Who paid, and where the cash came from
Over the year to Oct 26, 2026, 54 of the 162 broad option income ETFs with a full year finished ahead of their benchmark. Every cash payment is counted and reinvested. The median fund was −0.9 pts against its benchmark.
YieldMax estimates that the median fund's latest distribution was 88% return of capital, across 43 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.
Median one-year price change for the funds in each distribution-rate band, 239 funds. Above thirty percent a year, the payout has mostly come out of the price.
The 12 issuers with the most full-year funds. Bar is the share ahead of benchmark.
Median return of capital across each issuer’s funds with notices.
Results by issuer, broad option income ETFs, one year
Points (pts) are percentage points.
| Issuer | Funds listed | Funds with a full year | Ahead of benchmark | Median gap | Median cash paid | Median price change | Median total return |
|---|---|---|---|---|---|---|---|
| First Trust | 24 | 20 | 5 | −0.3 pts | 8.5% | −0.0% | +7.0% |
| YieldMax | 20 | 16 | 8 | +0.6 pts | 32.3% | −23.5% | +5.5% |
| Innovator | 14 | 13 | 0 | −9.0 pts | 5.3% | −0.2% | +5.2% |
| State Street | 12 | 12 | 3 | −3.7 pts | 12.7% | −4.1% | +8.7% |
| Global X | 15 | 10 | 6 | +0.8 pts | 12.0% | −0.6% | +12.2% |
| NEOS | 16 | 10 | 6 | +1.2 pts | 11.4% | −4.0% | +4.0% |
| Amplify | 15 | 9 | 2 | −6.1 pts | 16.1% | −15.5% | −3.9% |
| Overlay Shares | 7 | 7 | 5 | +1.8 pts | 6.9% | +1.7% | +7.3% |
| Roundhill | 12 | 7 | 2 | −0.2 pts | 26.0% | −23.0% | +12.6% |
| iShares | 8 | 6 | 4 | +3.2 pts | 10.7% | −8.7% | +5.8% |
| Defiance | 5 | 5 | 1 | −3.2 pts | 29.8% | −15.8% | +14.1% |
| VistaShares | 6 | 4 | 1 | −9.1 pts | 15.4% | −10.7% | +5.1% |
| Aptus | 3 | 3 | 3 | +3.8 pts | 5.5% | +10.2% | +15.9% |
| GraniteShares | 13 | 3 | 0 | −5.0 pts | 32.3% | −37.4% | −4.5% |
| JPMorgan | 5 | 3 | 0 | −2.7 pts | 7.9% | +0.8% | +13.3% |
| ProShares | 6 | 3 | 1 | −3.6 pts | 6.6% | +4.5% | +10.7% |
| Goldman Sachs | 2 | 2 | 1 | +0.6 pts | 9.8% | +5.2% | +15.7% |
| Grayscale | 3 | 2 | 1 | +0.4 pts | 33.2% | −62.8% | −34.1% |
| Nicholas | 6 | 2 | 0 | −29.1 pts | 23.2% | −36.6% | −14.9% |
| REX | 6 | 2 | 1 | −7.4 pts | 31.8% | −27.4% | +6.8% |
| TappAlpha | 2 | 2 | 0 | −0.6 pts | 15.4% | −2.1% | +14.5% |
| Westwood | 2 | 2 | 0 | −15.7 pts | 11.7% | +19.6% | +33.2% |
22 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
| Issuer | Funds with notices | Median return of capital | Funds at 90% or more | Median price change, one year |
|---|---|---|---|---|
| YieldMax | 43 | 88% | 21 | −41.1% |
| GraniteShares | 40 | 95% | 27 | −65.8% |
| Roundhill | 32 | 100% | 32 | −39.3% |
| First Trust | 29 | 93% | 16 | −0.1% |
| Amplify | 16 | 93% | 10 | −13.7% |
| NEOS | 16 | 94% | 10 | −4.0% |
| Global X | 15 | 99% | 11 | +0.3% |
| Innovator | 15 | 50% | 0 | −0.2% |
| Kurv | 12 | 84% | 5 | −17.7% |
| State Street | 12 | 69% | 1 | −4.1% |
| REX | 8 | 93% | 5 | −30.9% |
| Overlay Shares | 7 | 44% | 2 | +1.7% |
| iShares | 7 | 64% | 0 | −8.7% |
| Direxion | 6 | 84% | 3 | · |
| Nicholas | 6 | 79% | 3 | −36.6% |
| ProShares | 6 | 90% | 3 | +4.5% |
| VistaShares | 6 | 99% | 5 | −10.7% |
| Defiance | 5 | 100% | 4 | −15.8% |
| Aptus | 3 | 71% | 1 | +10.2% |
| Simplify | 3 | 100% | 2 | −9.8% |
| Calamos | 2 | 100% | 2 | −3.3% |
| KraneShares | 2 | 100% | 2 | −35.7% |
| TappAlpha | 2 | 91% | 1 | −2.1% |
| TrueShares | 2 | 86% | 1 | · |
| VegaShares | 2 | 91% | 1 | · |
| Guggenheim | 1 | 46% | 0 | · |
| Hartford | 1 | 95% | 1 | · |
| Shelton | 1 | 99% | 1 | +7.6% |
| SoFi | 1 | 34% | 0 | +3.6% |
| Sterling Capital | 1 | 100% | 1 | · |
| Teucrium | 1 | 100% | 1 | −2.7% |
| XFUNDS | 1 | 26% | 0 | · |
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% | 50 | 6.0% | +0.1% | +7.2% | −3.5 pts |
| 8% to 15% | 59 | 11.7% | −1.2% | +11.6% | −0.5 pts |
| 15% to 30% | 55 | 22.8% | −16.7% | +7.7% | −3.3 pts |
| 30% to 60% | 57 | 32.2% | −50.5% | −18.1% | −2.3 pts |
| 60% and above | 18 | 43.3% | −68.9% | −30.3% | +3.2 pts |
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.
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ETFIQ Research, Who paid, and where the cash came from, data as of Oct 26, 2026. https://etfiq.com/research/2026-10-26/income-ahead
ETFIQ Research. (Oct 26, 2026). Who paid, and where the cash came from. Retrieved from https://etfiq.com/research/2026-10-26/income-ahead
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