At a glance
YLDE charges 0.48% a year, above the 0.28% average of the 8 funds most like it (the 7th cheapest of 9). It has $161.3M in assets, the 7th largest of that group; it paid 7.2% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +18.7% a year. At its worst it fell 33.1% in the 2020 crash (S&P 500: 33.7%) and 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 9 months after the lows. Its ten largest positions make up 31.1% of the fund, out of 50 in all.
The short version
Franklin ClearBridge Enhanced Income ETF (YLDE) is an actively managed fund. It holds 50 dividend-paying stocks, mostly from large US companies, and sells call options on the S&P 500 to raise extra income. It aims to pay out 6% to 8% a year in monthly payments, and its trailing yield was 7.2% as of October 27, 2026. The trade-offs are a 0.48% expense ratio, above the 0.28% average for similar funds, and less upside in strong rallies.
Price history
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YLDE +13.6% 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 | |
|---|---|---|---|---|---|---|
| YLDE official prospectus, to Dec 31, 2025 | — | +12.96% | — | +11.22% | — | +11.80% |
| Russell3000Index index, same period | — | +17.15% | — | +13.15% | — | +14.22% |
| YLDE price data to Oct 27, 2026 | +12.0% | +13.6% | +18.7% | +10.2% | — | +12.1% |
- Over the year to Oct 27, 2026, YLDE returned +13.6%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +10.2%.
- In the 2020 COVID crash it fell 33.1% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2022 (-8.6%); its best was 2019 (+32.5%).
- The deepest fall in its price history was 33.3% (Feb 13, 2020 to Mar 23, 2020), recovered by Sep 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.1% | — |
| 2025 | +13.1% | +12.96% |
| 2024 | +16.4% | +16.59% |
| 2023 | +15.7% | +15.58% |
| 2022 | -8.6% | -8.63% |
| 2021 | +22.1% | +22.33% |
| 2020 | +10.3% | +10.98% |
| 2019 | +32.5% | +29.41% |
| 2018 | -5.7% | -3.94% |
| 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 | Lost 33.1% over that stretch · deepest drop along the way 33.1%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.6% over that stretch · deepest drop along the way 20.2%, back to its old high 9.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.0618 | |
| 2025 | $3.0800 | +258.1% |
| 2024 | $0.8600 | +17.8% |
| 2023 | $0.7300 | +12.3% |
| 2022 | $0.6500 | +27.5% |
| 2021 | $0.5100 | -3.8% |
| 2020 | $0.5300 | -3.6% |
| 2019 | $0.5500 | -5.2% |
| 2018 | $0.5800 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 31.08% of assets, and 2.22% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| WILLIAMS COMPANIES INC (THE) | 4.53% | |
| EXXONMOBIL HOLDINGS CORP | 3.96% | |
| ALPHABET INC | 3.52% | |
| NVIDIA CORP | 2.97% | |
| NESTLE' SA/AG | 2.88% | |
| AIR PRODUCTS AND CHEMICALS INC | 2.77% | |
| APOLLO GLOBAL MANAGEMENT INC | 2.72% | |
| MICROSOFT CORP | 2.61% | |
| UNILEVER PLC | 2.59% | |
| PUBLIC STORAGE | 2.53% | |
| MARSH & MCLENNAN COMPANIES INC | 2.47% | |
| JP MORGAN CHASE & COMPANY | 2.46% | |
| OTIS WORLDWIDE CORP | 2.43% | |
| UNION PACIFIC CORP | 2.39% | |
| HALEON PLC | 2.28% |
By country
United States 80.97%United Kingdom 6.19%Switzerland 4.54%Ireland 2.81%Spain 1.67%By asset type
Stocks 97.86%By sector
Sectors of the companies held, for the 80.4% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $13.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.67%, -0.63%, +0.66%.
How it works
YLDE follows no index; two subadvisers run it. ClearBridge Investments picks the stocks through company-by-company research. It seeks high-quality firms with strong balance sheets and reasonable valuations that pay an attractive dividend or could grow one. The fund favors large companies but may own real estate investment trusts and foreign stocks, some through US-listed depositary receipts. As of June 30, 2026, the fund had 50 holdings, led by Williams Companies (4.5%), Exxon Mobil (4.0%) and Alphabet (3.5%).
O'Shaughnessy Asset Management (OSAM) runs an options overlay. It sells call options on US large-company indexes such as the S&P 500, covering up to 100% of the stock portfolio's value, collecting an upfront payment called a premium. If the index finishes above a set exercise price, the fund pays the difference. The calls are uncovered: the fund doesn't own the index and may sell stocks to raise that cash. Each typically runs five weeks or less; OSAM may close them early to limit losses. The trade-off is smaller gains in strong rallies.
Distributions are monthly and meant to be steady, with larger July and December payments. The yearly target is about 6% to 8% of the prior year-end net asset value per share. Part may be return of capital: your own money handed back. Neither is guaranteed.
