What CHPY Is
CHPY is the YieldMax Semiconductor Portfolio Option Income ETF. It owns a basket of chip stocks, including NVDA, AMD, MRVL, AVGO, MU, and ASML. It then sells options on that exposure and pays the option premium out to holders every week. The point of the design is to turn the swings in semiconductor stocks into cash payments now, and the price of that is giving up some of the upside.
Chip stocks have had a big two years on AI data-center spending. Recently they pulled back, on worries about interest rates and whether the AI buildout can keep its pace. That pullback is the context for this review. Some recent commentary has highlighted CHPY's roughly 40% yield while noting that both its payouts and its NAV have been declining.
Where the Price Sits Now
CHPY closed at $57.82 on October 23. The June 22 closing peak was $89.44, so the price is down about 35%. The first close after the April 2025 launch was $45.65, so the price is now only about 27% above that.
October alone took the price from $71.65 on October 5 to $57.82, a drop of about 19%. One more drop of that size would leave the share price near $47, which is roughly where it launched.
A price below its high is expected for a fund built this way. Payouts come out of NAV, and the options limit how much of a rally the fund keeps. The real question is not whether the price is down. It is whether the income plus the price has kept pace with simply owning the chip stocks.
Performance and yield figures are historical and may change. Total return includes price movement and distributions where available. Past performance does not guarantee future results. Yield is not the same as total return.
Metric 1: Distribution Yield (Trailing 12 Months)
The latest payout was $0.4702 per share, with an ex-dividend date of October 21, 2026. CHPY pays weekly, not monthly. At $57.82, that payout works out to an annualized run-rate of about 42.3% ($0.4702 × 52 weeks).
Over the trailing 12 months to October 23, CHPY paid $27.66 per share across 52 weekly payments. That is a TTM distribution yield of about 47.8%.
| Income measure | Figure | What it captures |
| Latest weekly distribution | $0.4702 (ex-date 10/21/2026) | Most recent actual payout |
| Annualized run-rate (latest × 52) | ~42.3% | Assumes this week's payout repeats for a full year |
| TTM distribution yield | ~47.8% ($27.66/share) | What holders actually received over 12 months |
| Issuer-stated distribution rate | 40.15% | The issuer's annualized figure |
| 30-day SEC yield | -0.38% | Net investment income after expenses |
Distributions vary from week to week and are not guaranteed. The TTM figure is above the current run-rate because earlier weeks paid more. In mid-to-late June the weekly payout was about $0.76–$0.78. It is now $0.4702.
That leaves the obvious question: how much of the 48% is income the fund earned, and how much is the holder's own capital being paid back? Metrics 3 and 5 cover that.
Metric 2: Total Return (Market Price)
Total return counts both the price change and every distribution, so it measures how much wealthier a holder actually got. CHPY is about 19 months old, so there is no 3-year number yet. The windows below are since launch, the past year, since the June peak, and since October 5. All figures use market prices with distributions reinvested; CHPY's NAV ($57.79) and price ($57.82) are about the same today.
