HYTI vs KNG: Grades, Fees and Holdings Compared

FT Vest High Yield & Target Income ETF

HYTIBNYSE Arca

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

KNGACboe

Overlap

0.3%by weight

Expense ratio

HYTI −0.09pt a year

HYTI0.65%KNG0.74%

Avg volume · 30D

KNG 8.5×the volume

HYTI36.6KKNG311K

HYTI vs KNG Performance

Oct 31, 2025 – Oct 30, 2026

+2.9%HYTI+16.3%KNG

Expense ratio: HYTI 0.65%, better; KNG 0.74%
Fund size: HYTI $85M; KNG $3.41B
1Y total return: HYTI +2.9%; KNG +16.3%, better
Yield (12M): HYTI 10.68%, better; KNG 8.16%
Holdings: HYTI 5; KNG 70
Avg volume (30D): HYTI 36.6K sh; KNG 311K sh, better
NAV per share: HYTI $18.39; KNG $51.65
52W range

ETF.net Grade

Pillar letters and Scores for HYTI, KNG, with each pillar’s weight
Pillar	HYTI	KNG
Cost30% weight	A81Higher	B63
Mission25% weight	A100	Not scored
Risk15% weight	A76Higher	B67
Tradability15% weight	C41	A92Higher
Holdings10% weight	C46	A81Higher
Durability5% weight	B63	A96Higher

Rank among Index Option Income funds

How we build Categories ›

Same Category. HYTI and KNG are both graded against the same 25 Index Option Income funds, so their Grades compare head to head.

Index Option Income⁠

Category · 25 funds

See all 25 ›

KNG ranks 3rd and HYTI 6th of 25 funds in the Index Option Income Category.

Rank 1ALQDWiShares Investment Grade Corporate Bond BuyWrite Strategy ETFScore 87
Rank 2AEFAAInvesco MSCI EAFE Income Advantage ETFScore 78
Rank 3AKNGFT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETFScore 73
Rank 4BIDUBAptus International Enhanced Yield ETFScore 68
Rank 6BACYNFT Vest Laddered Autocallable Barrier & Income ETFScore 66
Rank 6BHYTIFT Vest High Yield & Target Income ETFScore 66
Rank 6BNIHINEOS MSCI EAFE High Income ETFScore 66

Our read on each fund

ETF.net Research

HYTIBFT Vest High Yield & Target Income ETF

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

In short

HYTI High yield income without owning high yield bonds. HYTI holds U.S. Treasuries and layers purchased and written call options on a high yield corporate bond ETF, seeking current income paid monthly.

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

HYTI The Fund seeks current income, with capital appreciation as a secondary objective. Its strategy combines U.S. Treasury securities with purchased and written call options on the iShares iBoxx High Yield Corporate Bond ETF.

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

HYTI Undercuts the typical options-income fund on fee: 0.65% a year versus a 0.75% category median.
The credit exposure is synthetic. Collateral sits in U.S. Treasuries and the high yield tilt comes from options, so there is no basket of individual junk bonds underneath.ftportfolios.com
Income is designed to arrive monthly, and the portfolio matches the mandate its documents describe: Treasuries plus the option overlay, nothing bolted on.
Lands in the upper half of a crowded field of index-overlay options-income funds on our review.

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.gov cboe.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

HYTI Written calls are the engine and the ceiling. Selling them funds the income, and it gives up part of any sharp rally in the reference ETF.ftportfolios.com
Thinly traded, so bid-ask spreads can run wider and less predictably than on the big bond index ETFs.
Launched in 2025, so the record does not yet span a full credit cycle.

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.com sec.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 HYTI profile⁠

Full KNG profile⁠

HYTI vs KNG Holdings

How HYTI and KNG differ

Overlap by weight

0.3%

Shared holdings make up 2.0% of HYTI and 0.3% of KNG.

Level by level

Holdings0 in both0.3%

Sector

No Sector split for HYTI.

Country, concentration and asset class

Country by domicile

No country split for HYTI.

