At a glance
CHPY charges 1.03% a year, above the 0.36% average of the 8 funds most like it (the most expensive of 8). It has $1.02B in assets, the 6th largest of that group; it paid 19.18% of its price in distributions over the past 12 months, monthly. Its ten largest positions make up 48.5% of the fund, out of 28 in all.
The short version
YieldMax Semiconductor Portfolio Option Income ETF (CHPY) is an actively managed fund. It holds 15 to 30 chip stocks, such as NVIDIA, Broadcom and AMD, and sells options on them every week to produce cash payouts. Its trailing 12-month yield was 19.18% as of October 27, 2026, far above plain chip index funds. The trade-offs: it charges 1.03% a year, against a 0.36% average for similar funds, and its payouts can include return of capital.
Price history
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CHPY — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CHPY price data to Oct 27, 2026 | -9.4% | — | — | — | — | — |
- The deepest fall in its price history was 27.6% (Jun 22, 2026 to Jul 29, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 28 securities; the ten largest made up 48.48% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 6.14% | |
| Broadcom Inc | 5.88% | |
| Advanced Micro Devices Inc | 5.35% | |
| Lam Research Corp | 5.21% | |
| Marvell Technology Inc | 4.58% | |
| Intel Corp | 4.52% | |
| Astera Labs Inc | 4.35% | |
| Micron Technology Inc | 4.32% | |
| ASML Holding NV | 4.10% | |
| United Microelectronics Corp | 4.04% | |
| ASE Technology Holding Co Ltd | 3.78% | |
| Applied Materials Inc | 3.77% | |
| KLA Corp | 3.68% | |
| ACM Research Inc | 3.56% | |
| ARM Holdings PLC | 3.38% |
By country
United States 76.1%Taiwan 11.16%Netherlands 6.69%United Kingdom 3.38%Switzerland 3.2%By asset type
Stocks 100.52%By sector
Sectors of the companies held, for the 59.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $477.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +20.48%, +12.87%, -20.40%.
How it works
CHPY does not track an index. The adviser picks 15 to 30 U.S.-listed semiconductor companies. These are firms that earn at least 50% of their revenue from designing, making or selling chips or chipmaking equipment. Because options drive the strategy, the adviser favors stocks whose shares and options trade easily. It also weighs each stock's price level and implied volatility (how much the market expects the stock to move). As of July 31, 2026, the fund held 28 companies. NVIDIA (6.1%), Broadcom (5.9%), AMD (5.3%) and Lam Research (5.2%) were the largest, and the top 10 made up 48% of assets. About 76% was in U.S. companies and 11% in Taiwanese ones.
Each week, the fund sells options on some or all of its holdings to collect premiums, which are the main source of its payouts. Its most common trade is a covered call spread. It sells a call option (the buyer's right to purchase a stock at a set price) and buys another call at a higher price. This caps both the gain and the loss on that trade. Selling calls limits how much the fund gains when chip stocks surge. If options on a stock are too thin or too costly, the fund may use options on a semiconductor ETF instead.
Up to 10% of assets sits in cash or short-term Treasuries, which back the options and earn interest. The fund is non-diversified, meaning it can put more of its money in fewer companies.
What it really costs
- CHPY charges 1.03% a year, versus an average of 0.36% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $105 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CHPY | $105 | $328 | $— | $— |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It is concentrated in one volatile industry, has a short record and pays out income that can wear down its share price, so it fits best as a small add-on to broader holdings.
CHPY could add large cash payouts and chip-stock exposure, but with far more risk than a broad fund. It launched April 2, 2025, and its price data starts June 9, 2026. That means it has no record in the 2008, 2020 or 2022 downturns and no full calendar year to judge. In that short span it fell 27.6% between June 22 and July 29, 2026, and it had not recovered as of October 27, 2026. Its beta of 2.81 (a measure of how much it moves compared with the market) points to large swings. Someone drawing income in a bad stretch could end up selling shares at depressed prices. The trailing 12-month yield was 19.18% as of October 27, 2026. However, payouts vary, may be partly return of capital and are usually taxed as ordinary income. In the SEC's standard example, the 1.03% fee costs $105 in the first year on a $10,000 investment. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want large, frequent payouts tied to chip stocks and accept that weekly amounts vary and aren't guaranteed.
