.1075 a share, which went ex on Aug 27, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 30 days the ex-date falls near Sep 28, 2026; that date is an ETFIQ projection, not the issuer’s.

Expected distributions for HIPS. Where the basis is a projection, ETFIQ has carried the fund’s own spacing forward from its last ex-date and held the amount at the last one paid; neither is an issuer statement. Source: ETFIQ.
Ex-datePay dateAmountBasis
Sep 28, 2026Sep 30, 2026$0.1075ETFIQ projection from the fund’s own cadence
Oct 28, 2026Oct 30, 2026$0.1075ETFIQ projection from the fund’s own cadence
Every distribution ETFIQ holds for HIPS (13, most recent first)
Cash distributions per share for HIPS. Source: ETFIQ from Tiingo end-of-day distributions.
Ex-dateAmount
Aug 27, 2026$0.1075
Jul 29, 2026$0.1075
Jun 26, 2026$0.1075
May 27, 2026$0.1075
Apr 28, 2026$0.1075
Mar 27, 2026$0.1075
Feb 25, 2026$0.1075
Jan 28, 2026$0.1075
Dec 29, 2025$0.1075
Nov 25, 2025$0.1075
Oct 29, 2025$0.1075
Sep 26, 2025$0.1075
Aug 27, 2025$0.1075

Every income ETF going ex-dividend in the next fortnight

Method

In plain words

Since it launched on Jan 7, 2015, HIPS has returned +63.6% with distributions reinvested, against +357.8% for S&P 500 (SPY), used as a default proxy, and has paid out 74.2% of its starting value in cash along the way. It pays monthly, and at its current price the latest distribution annualizes to 11.1%. GraniteShares estimates that 29% of the distribution paid Apr 30, 2024 was a return of capital. That is the issuer’s own Rule 19a-1 estimate and a tax characterization, made before the fund year closes: it says the payment included money the fund gave back rather than earned, not that the fund is eroding.

HIPS (GraniteShares HIPS US High Income ETF), income ETFs fields as of Sep 11, 2026. Source: ETFIQ.
Strategycovered call
BenchmarkS&P 500 (SPY), used as a default proxy (proxy)
Paysmonthly
Net assets (issuer page, as of Sep 10, 2026)$125m
Latest payout, annualized (ETFIQ)11.1%
Expense ratio (485BPOS XBRL, Oct 24, 2025)1.17%
Cash paid, last 12 months, over today’s price (ETFIQ)11.1%
LaunchedJan 7, 2015
Return of capital, latest distribution (GraniteShares 19a-1 estimate)29.4%
Paysmonthly
Typical gap between ex-dates30 days
Typical wait from ex-date to payment2 days
Last paid, per share$0.1075 ex Aug 27, 2026
Sum of the last 12 distributions$1.29

Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed

Questions people ask

How much has HIPS paid over the last year?
Over the year to Sep 11, 2026, HIPS paid 10.6% of its starting price in cash distributions, while the price fell 5.2%.
Is HIPS ahead of SPY?
Over the year to Sep 11, 2026, with every distribution reinvested, HIPS returned +5.8% against +17.5% for S&P 500 (SPY), used as a default proxy, so a holder was behind it by 11.7 points.
How often does HIPS pay, and how much?
HIPS pays monthly. The latest distribution annualizes to 11.1% at its price on Sep 11, 2026, which is not a promise; the next one can differ.
Is the HIPS distribution return of capital?
GraniteShares estimates 29% of the distribution paid Apr 30, 2024 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion.
When does HIPS next pay a distribution?
HIPS pays monthly. The last distribution went ex on Aug 27, 2026 at $0.1075 a share. The next is not declared; on a cadence of about 30 days the ex-date falls near Sep 28, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
What does HIPS cost?
The prospectus expense ratio is 1.17% a year.

The words on this page

Total return
What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.

Every term used here, defined in full on the income ETFs vocabulary page.

Where these figures came from

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

Funds near this one

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HIPS payout bar, ETFIQ

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Where HIPS is written about

HIPS, Income ETFs, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
Use this data, or open the live card

Open HIPS live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, HIPS, income ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/hips Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources