CHPY vs KNG

CHPYCYieldMax Semiconductor Portfolio Option Income ETF

KNGAFT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF

In short

CHPY Semiconductors, run for cash flow. CHPY holds a focused basket of US-listed chip stocks and sells options against them, turning one of the market's twitchiest sectors into option premiums and a monthly distribution schedule.

KNG Dividend Aristocrats with an income motor bolted on. KNG equal-weights the S&P 500's 25-year dividend raisers, then sells calls on each stock, sized by rule to hit an income target above the index's yield. Monthly payer since 2018.

Stated mandate

CHPY The Fund seeks current income, cash distributions, and capital appreciation. It uses a focused portfolio of U.S.-listed semiconductor equities together with options strategies intended to generate premiums.

KNG The Fund seeks to track the price and yield of the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series before fees and expenses.

Why people hold it

• CHPY Owns the chips rather than a stand-in: a focused portfolio of US-listed semiconductor equities with options written against it, so income leans on a sector instead of one name.yieldmaxetfs.com
• Pays monthly, and the mandate names capital appreciation alongside income, so the stock leg stays in play rather than being fully traded away for premium.
• Actively managed, actively traded, and past the billion-dollar mark since its 2025 launch, so getting in and out is rarely the hard part.

• KNG Base portfolio is the S&P 500 Dividend Aristocrats: roughly 140 companies that have raised dividends for at least 25 straight years, held equal-weighted instead of by market cap.cboe.com
• The overlay is written stock by stock, not as one index-level call, and the call count floats by rule to chase an income target set against the S&P 500's dividend yield.sec.govcboe.com
• Calls cover only part of each position, so a slice of every holding stays uncapped. Income lands monthly.sec.gov
• Running since 2018, well before the covered-call crowd showed up, and one of the stronger implementations in its peer group.

Worth knowing

• CHPY At 1.03% a year, it runs above the 0.75% typical of option-income peers, and top-graded ones like LQDW (0.34%) and YLDE (0.47%) charge a fraction of that.
• Writing calls on semis swaps part of the sector's biggest up-moves for premium, and the size of each payout tracks what the options market is paying that month.
• Launched in 2025, so it has not yet traded through a full chip cycle. Semiconductor drawdowns run deep, and an options overlay only cushions so much.

• KNG Calls cap the upside on the covered portion of each stock, so in a fast rally those shares can lag the Aristocrats the fund holds outright.sec.gov
• Coverage floats with option pricing, so how much of the portfolio is written against (and how much upside stays open) shifts over time.cboe.comsec.gov
• Distributions can include return of capital, which trims your cost basis. At 0.74%, the fee sits about level with the 0.75% cohort median, and it prices like an options strategy.

Full CHPY profile⁠

Full KNG profile⁠