- Investors wanting a small satellite stake in about 28 chip companies, led by NVIDIA, Broadcom and AMD, alongside broader core holdings.
- Holders in tax-advantaged accounts, where option income that is usually taxed as ordinary income may matter less.
Look elsewhere if
- Cost-conscious investors: its 1.03% expense ratio ranks 8th of 8 similar funds, while SOXQ charges 0.19% and CHPS 0.15%.
- People who want the full gains of chip rallies, since selling calls caps upside. Plain funds like SOXX and SMH don't sell options.
- Investors who need a long record or steady share prices: it fell 27.6% in mid-2026, and repeated payouts can erode its value.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CHPY this fund | — | 1.03% | $1.02B | — | — |
| SOXY YieldMax Target 12 Semiconductor Option Inc… | 95% | — | $64.0M | — | — |
| SOXX iShares Semiconductor ETF · different strategy | 76% | 0.35% | $47.82B | +48.5% | +44.1% |
| SOXQ Invesco PHLX Semiconductor ETF · different strategy | 70% | 0.19% | $3.00B | +60.9% | +53.6% |
| SMH VanEck Semiconductor ETF · different strategy | 69% | 0.35% | $77.20B | +40.5% | +52.2% |
| FTXL First Trust Nasdaq Semiconductor ETF · different strategy | 58% | 0.6% | $2.75B | +81.9% | +54.2% |
| CHPS Xtrackers Semiconductor Select Equity ETF · different strategy | 53% | 0.15% | $107.1M | +75.7% | +55.7% |
| PSI Invesco Semiconductors ETF · different strategy | 43% | 0.56% | $2.38B | +65.1% | +49.1% |
Questions investors ask
Does CHPY pay dividends weekly or monthly?
CHPY's prospectus says the fund aims to make weekly cash distributions. It doesn't promise a payment every week, and amounts will likely vary a lot from one payment to the next. That's because they depend on option premiums, which rise and fall with market volatility. Over the 12 months to October 27, 2026, payouts totaled $11.71 per share, a trailing yield of 19.18%.
Is CHPY's high yield real income?
Only partly. Much of CHPY's payout comes from option premiums, and the prospectus warns that distributions may include a significant share of return of capital, which is your own money handed back. The fund's net asset value typically drops by the amount of each payout, and repeated payouts can wear it down over time. Option income is also usually taxed as ordinary income rather than as qualified dividends.
What's the difference between CHPY and SOXY?
Both are YieldMax semiconductor ETFs that sell options for income, and their holdings overlapped by 95% in their latest N-PORT reports. The biggest difference is size: as of July 31, 2026, CHPY had about $1.02 billion in net assets and SOXY about $64 million. Larger funds often trade with narrower bid-ask spreads. The two funds' prospectuses are worth comparing on fees and payout approach.
CHPY vs SOXX: which is cheaper?
SOXX is much cheaper. The iShares Semiconductor ETF charges 0.35% a year, compared with CHPY's 1.03%. The two also work differently. SOXX simply holds chip stocks and keeps their full gains, and it returned 54.9% over the year to October 30, 2026. CHPY picks its own stocks and sells options on them, giving up some upside in exchange for high payouts. The two funds' holdings overlapped by 76%.
Is CHPY good for retirement income?
It may suit only a small slice of a retirement portfolio. CHPY pays large distributions, with a 19.18% trailing yield as of October 27, 2026. But it holds a single volatile industry, and it fell 27.6% between June 22 and July 29, 2026, without recovering by October 27. Its record is short, its 1.03% fee is high, and its payouts can erode the fund's value.