At a glance
WEEL charges 0.99% a year, above the 0.92% average of the 1 funds most like it. It has $38.7M in assets; it paid 12.84% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.2% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 57.3% of the fund, out of 13 in all.
The short version
Peerless Option Income Wheel ETF (WEEL) is an actively managed fund. It holds a mix of ETFs, individual stocks and Treasury bills, and sells options on them to earn income using a method called an option wheel. Its trailing 12-month yield was 12.84% as of October 27, 2026, paid quarterly. Its 0.99% expense ratio is above the 0.92% charged by the most similar fund, and it launched only in May 2024.
Price history
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WEEL +10.2% 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 | |
|---|---|---|---|---|---|---|
| WEEL official prospectus, to Dec 31, 2025 | — | +16.75% | — | — | — | +12.17% |
| WEEL price data to Oct 27, 2026 | +8.4% | +10.2% | — | — | — | +12.0% |
- Over the year to Oct 27, 2026, WEEL returned +10.2%.
- Its worst full calendar year was 2025 (+17.7%); its best was 2025 (+17.7%).
- The deepest fall in its price history was 17.4% (Feb 10, 2025 to Apr 8, 2025), recovered by Jun 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +17.7% | +16.75% |
| 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) | $1.8000 | |
| 2025 | $2.5500 |
What's inside
As of Jun 30, 2026, the fund held 13 securities; the ten largest made up 57.34% of assets, and 29.3% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 18.10% | |
| ARK Innovation ETF | 8.14% | |
| Invesco QQQ Trust Series 1 | 5.90% | |
| KraneShares CSI China Internet ETF | 4.58% | |
| State Street Utilities Select Sector SPDR ETF | 4.39% | |
| iShares MSCI Emerging Markets ETF | 4.06% | |
| VanEck Gold Miners ETF/USA | 4.00% | |
| iShares Expanded Tech-Software Sector ETF | 3.75% | |
| iShares U.S. Home Construction ETF | 2.29% | |
| State Street Energy Select Sector SPDR ETF | 2.13% | |
| VanEck Oil Services ETF | 1.73% | |
| iShares Silver Trust | 1.11% | |
| iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.46% |
By country
United States 60.18%United Kingdom 0.46%By asset type
Stocks 42.54%Bonds and notes 18.1%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $6.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.21%, +1.51%, -0.31%.
How it works
WEEL is actively managed and follows no index. Its sub-adviser, Peerless Wealth LLC, invests mainly in sector ETFs, such as utility or energy funds, and sometimes buys a sector's top 10 to 15 companies directly. It sorts sectors using the Global Industry Classification Standard (GICS). At its most cautious, it weights sectors equally. At its boldest, it favors certain sectors and aims for a beta (sensitivity to market swings) slightly above 1.
Income comes from an "option wheel." The fund sells put options, which can oblige it to buy shares at a set price below the market. It backs each put with cash or short-term Treasury bills. If the price stays above that level, the put expires and the fund keeps the fee, called a premium. If the price falls below it, the fund buys the shares. It then sells covered calls, which let a buyer take the shares at a set price above the market. Once the shares are called away, the cycle restarts.
As of June 30, 2026, the largest positions were a Treasury bill (18.1%), ARK Innovation ETF (8.1%) and Invesco QQQ Trust (5.9%), with 29.3% in cash. Portfolio turnover was 638%. Premiums cushion small drops, but the fund still loses money when prices keep falling, and the calls cap gains in rallies.
What it really costs
- WEEL charges 0.99% a year, versus an average of 0.92% for the similar funds below.
- Of that, 1.09% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.26% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $105 in the first year and $1,492 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| WEEL | $105 | $375 | $665 | $1,492 |
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
The fund's stated objective is current income, and selling options produced a 12.84% trailing yield as of October 27, 2026, though payouts can vary widely.
WEEL paid $2.55 per share over the 12 months to October 27, 2026, a 12.84% yield, in quarterly payments. Payouts are likely to vary, option income is usually taxed as ordinary income, and the strategy gives up some gains in strong rallies. The fund launched in May 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 16.75%. Its deepest drop was 17.4%, from February 10 to April 8, 2025, and it recovered by June 23, 2025, about two and a half months later. In a longer slump, someone drawing income could end up selling shares at a loss. Costs are high: $105 in the first year and $1,492 over 10 years in the SEC's standard $10,000 example. 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 accept quarterly payouts that vary; the trailing 12-month yield was 12.84% as of October 27, 2026.
- Investors expecting flat or choppy markets, which the prospectus says suit its approach of selling puts and covered calls.
- Those wanting smaller swings than the stock market: as of October 27, 2026, one-year beta was 0.53 and volatility 8.8%.
Look elsewhere if
- Cost-conscious investors: the 0.99% expense ratio comes to $1,492 over 10 years in the SEC's $10,000 example.
- Investors who want a long track record: the fund launched in May 2024 and has never been through a major bear market.
- Those wanting plain sector exposure or full rally gains: holdings include ARK Innovation, China internet stocks and a VIX futures ETN, and calls cap upside.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| WEEL this fund | — | 0.99% | $38.7M | +10.2% | — |
| QQQT Defiance Nasdaq 100 Income Target ETF | 6% | 0.92% | $49.1M | +12.9% | — |
Questions investors ask
Does WEEL pay monthly or quarterly dividends?
WEEL seeks to pay quarterly cash distributions. It paid $2.55 per share over the 12 months to October 27, 2026, a 12.84% yield. Payments aren't guaranteed, and the prospectus warns they will likely vary a lot from one payout to the next. Most of the income comes from option premiums plus interest on Treasury bills. Option income is usually taxed as ordinary income, not at the lower rate for qualified dividends.
What is an option wheel strategy?
An option wheel is a repeating cycle of option sales. The fund sells cash-secured puts, which pay a premium in return for agreeing to buy shares below the market price. If prices drop and the shares are delivered, it sells covered calls on them for more premium until the shares are bought away at the strike price. Then the cycle starts over. WEEL's sub-adviser, Peerless Wealth LLC, runs this on sector ETFs and some individual stocks.
WEEL vs QQQT: what's the difference?
Both are option-income ETFs, but they own very different things: only about 6% of their holdings overlap. Defiance Nasdaq 100 Income Target ETF (QQQT) charges 0.92%, compared with WEEL's 0.99%. QQQT returned 12.9% over one year to October 27, 2026, while WEEL returned 10.2%. Both funds are small. QQQT had $49.1 million in net assets as of August 31, 2026, and WEEL had $38.7 million as of June 30, 2026.
Is WEEL good for retirement income?
WEEL can produce high income, but it comes with trade-offs. Its yield was 12.84% as of October 27, 2026, and payouts vary. It launched in May 2024, so it hasn't been tested in a deep or long bear market. It fell 17.4% in early 2025 before recovering in about two and a half months. It costs 0.99% a year. It may suit retirees who use it as one part of a broader income mix.
How risky is WEEL?
WEEL has been less volatile than the stock market so far, but its record is short. As of October 27, 2026, its one-year volatility was 8.8%, and its beta was 0.53, meaning it moved about half as much as the market. Its deepest drop was 17.4%, from February to April 2025. Its holdings include riskier funds such as ARK Innovation ETF, a China internet ETF and gold miners, and it trades heavily, with 638% turnover.