Who paid, and where the cash came from
Over the year to Sep 11, 2026, 32 of 164 index income ETFs finished ahead of the index they write options on, once every cash payment was counted and reinvested. The median fund was −4.9 pts against its benchmark.
YieldMax estimates that the median fund's latest distribution was 81% 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 11, 2026, 29 of 152 index income ETFs finished ahead of the index they write options on, once every cash payment was counted and reinvested. The median fund trailed its benchmark by 3.9 percentage points. The scale of the shortfall varied widely by issuer. State Street's 12 funds with a full year on record had a median gap of just −0.2 pts, with five of twelve ahead of benchmark. Aptus, with three funds, had a median gap of +4.0 pts, two of three ahead. At the other end, Westwood's two funds showed a median gap of −23.5 pts, and Nicholas posted −15.6 pts across two funds, neither ahead of benchmark.
The tables show a pattern linking distribution rate to price outcome. Funds paying under 8% a year had a median price change of +0.3% and a median total return of +9.3%, with a median gap of −8.2 pts. Funds paying 30% to 60% a year had a median price change of −43.6%, a median total return of +1.9%, and a median gap of −2.2 pts. Funds paying 60% or more had a median price change of −59.8% and a median total return of −15.1%, the only band with a negative median total return. Cash paid rose steadily across the bands, from a median 6.6% under 8% to a median 46.9% at 60% and above, while median price change fell just as steadily, from +0.3% to −59.8%.
Return of capital, the portion of a distribution that is not paid from income or realized gains, showed a similar link to price performance. Among 58 YieldMax funds with 19a-1 notices, the median fund's latest distribution was 81% return of capital, and its one-year median price change was −43.0%. GraniteShares, with 28 funds reporting, had a median return of capital of 96% and a median price change of −61.1%; 25 of its 28 funds sat at 90% or more return of capital. Global X and Defiance, by contrast, showed a median return of capital of 100% among their reporting funds but median price changes of +4.5% and −13.3% respectively, indicating that a high return-of-capital estimate on its own does not sort funds by price outcome the way distribution rate does across the wider set.
By issuer over the full year, First Trust's 20 funds with a full year showed a median cash paid of 8.4%, a median price change of +0.2%, and a median total return of +7.6%, with 3 of 20 ahead of benchmark. YieldMax's 17 funds showed median cash paid of 34.8% against a median price change of −27.1%, yet a median total return of +11.5%, with 3 ahead. Innovator's 13 funds showed the widest miss among larger issuer groups, a median gap of −11.9 pts, with none of the 13 ahead of benchmark.
Readers can check any individual fund's cash paid, price change, total return, benchmark gap, and latest 19a-1 return-of-capital estimate against these same issuer and distribution-rate breakdowns on the live desk.
Results by issuer, index income funds, one year
| Issuer | Funds listed | Funds with a full year | Ahead of benchmark | Median gap | Median cash paid | Median price change | Median total return |
|---|---|---|---|---|---|---|---|
| First Trust | 26 | 21 | 4 | −7.0 pts | 8.4% | +0.0% | +7.4% |
| YieldMax | 24 | 19 | 3 | −12.1 pts | 34.8% | −27.1% | +7.2% |
| Global X | 15 | 13 | 1 | −1.2 pts | 12.1% | +4.2% | +17.9% |
| Innovator | 25 | 13 | 0 | −11.9 pts | 5.2% | +0.1% | +5.6% |
| State Street | 13 | 13 | 5 | −0.7 pts | 12.8% | −3.8% | +7.9% |
| not established | 15 | 11 | 1 | −7.3 pts | 7.8% | +0.9% | +12.8% |
| Amplify | 15 | 8 | 2 | −6.6 pts | 12.1% | +0.7% | +10.5% |
| Roundhill | 12 | 8 | 1 | −1.1 pts | 28.8% | −22.6% | +9.1% |
| NEOS | 12 | 6 | 2 | −0.7 pts | 13.7% | +0.6% | +13.5% |
| iShares | 8 | 6 | 2 | −2.7 pts | 10.3% | −5.4% | +10.0% |
| Defiance | 5 | 4 | 1 | −0.8 pts | 30.9% | −13.3% | +19.4% |
| Aptus | 3 | 3 | 2 | +4.0 pts | 5.3% | +18.9% | +21.5% |
| GraniteShares | 21 | 3 | 1 | −10.7 pts | 39.0% | −52.4% | +5.8% |
| JPMorgan | 5 | 3 | 0 | −4.1 pts | 8.0% | +6.0% | +16.9% |
| ProShares | 6 | 3 | 1 | −3.1 pts | 6.6% | +12.3% | +19.3% |
| REX | 6 | 3 | 1 | −5.8 pts | 31.3% | −12.2% | +19.4% |
| Simplify | 4 | 3 | 1 | −7.5 pts | 6.9% | −8.4% | +4.6% |
| VistaShares | 6 | 3 | 1 | −13.5 pts | 14.0% | −11.8% | +2.5% |
| Goldman Sachs | 2 | 2 | 0 | −0.5 pts | 10.0% | +8.8% | +19.7% |
| Grayscale | 3 | 2 | 0 | −2.3 pts | 33.4% | −67.4% | −40.1% |
| Nicholas | 6 | 2 | 0 | −15.6 pts | 25.8% | −24.3% | +2.2% |
| TappAlpha | 2 | 2 | 1 | −0.4 pts | 15.2% | +3.3% | +19.9% |
| Westwood | 2 | 2 | 0 | −23.5 pts | 11.4% | +14.1% | +27.1% |
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 | 81% | 19 | −43.0% |
| GraniteShares | 28 | 96% | 25 | −61.1% |
| Global X | 13 | 100% | 10 | +4.5% |
| NEOS | 12 | 94% | 9 | +0.6% |
| Kurv | 10 | 85% | 4 | −12.9% |
| REX | 7 | 96% | 5 | −22.0% |
| Defiance | 5 | 100% | 3 | −13.3% |
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% | 58 | 6.6% | +0.3% | +7.9% | −7.5 pts |
| 8% to 15% | 57 | 11.9% | +0.7% | +12.8% | −4.1 pts |
| 15% to 30% | 40 | 23.3% | −15.6% | +8.4% | −4.5 pts |
| 30% to 60% | 55 | 38.6% | −43.6% | −1.1% | −3.5 pts |
| 60% and above | 17 | 44.8% | −59.8% | −15.1% | −5.3 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
Cite this page. ETFIQ Research, Who paid, and where the cash came from, data as of Sep 11, 2026. https://etfiq.com/research/2026-09-13/income-ahead Free to use with attribution; the underlying file is at https://etfiq.com/data/income.json.