In the year to October 23, 2026, 161 broad option income ETFs had a full year of trading to measure. Of those, 54 finished ahead of their benchmark once every cash payment was counted and reinvested, while the median fund across the group lagged its benchmark by 0.9 points. The spread between issuers was wide. Aptus, with all 3 of its funds ahead of benchmark, posted a median gap of +3.7 points and a median total return of +16.0%. At the other end, Nicholas, with none of its 2 funds ahead, showed a median gap of −27.3 points and a median total return of −12.9%. Innovator and Defiance also had none of their funds ahead of benchmark, with median gaps of −9.1 and −3.4 points respectively.
Return of capital, the share of a distribution that comes from fund assets rather than income or gains, was common among the issuers with 19a-1 notices on file. YieldMax's median fund paid out 88% return of capital on its latest distribution, drawn from 43 funds with notices, and the median price change across those funds was −38.8%. Roundhill and Defiance each showed a median return of capital of 100%, with 32 and 5 of their funds respectively at 90% or more. GraniteShares' median fund stood at 95% return of capital with a median price change of −66.0%. Overlay Shares and Innovator sat lower, at 44% and 50% median return of capital.
Across all funds, grouped by distribution rate rather than issuer, the pattern was consistent. Funds paying under 8% a year had a median cash payout of 6.1%, a median price change of −0.0%, and a median gap versus benchmark of −2.5 points. As distribution rates rose, price performance and the benchmark gap both worsened: the 15% to 30% group showed a median price change of −13.9%, the 30% to 60% group showed −47.8%, and the top group, 60% and above, showed −66.5%. Median total return followed the same path, falling from +6.9% in the lowest distribution band to −26.1% in the highest. The data supports the idea that a payout above thirty percent a year has mostly been paid out of the price rather than from income generated by the fund's strategy.
At the issuer level, the pattern recurs. YieldMax's median fund had a cash payout of 32.7% and a median price change of −23.3%, while First Trust's median fund paid 8.6% with a price change of −0.1%. State Street and Global X sat in between, with payouts of 12.8% and 12.0% and smaller price declines or gains.
Readers can look up any individual fund's one-year cash paid, price change, total return and gap against its benchmark, along with its latest 19a-1 return-of-capital estimate, on ETFIQ's fund pages.