At a glance
WDTE charges 1.03% a year. It has $68.2M in assets; it paid 32.64% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.6% with distributions reinvested (S&P 500: +11.5%).
The short version
Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) is an actively managed fund. It gets most of its S&P 500 Index exposure through options and sells daily call spreads on the index to collect premiums. It aims to pay weekly and has an annual distribution target of about 30% of net asset value. That target is not guaranteed, and payouts may include return of capital. Its expense ratio is 1.03%.
Price history
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WDTE +15.6% 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 | |
|---|---|---|---|---|---|---|
| WDTE official prospectus, to Dec 31, 2024 | — | +10.17% | — | — | — | +12.53% |
| WDTE price data to Oct 27, 2026 | +14.7% | +15.6% | — | — | — | +13.2% |
- Over the year to Oct 27, 2026, WDTE returned +15.6%.
- Its worst full calendar year was 2025 (+13.6%); its best was 2025 (+13.6%).
- The deepest fall in its price history was 15.8% (Feb 19, 2025 to Apr 10, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.7% | — |
| 2025 | +13.6% | — |
| 2024 | — | +10.17% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $7.2700 | |
| 2025 | $11.3000 |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 3.87% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.17%, +0.39%, +2.83%.
How it works
WDTE does not simply buy the 500 stocks in the S&P 500 Index. It may hold index ETFs. It can also build 'synthetic' exposure with options, either by pairing bought calls with sold puts or by buying deep in-the-money calls. These are options with a strike price far below the index level, so they move almost in step with the index. As of August 31, 2026, one S&P 500 call option made up 92.3% of net assets. It expires December 18, 2026 and has a 600 strike. Cash made up another 3.87%.
Each day the manager also sells a call spread on the index. It sells a call at or near the index level and buys another call at a higher strike. The fund keeps the premium but gives up gains between the two strikes. Above the upper strike, it shares in further gains again. The focus is very short-dated options. '0DTE' means zero days to expiration, and these options tend to pay higher premiums for their short life. They are cash-settled.
The goal is net premiums of about 2.5% a month, which works out to the 30% annual target. When returns fall short, payouts come out of net asset value. The fund still takes index losses, which premiums may not offset.
What it really costs
- WDTE charges 1.03% a year.
- 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 $1,259 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| WDTE | $105 | $328 | $569 | $1,259 |
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
Its stated objective is current income, paid weekly from options premiums, but the high payout can eat into capital, so it fits best as a small income sleeve.
WDTE's trailing 12-month yield was 32.64% as of October 27, 2026, and it seeks to pay weekly. Part of that may be return of capital. Options income is usually taxed as ordinary income. Costs are high: the expense ratio is 1.03%, and the SEC's standard $10,000 example shows $105 in costs after one year and $1,259 after 10 years.
The fund launched September 18, 2023, so it missed the 2008, 2020 and 2022 downturns. It returned 10.17% in 2024 and 13.6% in 2025 (price-based). Its deepest drop was 15.8%, from February 19 to April 10, 2025. It took about 2.8 months to recover. In a long slump, a retiree drawing income could see the share price and the dollar payouts shrink together. 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
- Investors who want weekly cash payouts linked to the S&P 500 and accept that much of it may be return of capital.
- Those wanting an income sleeve that has moved less than the market; its one-year beta was 0.81 as of October 27, 2026.
- Holders using IRAs or other tax-advantaged accounts, where ordinary-income treatment of options premiums matters less.
Look elsewhere if
- Long-term investors seeking full S&P 500 growth: daily call spreads give up gains between strikes, while index losses still pass through.
- Cost-conscious investors: the 1.03% expense ratio adds up to $1,259 on $10,000 over 10 years in the SEC example.
- Anyone wanting a long record: it launched September 18, 2023 and has not been through a bear market like 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does WDTE pay weekly or monthly dividends?
WDTE seeks to pay weekly, according to its prospectus. There is no assurance of a payment in any given week, and amounts will likely vary a lot from one payout to the next. Over the 12 months to October 27, 2026, it paid $9.29 per share, a trailing yield of 32.64%. Some of these payouts may be return of capital, which hands back your own invested money rather than income.
Is WDTE's 30% yield real?
Not as a guaranteed yield. WDTE has an annual distribution target of about 30% of net asset value. It is based on seeking about 2.5% a month in net options premiums. The prospectus states plainly that the target is not a 30% yield or a 30% total return. When the fund earns less than it pays out, distributions reduce net asset value. If that value falls over time, future dollar payouts fall with it.
What's the difference between WDTE and an S&P 500 index fund?
A plain S&P 500 index fund owns the stocks and keeps all of the market's gains. WDTE gets its exposure mostly through options and sells daily call spreads for income. That means it gives up part of the upside, but it still takes index losses, cushioned only by premiums. It also charges 1.03% a year and pays large distributions that may include return of capital, which can wear down the share price.
Is WDTE good for retirement income?
It can produce a lot of cash flow, but with trade-offs. It seeks to pay weekly, and its trailing yield was 32.64% as of October 27, 2026. However, payouts may include return of capital, options income is usually taxed as ordinary income, and the distributions can erode net asset value. Its 1.03% expense ratio is high. Its record is also short, since it launched September 18, 2023, and net assets were $68.2 million as of August 31, 2026.
How much has WDTE dropped in a market sell-off?
WDTE's deepest drop in its available price history was 15.8%, from February 19 to April 10, 2025. It recovered by July 3, 2025, about 2.8 months later. Its weakest quarter in the prospectus was a 0.8% loss in the fourth quarter of 2024. The fund did not exist during the 2008, 2020 or 2022 downturns, so it has not been tested in a long bear market.