CHPY Analysis
YieldMax Semiconductor Portfolio Option Income ETF — is the distribution income, or your own capital coming back?
Distributions plus NAV growth
Over the last 1Y, CHPY paid a 38.7% distribution yield and its NAV rose 27.6% — holders kept the distributions and the price appreciation.
This verdict is generated from fixed thresholds applied to live price and distribution data, not written per fund. Two funds with the same profile always get the same wording.
How CHPY generates income
CHPY is YieldMax's semiconductor income ETF. It holds an actively managed basket of 15-30 US-listed semiconductor stocks — typically Nvidia, Broadcom, AMD, TSMC, Micron, Qualcomm, and others — and overlays a covered call spread strategy on the portfolio to generate weekly distributions. Unlike YieldMax's single-stock funds (NVDY, MSTY, PLTY), CHPY gives you diversified semiconductor exposure rather than a bet on one ticker.
The income engine is the options overlay: the fund sells call options on its holdings at strikes above the current price and buys higher-strike calls as a hedge (a call spread). The premium collected funds the weekly distribution. Because semiconductor stocks carry consistently high implied volatility — especially around NVDA earnings, AI spending cycles, and TSMC capacity announcements — the premiums are substantial, which is why CHPY targets distribution rates in the 35-45% annualized range.
The trade-off is the familiar covered-call ceiling: when semiconductors run hard (as they did through the 2023-2025 AI buildout), CHPY captures only a portion of the upside because calls have been sold against the gains. When the sector chops sideways or sells off modestly, CHPY tends to outperform holding the stocks directly because the premium income cushions returns.
CHPY has grown to one of YieldMax's largest funds (over $500M AUM) on the back of trader interest in semiconductors as an AI proxy. Distributions typically include a significant return-of-capital (ROC) component, so a meaningful portion of what looks like yield is your own cost basis being returned. Check the latest announcement card for current ROC breakdown.
- Strategy
- Active semiconductor basket + covered call spreads
- Holdings
- 15-30 US semis (NVDA, AVGO, AMD, TSM, etc.)
- Distribution
- Weekly (Group 1, Tuesday)
- Target yield
- ~35-45% annualized
- Expense ratio
- 1.03%
- Issuer
- YieldMax (Tidal Financial)
CHPY price return since first distribution
The capital half of total return. Read it against the cumulative distributions below — the two together are what a holder actually earned.
Cumulative price return: +50.40%
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Cumulative distributions collected
Running total of per-share distributions since the first payment on record — 68 payments.
Total collected per share since inception: $32.44
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