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Who paid, and where the cash came from

Over the year to Sep 23, 2026, 48 of 173 index income ETFs finished ahead of the index they write options on, once every cash payment was counted and reinvested. The median fund was −3.9 pts against its benchmark.

YieldMax estimates that the median fund's latest distribution was 87% return of capital, across 61 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.

The cost of the payout: median price change by distribution rate
Under 8%
+0.1%
8% to 15%
+0.2%
15% to 30%
−18.1%
30% to 60%
−41.8%
60% and above
−56.5%
−60%0+60%

Median one-year price change for the funds in each distribution-rate band, 240 funds. Above thirty percent a year, the payout has mostly come out of the price.

ETFIQ Narrative

Over the year to September 23, 2026, 48 of 173 index income ETFs finished ahead of the index they write options on, once every cash payment was counted and reinvested. The median fund lagged its benchmark by 3.9 points. The size of the distribution mattered: funds paying under 8% a year had a median gap of −5.0 points against their benchmark, those in the 8% to 15% band trailed by 3.2 points, and the 15% to 30% band by 3.7 points. Above that, the picture worsens. Funds paying 30% to 60% a year showed a median price change of −41.8% and a median total return of −4.3%, trailing their benchmark by 6.3 points. Funds paying 60% or more had a median price fall of 56.5% and a median total return of −12.3%.

The pattern holds across issuers too. First Trust, with 21 funds reaching a full year, paid a median 8.5% in cash, saw a median price change of −0.1%, and still trailed its benchmark by 8.4 points, with only 3 of 21 funds ahead. YieldMax, across 17 funds with a full year, paid a median 34.8% in cash, watched its median price fall 27.3%, and finished 4.4 points behind, with 3 of 17 ahead. By contrast, Global X, NEOS, and Overlay Shares, all paying more moderate median cash rates of 12.3%, 12.2%, and 7.9% respectively, posted smaller median price declines or gains, and had more funds ahead of benchmark than not: 6 of 14, 6 of 10, and 6 of 7.

Where the cash comes from is now visible in the 19a-1 notices. YieldMax's median fund reported that 87% of its latest distribution was return of capital, drawn from 61 funds with notices, and 26 of those funds sat at 90% or more return of capital. YieldMax's median one-year price change across these funds was −40.1%. GraniteShares showed an even higher median return of capital at 96%, with 27 of 36 funds at 90% or more, and a median price change of −52.2%. Global X and NEOS also reported high return-of-capital shares, 96% and 93% respectively, but their median one-year price changes were far milder, +3.3% and −2.8%. Defiance's median return of capital was lower, at 69%, with 2 of 5 funds at 90% or more, and a median price change of −14.5%.

Taken together, the tables show a relationship rather than a rule: a higher distribution rate has generally come with a larger price decline and a wider gap to the benchmark, and where return of capital makes up most of the payout, that has often lined up with the steepest price falls. The pattern is not uniform across every issuer, but it repeats across the distribution-rate bands and the return-of-capital notices alike.

Readers can check any individual fund's current distribution rate, its latest 19a-1 return-of-capital estimate, and its price change against its stated benchmark on the live desk.

Ahead of benchmark, by issuer · funds with a full year
YieldMax
3 of 17
Global X
6 of 14
Innovator
0 of 13
NEOS
6 of 10
Amplify
2 of 8
Roundhill
1 of 8
iShares
4 of 6
Defiance
1 of 5
Aptus
2 of 3

The 12 issuers with the most full-year funds. Bar is the share ahead of benchmark.

Return of capital, latest 19a-1 estimates

Median return of capital across each issuer’s funds with notices.

Results by issuer, index income funds, one year

IssuerFunds listedFunds with a full yearAhead of benchmarkMedian gapMedian cash paidMedian price changeMedian total return
First Trust26213−8.4 pts8.5%−0.1%+7.6%
YieldMax21173−4.4 pts34.8%−27.3%+10.8%
Global X15146−0.2 pts12.3%+3.3%+15.0%
Innovator17130−11.6 pts5.2%+0.0%+5.4%
State Street13135−0.3 pts12.8%−5.4%+6.5%
NEOS15106+0.9 pts12.2%−2.8%+6.6%
Amplify1582−9.3 pts12.1%−3.9%+7.1%
Roundhill1281−1.4 pts28.9%−22.4%+9.6%
Overlay Shares776+2.8 pts7.9%+8.6%+9.2%
iShares864+1.8 pts10.3%−6.3%+8.9%
Defiance551−0.9 pts29.9%−14.5%+16.1%
Aptus332+4.0 pts5.3%+17.5%+21.0%
JPMorgan530−4.6 pts8.1%+6.9%+16.4%
ProShares631−4.0 pts6.4%+9.8%+18.4%
REX631−7.3 pts31.8%−13.0%+18.2%
Simplify431−7.6 pts6.9%−8.2%+4.6%
VistaShares631−11.8 pts13.9%−10.1%+4.5%
Goldman Sachs220−0.4 pts9.9%+9.4%+20.4%
GraniteShares1220−14.1 pts24.6%−39.4%−17.8%
Grayscale320−5.0 pts34.4%−64.7%−35.0%
Nicholas621−10.8 pts25.0%−22.7%+4.3%
TappAlpha220−0.8 pts15.7%+2.6%+20.0%
Westwood220−19.9 pts11.3%+11.3%+24.0%
23 issuers with at least two funds listed. Medians across each issuer’s funds with a full year.

Return of capital by issuer, latest 19a-1 estimates

IssuerFunds with noticesMedian return of capitalFunds at 90% or moreMedian price change, one year
YieldMax6187%26−40.1%
GraniteShares3696%27−52.2%
Global X1596%10+3.3%
NEOS1593%9−2.8%
Kurv1186%4−13.0%
REX796%5−20.9%
Defiance569%2−14.5%

The cost of the payout: by distribution rate, all funds, one year

Distribution rateFundsMedian cash paidMedian price changeMedian total returnMedian gap vs benchmark
Under 8%646.6%+0.1%+6.8%−5.0 pts
8% to 15%6111.9%+0.2%+13.0%−3.2 pts
15% to 30%4523.8%−18.1%+9.2%−3.7 pts
30% to 60%5437.1%−41.8%−4.3%−6.3 pts
60% and above1645.2%−56.5%−12.3%−3.6 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. Rebuilt every trading night.

Data file: income.json. 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 23, 2026. https://etfiq.com/research/2026-09-23/income-ahead

Open data →

Free to use with attribution; the underlying files are at Open data.