Question · Income ETFs

Do covered call ETFs lose value?

Many do lose price while paying cash, which is not the same as losing money.

Over the year to Oct 21, 2026, 49 of the 160 broad option income ETFs with a full year finished ahead of their benchmark once every distribution was counted and reinvested.

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Where the return came from, over the year to Oct 21, 2026
USOY56.6 pts behind USO
56.6 pts behind USOUSOY over 1 year: paid 52.5%, price +7.6%, total +77.5%, USO +134.1%, −56.6 pts. Figures to Oct 21, 2026.USO+134.1%USOY+77.5%52.5% as cash56.6 pts behind USOTotal return, distributions reinvested56.6 pts behind USOUSOY over 1 year: paid 52.5%, price +7.6%, total +77.5%, USO +134.1%, −56.6 pts. Figures to Oct 21, 2026.USO+134.1%USOY+77.5%56.6 pts behind USO
CHPY45.8 pts ahead of SPY
45.8 pts ahead of SPYCHPY over 1 year: paid 48.6%, price +5.5%, total +62.2%, SPY +16.4%, +45.8 pts. Figures to Oct 21, 2026.SPY+16.4%CHPY+62.2%48.6% of it arrived as cash45.8 pts ahead of SPYTotal return, distributions reinvested45.8 pts ahead of SPYCHPY over 1 year: paid 48.6%, price +5.5%, total +62.2%, SPY +16.4%, +45.8 pts. Figures to Oct 21, 2026.SPY+16.4%CHPY+62.2%45.8 pts ahead of SPY
GDXY13.7 pts behind GDX
13.7 pts behind GDXGDXY over 1 year: paid 46.6%, price −37.9%, total +6.3%, GDX +20.0%, −13.7 pts. Figures to Oct 21, 2026.GDX+20.0%GDXY+6.3%46.6% cash13.7 pts behind GDXTotal return, distributions reinvested13.7 pts behind GDXGDXY over 1 year: paid 46.6%, price −37.9%, total +6.3%, GDX +20.0%, −13.7 pts. Figures to Oct 21, 2026.GDX+20.0%GDXY+6.3%13.7 pts behind GDX
ULTY2.7 pts ahead of its own holdings
2.7 pts ahead of its own holdingsULTY over 1 year: paid 45.0%, price −54.0%, total −8.3%, its own holdings −11.0%, +2.7 pts. Figures to Oct 21, 2026.its own holdings−11.0%ULTY−8.3%Total return, distributions reinvested2.7 pts ahead of its own holdingsULTY over 1 year: paid 45.0%, price −54.0%, total −8.3%, its own holdings −11.0%, +2.7 pts. Figures to Oct 21, 2026.its own holdings−11.0%ULTY−8.3%
XBTY4.5 pts behind Bitcoin
4.5 pts behind BitcoinXBTY over 1 year: paid 40.0%, price −65.3%, total −29.0%, Bitcoin −24.5%, −4.5 pts. Figures to Oct 21, 2026.Bitcoin−24.5%XBTY−29.0%4.5 pts behind BitcoinTotal return, distributions reinvested4.5 pts behind BitcoinXBTY over 1 year: paid 40.0%, price −65.3%, total −29.0%, Bitcoin −24.5%, −4.5 pts. Figures to Oct 21, 2026.Bitcoin−24.5%XBTY−29.0%
YMAX17.5 pts behind its own holdings
17.5 pts behind its own holdingsYMAX over 1 year: paid 36.8%, price −40.8%, total −0.8%, its own holdings +16.7%, −17.5 pts. Figures to Oct 21, 2026.its own holdings+16.7%YMAX−0.8%17.5 pts behind its own holdingsTotal return, distributions reinvested17.5 pts behind its own holdingsYMAX over 1 year: paid 36.8%, price −40.8%, total −0.8%, its own holdings +16.7%, −17.5 pts. Figures to Oct 21, 2026.its own holdings+16.7%YMAX−0.8%
ETCO1.2 pts behind Ether
1.2 pts behind EtherETCO over 1 year: paid 36.1%, price −69.4%, total −38.8%, Ether −37.6%, −1.2 pts. Figures to Oct 21, 2026.Ether−37.6%ETCO−38.8%1.2 pts behind EtherTotal return, distributions reinvested1.2 pts behind EtherETCO over 1 year: paid 36.1%, price −69.4%, total −38.8%, Ether −37.6%, −1.2 pts. Figures to Oct 21, 2026.Ether−37.6%ETCO−38.8%1.2 pts behind Ether
LFGY37.2 pts behind SPY
37.2 pts behind SPYLFGY over 1 year: paid 36.1%, price −54.9%, total −20.8%, SPY +16.4%, −37.2 pts. Figures to Oct 21, 2026.SPY+16.4%LFGY−20.8%37.2 pts behind SPYTotal return, distributions reinvested37.2 pts behind SPYLFGY over 1 year: paid 36.1%, price −54.9%, total −20.8%, SPY +16.4%, −37.2 pts. Figures to Oct 21, 2026.SPY+16.4%LFGY−20.8%37.2 pts behind SPY

A covered call fund sells away part of the upside, so in a rising market it usually trails the index. The cash it pays can exceed what it earns. When it does, the price falls to cover the difference.

The fair test is total return with distributions reinvested, against the fund's own benchmark. ETFIQ publishes it for every fund over five windows.

A fund paying 40 percent a year while its price falls 30 percent has not necessarily hurt you. A fund paying 8 percent while flat has not necessarily helped. The gap to the benchmark settles it.

On ETFIQ today

Points (pts) are percentage points.

On ETFIQ today
TickerFundCash paid 1YPrice 1YTotal return 1Yvs benchmark
USOYDefiance Oil Enhanced Options Income ETF52.5%+7.6%+77.5%−56.6 pts
CHPYYieldMax Semiconductor Portfolio Option Income ETF48.6%+5.5%+62.2%+45.8 pts
GDXYYieldMax Gold Miners Option Income Strategy ETF46.6%−37.9%+6.3%−13.7 pts
ULTYYieldMax Ultra Option Income Strategy ETF45.0%−54.0%−8.3%+2.7 pts
XBTYGraniteShares YieldBOOST Bitcoin ETF40.0%−65.3%−29.0%−4.5 pts
YMAXYieldMax Universe Fund of Option Income ETFs36.8%−40.8%−0.8%−17.5 pts
ETCOGrayscale Ethereum High Income ETF36.1%−69.4%−38.8%−1.2 pts
LFGYYieldMax Crypto Industry & Tech Portfolio Option Income ETF36.1%−54.9%−20.8%−37.2 pts
Answered from ETFIQ data as of Oct 21, 2026.
Where to next
Every income ETF376 →What return of capital meansquestion →Compare→
Where these figures came from
Rule 19a-1 distribution notices and prospectus filings on SEC EDGAR ↗SEC EDGAR, full-text search of fund filings ↗SEC Form N-PORT, what a fund filed it holds ↗Rule 19a-1, what a distribution notice must say ↗

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