In the year to October 12, 2026, only 36 of 130 index income ETFs ended ahead of the index their options are written on, once every distribution was counted and reinvested. The median fund across the group trailed its benchmark by 1.6 percentage points. The gap between issuers is wide. Overlay Shares, with 6 of 7 funds completing a full year, had 5 of those ahead of benchmark, a median gap of +3.4 points, and a median cash paid of 6.5%. Aptus, with all 3 funds ahead, posted a +4.8 point median gap on 5.7% median cash paid. At the other end, Innovator's 14 full-year funds produced zero winners against benchmark and a median gap of −14.1 points, despite a modest 5.5% median cash paid. Amplify's 5 full-year funds showed a median price change of −55.8% and a median total return of −37.2%, the weakest combination in the table.
The distribution-rate breakdown shows a consistent pattern: funds paying out more tend to have given more of it back in price. Funds distributing under 8% had a median price change of +0.9% and a median total return of +7.3%, with the smallest gap to benchmark in relative terms at −5.2 points. Funds in the 8% to 15% band had the narrowest median gap, at −1.6 points, with a median total return of +14.9%. Once distribution rates climb past 15%, price declines take over: the 15% to 30% band shows a median price change of −17.0%, the 30% to 60% band −45.3%, and the 60%-and-above band −68.3%, with total returns falling from +7.5% to −2.7% to −31.4% across those three bands respectively.
Where that cash comes from varies by issuer. YieldMax's latest 19a-1 notices, covering 61 funds, put the median return of capital at 31%, with 15 of those funds reporting 90% or more of their distribution classified as return of capital. Other issuers run higher: GraniteShares' 40 funds with notices show a median return of capital of 95%, with 27 funds at 90% or above, alongside a median one-year price change of −65.3%. Global X's 15 funds with notices carry a 99% median return of capital but a median price change of +4.9%, and NEOS sits at 93% median return of capital with a median price change of −1.8%. Kurv, REX, and Defiance each report median return of capital between 85% and 94%, with price changes ranging from −10.3% to −24.0% to −12.1% respectively. A high return-of-capital number does not by itself dictate the direction of the price change, as the Global X and NEOS rows show, though across the full dataset the heavier distributors were the ones whose prices fell furthest.
Readers can look up any individual fund's cash paid, price change, total return, and gap against its benchmark on ETFIQ's fund pages.