Over the year to September 21, 2026, 41 of 173 index income ETFs finished ahead of the index whose options they write, once every cash payment was counted and reinvested. The median fund across the group trailed its benchmark by 4.2 percentage points. The pattern by issuer varied widely. Overlay Shares had 6 of its 7 funds with a full year ahead of benchmark, with a median gap of +2.7 pts, a median cash paid of 7.9%, and a median total return of +10.1%. NEOS had 5 of 10 ahead, with a median gap of +0.5 pts. State Street had 5 of 13 ahead, with a median gap of −0.2 pts. At the other end, Innovator had none of its 13 full-year funds ahead of benchmark, with a median gap of −12.5 pts, and Roundhill had none of 8 ahead, with a median gap of −1.7 pts despite a median cash paid of 28.0% and a median price change of −22.1%.
Where the cash came from is a separate question from how the fund performed. Among issuers with 19a-1 notices, YieldMax's median fund reported 70% of its latest distribution as return of capital, across 61 funds, with 24 of those at 90% or more; the median one-year price change for this group was −40.0%. GraniteShares' median fund reported 96% return of capital across 36 funds, with 27 at 90% or more, and a median price change of −43.1%. Global X and NEOS also showed high return-of-capital shares, at 96% and 93% respectively, but their median price changes were +3.1% and −1.7%. Defiance's median return of capital was lower, at 69%, across 5 funds with notices.
Across all funds grouped by distribution rate, the relationship between payout size and price runs in one direction. Funds paying under 8% had a median cash paid of 6.6%, a median price change of +0.1%, and a median gap versus benchmark of −5.4 pts. Funds paying 8% to 15% had a median price change of +0.8% and a median gap of −3.3 pts. From there the price effect turns negative and grows: the 15%-to-30% group had a median price change of −18.4%; the 30%-to-60% group, −41.5%; and the 60%-and-above group, −60.8%. Median total return followed the same slope, from +7.1% in the lowest payout band down to −20.1% in the highest. The summary describes this as funds paying above thirty percent a year having drawn that payout mostly from the price rather than from income generated along the way.
Readers can check any issuer's fund count, median gap, median cash paid, and median return-of-capital number against the live desk, where the same tables update as new distributions and 19a-1 notices are filed.