Ahead or behind, and where the cash came from
Over the year to Sep 4, 2026, 24 of 154 index income ETFs finished ahead of the index they write options on, once every cash payment was counted and reinvested. The median fund was −5.6 pts against its benchmark.
YieldMax estimates that the median fund's latest distribution was 79% return of capital, across 58 funds with 19a-1 notices.
The higher the distribution rate, the worse the price did and the further behind the benchmark the fund fell: a payout above thirty percent a year has mostly been paid out of the price.
Over the year to September 4, 2026, 24 of the 154 index income ETFs on the desk finished ahead of the benchmark they write options against, once every cash payment is counted and reinvested. The median fund lagged its benchmark by 5.6 points. This category covers funds that generate income by selling options on an index, and the gap measures how that strategy performed against simply holding the index itself.
The pattern differs by issuer. State Street had 5 of its 12 full-year funds ahead of benchmark, with a median gap of just −0.2 points, the smallest shortfall among issuers with more than a handful of funds. Aptus, with 3 funds, had 2 ahead of benchmark and a positive median gap of +4.1 points, alongside a median price gain of +21.4%. At the other end, Westwood's 2 full-year funds showed a median gap of −20.9 points despite a median price change of +14.4%, and Nicholas showed a −20.5 point median gap. YieldMax, the largest group by fund count with 17 full-year funds, had only 1 ahead of benchmark, a median gap of −4.1 points, and a median cash paid of 35.1% against a median price change of −27.1%.
Cash paid and price performance move in opposite directions across the full set of 154 funds. Grouped by distribution rate, funds paying under 8% in cash showed a median price gain of +0.8% and a median total return of +11.4%, the highest total return of any group, though also the widest median gap versus benchmark at −8.9 points. Funds paying 60% or more in cash showed a median price change of −50.8% and a median total return of +1.4%, with the gap versus benchmark narrowing to −0.3 points. The 30% to 60% group paid a median 36.9% in cash, lost a median 38.7% in price, and returned +1.5% in total, with a −8.5 point gap.
Return of capital data, drawn from each issuer's own Rule 19a-1 notices, adds detail on where that cash originates. Across 58 YieldMax funds with such notices, the median latest distribution was 79% return of capital, meaning most of the payment came from fund assets rather than income or gains, alongside a median one-year price change of −38.7%. GraniteShares showed a median 96% return of capital across 29 funds and a median price change of −61.5%. Global X and Defiance both showed 100% median return of capital across smaller fund counts, 13 and 5 respectively, with median price changes of +5.9% and −12.0%. NEOS showed 94% median return of capital across 12 funds with a +2.3% median price change, and Kurv showed 85% across 10 funds with a −14.0% median price change.
Taken together, the tables show that higher headline distribution rates have tended to coincide with weaker price performance and wider shortfalls against benchmark, and that a large share of the cash paid out by many funds, according to issuers' own estimates, has come from capital rather than option income or realized gains.
Readers can check any individual fund's latest 19a-1 notice, its trailing distribution rate, and its price and total return against its stated benchmark on the live desk.
Results by issuer, index income funds, one year
| Issuer | Funds on the desk | Funds with a full year | Ahead of benchmark | Median gap | Median cash paid | Median price change | Median total return |
|---|---|---|---|---|---|---|---|
| First Trust | 21 | 20 | 2 | −9.9 pts | 8.6% | +0.5% | +9.4% |
| YieldMax | 22 | 17 | 1 | −4.1 pts | 35.1% | −27.1% | +13.3% |
| Innovator | 23 | 13 | 0 | −14.4 pts | 5.2% | +0.2% | +5.6% |
| Global X | 14 | 12 | 1 | −3.3 pts | 12.1% | +5.9% | +19.0% |
| State Street | 12 | 12 | 5 | −0.2 pts | 13.0% | −2.0% | +11.6% |
| Amplify | 12 | 7 | 1 | −5.9 pts | 12.2% | +5.3% | +17.9% |
| NEOS | 12 | 6 | 2 | −1.7 pts | 13.9% | +2.3% | +16.1% |
| Roundhill | 6 | 6 | 1 | −1.7 pts | 30.2% | −21.5% | +10.1% |
| Defiance | 7 | 5 | 1 | −1.4 pts | 31.7% | −12.6% | +18.6% |
| Invesco | 4 | 4 | 0 | −2.5 pts | 10.2% | +8.2% | +18.8% |
| Aptus | 3 | 3 | 2 | +4.1 pts | 5.5% | +21.4% | +24.1% |
| Nationwide | 3 | 3 | 0 | −8.5 pts | 7.0% | +6.0% | +13.8% |
| ProShares | 6 | 3 | 1 | −3.1 pts | 6.7% | +14.7% | +21.9% |
| REX | 6 | 3 | 0 | −12.8 pts | 31.2% | −10.2% | +22.3% |
| iShares | 5 | 3 | 1 | −0.7 pts | 17.7% | −0.2% | +20.4% |
| Goldman Sachs | 2 | 2 | 0 | −0.9 pts | 10.1% | +10.8% | +21.9% |
| GraniteShares | 11 | 2 | 1 | +5.6 pts | 49.5% | −63.7% | −17.8% |
| Grayscale | 4 | 2 | 0 | −2.9 pts | 34.5% | −66.3% | −38.0% |
| JPMorgan | 4 | 2 | 0 | −7.8 pts | 10.1% | +4.2% | +14.9% |
| Nicholas | 6 | 2 | 0 | −20.5 pts | 27.0% | −19.6% | +8.4% |
| TappAlpha | 3 | 2 | 1 | −0.4 pts | 15.4% | +5.4% | +22.3% |
| VistaShares | 6 | 2 | 1 | −2.1 pts | 14.1% | −8.1% | +6.8% |
| Westwood | 3 | 2 | 0 | −20.9 pts | 11.4% | +14.4% | +27.4% |
Return of capital by issuer, latest 19a-1 estimates
| Issuer | Funds with notices | Median return of capital | Funds at 90% or more | Median price change, one year |
|---|---|---|---|---|
| YieldMax | 58 | 79% | 25 | −38.7% |
| GraniteShares | 29 | 96% | 26 | −61.5% |
| Global X | 13 | 100% | 10 | +5.9% |
| NEOS | 12 | 94% | 9 | +2.3% |
| Kurv | 10 | 85% | 4 | −14.0% |
| REX | 7 | 96% | 5 | −16.9% |
| Defiance | 5 | 100% | 3 | −12.0% |
The cost of the payout: by distribution rate, all funds, one year
| Distribution rate | Funds | Median cash paid | Median price change | Median total return | Median gap vs benchmark |
|---|---|---|---|---|---|
| Under 8% | 54 | 6.7% | +0.8% | +11.4% | −8.9 pts |
| 8% to 15% | 55 | 12.0% | +3.1% | +15.9% | −4.1 pts |
| 15% to 30% | 45 | 26.6% | −17.0% | +8.9% | −3.2 pts |
| 30% to 60% | 32 | 36.9% | −38.7% | +1.5% | −8.5 pts |
| 60% and above | 20 | 48.5% | −50.8% | +1.4% | −0.3 pts |
Method. ETFIQ calculations from exchange prices and cash distributions (Tiingo end-of-day): cash as a share of the starting price, price change, total return with distributions reinvested, and the benchmark measured the same way. Return of capital is each issuer’s Rule 19a-1 estimate for its latest distribution. Medians across funds. Data file: https://etfiq.com/data/income.json. Rebuilt every trading night. ETFIQ is an independent publisher and makes no recommendations. Standards