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WEEL

GradeCNew York Stock Exchange Arca

Peerless Option Income Wheel ETF

Option Income · Peerless · Inception 2024-05-16

$20.56−0.12 (−0.58%)

As of Sep 23, 2026, 2:40 PM EDT

History starts May 16, 2024.
Intraday session: down, 18 prints from 20.68 to 20.56. Range 20.56 to 20.62. Use the arrow keys to read each point.$20.58$20.60$20.6210 AM12 PM2 PM4 PM
Expense ratio
1.24%
Fund size
$44M
1Y return
+14.6%
Yield · Last 12 months
12.33%
Volume · 30D
0M sh
NAV per share
$20.61
52W range
low $18.98high $23.94

The ETF.net WEEL Grade

C

51/ 100

Rank 19 of 51 in Active Option Income⁠

Confidence Medium

Six-pillar profile for WEEL. Scores out of 100: Cost 40, Risk 85, Mission not scored, Tradability 41, Holdings not scored, Durability 52. Strongest: Risk (85). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank33/51 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 85
    Category rank3/45 · top 7%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 41
    Category rank29/51 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 52
    Category rank28/51 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on WEEL

ETF.net Research

CThe DIY option wheel in a ticker: sell cash-secured puts on sector ETFs, take the shares if assigned, write covered calls, repeat. Launched in 2024, it runs on option premiums rather than dividends.

Stated mandate

The actively managed ETF seeks current income by investing in sector-specific ETFs and sometimes individual securities, then applying an option-wheel strategy that writes options on those holdings.

Why people hold it

  1. 01Automated wheel: out-of-the-money cash-secured puts on sector ETFs, assignment when they land in the money, then covered calls on what it owns. No rolls for you to manage.peerlessetfs.commutualfunds.com
  2. 02Written puts are collateralized with cash or short-term Treasuries, so there is no naked short-option leg.mutualfunds.com
  3. 03Sector ETFs, allocated with GICS as the frame, form the base rather than single-name bets.mutualfunds.com
  4. 04Peerless frames it as an income path to equity-like returns with less volatility than the major equity indexes.peerlessetfs.com

Worth knowing

  1. 01At 0.99% it costs a bit more than the typical options-income fund and well above cheaper peers such as PAPI (0.29%) and DIVO (0.56%).
  2. 02Covered calls trim gains above the strike, and while puts sit unassigned the money waits in Treasury bills instead of stocks.mutualfunds.com
  3. 03Small fund, light volume, non-diversified: limit orders and a glance at the spread are worth the extra click.aaii.com

WEEL Holdings

As of Sep 22, 2026, 2:37 PM
Asset class
Stocks
Holdings
—
Top-10 weight
83%
Largest holding
United States Treasury Bill 10/01/202614.0%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 10/01/202614.04%6,220,000$6M21
002—United States Treasury Bill 10/29/202613.95%6,200,000$6M35
003—United States Treasury Bill 10/15/202612.84%5,700,000$6M53
004—First American Government Obligations Fund 12/01/203111.79%5,222,252$5M625
005KREState Street SPDR S&P Regional Banking ETF9.11%56,000$4M7
006KWEBKraneShares CSI China Internet ETF5.35%94,000$2M8
007XLIState Street Industrial Select Sector SPDR ETF4.80%12,500$2M25
008XLUState Street Utilities Select Sector SPDR ETF3.86%42,000$2M23
009QQQInvesco QQQ Trust Series 13.52%2,100$2M26
010IGViShares Expanded Tech-Software Sector ETF3.51%14,500$2M8
011XRTState Street SPDR S&P Retail ETF3.45%18,500$2M4
012IYRiShares U.S. Real Estate ETF3.35%15,000$1M2
013GDXVanEck Gold Miners ETF/USA3.31%15,500$1M12
014IWMiShares Russell 2000 ETF2.77%4,300$1M15
015ITBISHARES TRUST DJ HOME CONSTN1.69%8,500$750K3

Showing 1–15 of 19 holdings

WEEL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

WEEL$11,458
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. WEEL $11,458. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for WEEL. Periods over one year show the average yearly return.
PeriodWEEL
Year to date+9.6%
1 month+0.1%
3 months+4.9%
1 year+14.6%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for WEEL
YearReturn barWEEL
2026 YTD+9.6%
2025+17.7%
2024+3.4%

Since listing, May 16, 2024

WEEL in the news

ETF.net Research hasn’t filed on WEEL yet — coverage lands here as it’s written.

WEEL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
12.33%Last 12 months
Payout per share
$2.55Last 12 months
Last payment
$0.60 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 8 payments from 2024 to 2026 YTD. Sep 25, 2024 $0.60; Dec 27, 2024 $0.73; Mar 27, 2025 $0.60; Jun 26, 2025 $0.60; Sep 25, 2025 $0.60; Dec 30, 2025 $0.75; Mar 26, 2026 $0.60; Jun 25, 2026 $0.60. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Jun 25, 2026Jun 26, 2026$0.60
Mar 26, 2026Mar 27, 2026$0.60
Dec 30, 2025Dec 31, 2025$0.75
Sep 25, 2025Sep 26, 2025$0.60
Jun 26, 2025Jun 27, 2025$0.60
Mar 27, 2025Mar 28, 2025$0.60
Dec 27, 2024Dec 30, 2024$0.73
Sep 25, 2024Sep 26, 2024$0.60

WEEL Risk

How much the fund’s monthly returns vary, scaled to a year.
7.5%
Annualised · 27 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.15
vs 3-month T-bills · 27 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−17.4%
28 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.66
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

WEEL Cost

Expense ratio1.24%
  • The middle half of Active Option Income funds
  • Median 0.95%

40 of the 47 Active Option Income funds charge less.

WEEL costs $124.00 a year on $10,000. The median Active Option Income fund costs $95.00.