What it really costs
- YLDE charges 0.48% a year, versus an average of 0.28% for the similar funds below (7th of 9, cheapest first).
- Of that, 0.47% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YLDE | $49 | $154 | $269 | $604 |
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 is built mainly to pay monthly cash, with a 6% to 8% annual payout target and a 7.2% trailing yield as of October 27, 2026.
YLDE could add a steady monthly payment to a retirement portfolio, but it is still a stock fund. The option premiums soften losses only a little. The fund launched in 2017, so it has no record from 2008. In the 2020 COVID crash it fell 33.1% and took about 5.4 months to recover, by September 2, 2020. In the 2022 bear market it dropped 20.2% and needed 9.2 months to get back, by July 18, 2023. Its worst calendar year was 2022, at -8.6%. Selling shares near those lows would lock in losses. Some payouts may also be return of capital rather than earnings.
The fund costs 0.48% a year. In the SEC's standard example, that is $49 in the first year on $10,000. Option income is usually taxed as ordinary income. 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
- Retirees who want monthly payouts from a fund that targets 6% to 8% a year and had a 7.2% trailing yield as of October 27, 2026.
- Investors who prefer a hand-picked group of 50 dividend stocks, led by Williams, Exxon Mobil and Alphabet, to an index fund.
- People willing to give up some rally gains for smaller swings. Its one-year beta, a measure of market sensitivity, was 0.39.
Look elsewhere if
- Cost-focused investors: the 0.48% expense ratio is above the 0.28% average for similar funds, and SPY charges 0.0945%.
- Investors after full stock-market growth: it trailed the Russell 3000 over one and five years through December 31, 2025.
- Taxable investors who want qualified dividends: option income is usually taxed as ordinary income, and payouts may include return of capital.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| YLDE this fund | — | 0.48% | $161.3M | +13.6% | +18.7% |
| DLN WisdomTree U.S. LargeCap Dividend Fund · different strategy | 31% | 0.28% | $6.14B | +16.0% | +21.9% |
| BGIG Bahl & Gaynor Income Growth ETF | 31% | 0.45% | $2.16B | +16.4% | +20.1% |
| SPIN SPDR SSGA US Equity Premium Income ETF | 29% | 0.25% | $46.0M | +8.2% | — |
| TDVG T. Rowe Price Dividend Growth ETF · different strategy | 28% | 0.5% | $1.38B | +13.6% | +18.7% |
| BDIV AAM Brentview Dividend Growth ETF · different strategy | 26% | 0.49% | $6.7M | +11.1% | — |
| FDVV Fidelity High Dividend ETF · different strategy | 25% | 0.16% | $10.16B | +13.6% | +22.8% |
| VV Vanguard Large Cap ETF · different strategy | 25% | 0.04% | $73.83B | +12.0% | +23.8% |
Questions investors ask
Does YLDE pay monthly dividends?
Yes. YLDE pays every month and tries to keep payments fairly steady through the year, with larger ones in July and December. Over the 12 months to October 27, 2026, it paid about $4.14 per share, a 7.2% trailing yield. Payments can come from stock dividends, option profits, stock gains or return of capital, meaning part of your own investment handed back. The fund says its payout rate isn't guaranteed.
Is YLDE a covered call ETF?
Not exactly. Like a covered call fund, YLDE sells call options for extra income. But its calls are on stock indexes such as the S&P 500, not on the stocks it owns, so the prospectus calls them uncovered. If the S&P 500 rises faster than YLDE's dividend stocks, losses on the calls can outweigh portfolio gains. In flat, falling or slowly rising markets, the premiums may help it beat a similar fund that doesn't sell options.
What's the difference between YLDE and SPIN?
Both are stock funds that sell options for income, and about 29% of their holdings overlap. SPDR SSGA US Equity Premium Income ETF (SPIN) is cheaper, at 0.25% a year versus YLDE's 0.48%. YLDE is bigger, with $161 million in net assets versus $46 million as of June 30, 2026. It also has a longer history, going back to 2017. In the year to October 27, 2026, YLDE returned 13.6% and SPIN 8.2%. One year is a short period for comparing funds.
How has YLDE performed compared with the stock market?
It has trailed the broad market, which is common for funds that give up some upside for income. As of December 31, 2025, YLDE's average yearly return was 12.96% over one year, 11.22% over five years and 11.8% since its 2017 launch. The Russell 3000 Index returned 17.15%, 13.15% and 14.22% over the same periods. YLDE swung less, though: its one-year volatility, a measure of how much returns move up and down, was 9.4% as of October 27, 2026.
Is YLDE good for retirement income?
It may suit retirees who want monthly cash and accept the trade-offs. It aims to pay out 6% to 8% a year. It costs 0.48% a year, or about $49 in the first year on $10,000 in the SEC's standard example. That is above the 0.28% average for similar funds. It isn't a safe haven: it fell 33.1% in the 2020 crash and 20.2% in the 2022 bear market. Option income is usually taxed as ordinary income.