Concentration

Weight in the 10 largest Holdings

HYTI100.1%
KNG15.6%

Securities held

HYTI4
KNG69

Asset class

HYTI: Multi-Asset
KNG: Multi-Asset

Holdings

Only in HYTI4
In both0
Only in KNG69

Only in HYTI

4 securities, 98.1% of HYTI by weight

2027-01-29 iShares iBoxx $ High Yield Corporate Bond ETF C 0.7796.41%
U.S. Treasury Bill, 0%, due 12/31/20260.56%
U.S. Treasury Bill, 0%, due 01/28/20270.56%
U.S. Treasury Bill, 0%, due 11/27/20260.55%

Only in KNG

69 securities, 100% of KNG by weight

Pentair plc1.78%
Roper Technologies, Inc.1.67%
PPG Industries, Inc.1.54%
Stanley Black & Decker, Inc.1.54%
General Dynamics Corporation1.54%
Erie Indemnity Company1.52%
NextEra Energy, Inc.1.52%
Lowe's Companies, Inc.1.51%
Johnson & Johnson1.51%
A.O. Smith Corporation1.50%
Abbott Laboratories1.50%
S&P Global Inc.1.50%
Ecolab Inc.1.49%
ExxonMobil Holdings Corp.1.49%
West Pharmaceutical Services, Inc.1.49%
Walmart Inc.1.49%
McDonald's Corporation1.49%
Amcor plc1.49%
Air Products and Chemicals, Inc.1.49%
Eversource Energy1.48%
Cincinnati Financial Corporation1.48%
Consolidated Edison, Inc.1.48%
Federal Realty Investment Trust1.48%
Hormel Foods Corporation1.48%
Dover Corporation1.48%
Chevron Corporation1.48%
The Clorox Company1.47%
Medtronic Plc1.47%
AbbVie Inc.1.47%
Nucor Corporation1.47%
Atmos Energy Corporation1.47%
Aflac Incorporated1.46%
FactSet Research Systems Inc.1.46%
The Procter & Gamble Company1.46%
Realty Income Corporation1.46%
Linde Plc1.46%
Chubb Limited1.46%
International Business Machines Corporation1.46%
Church & Dwight Co., Inc.1.45%
McCormick & Company, Incorporated1.45%
Colgate-Palmolive Company1.45%
PepsiCo, Inc.1.45%
Brown-Forman Corporation1.45%
Becton, Dickinson and Company1.45%
The J.M. Smucker Company1.44%
The Coca-Cola Company1.44%
Target Corporation1.44%
Kimberly-Clark Corporation1.44%
Emerson Electric Co.1.44%
Sysco Corporation1.44%

Weight gaps

HYTI and KNG share no securities.

All 5 HYTI holdings⁠All 138 KNG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HYTI vs KNG Cost

Overpaying KNG vs HYTI

$1,590

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HYTI 0.65%
$12,717
KNG 0.74%
$14,307

Amount$10,000

Years30 years

Cost over time

HYTI 0.65%
KNG 0.74%
Overpaying

Year by year

Year	HYTI	KNG	Overpaying
10	$1,163	$1,319	$156
20	$4,440	$5,015	$575
30	$12,717	$14,307	$1,590

Expense ratio

0.65%HYTI, cheaper
0.74%KNG

HYTI0.65%KNG0.74%

0.34%1.34%

Middle half of Index Option Income funds
Median 0.81%

HYTI 5th cheapest of 25 funds

KNG 9th cheapest of 25 funds

HYTI vs KNG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HYTI 10.68%, better; KNG 8.16%
Payout (12M): HYTI $1.97; KNG $4.22
Last payment: HYTI $0.16; KNG $0.35
Ex-dividend: HYTI Oct 1, 2026; KNG Oct 21, 2026
Paid on: HYTI Oct 2, 2026; KNG Oct 30, 2026
Frequency: HYTI Monthly; KNG Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYTIMonthly · 19 paymentsAll HYTI payments⁠

KNGMonthly · 41 paymentsAll KNG payments⁠

HYTI vs KNG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HYTI 3.4%since Mar 2025KNG 12.1%
Return per unit of riskSharpe ratio, 3 years: HYTI 0.23since Mar 2025KNG 0.64
Worst fallMax drawdown, 5 years: HYTI −4.5%since Feb 2025KNG −18.2%
Market sensitivityBeta, 5 years: HYTI 0.14KNG 0.57; Market = 1

HYTI and KNG in the news

All news⁠

Category Review
Index option income was not one bet this year
Updated Oct 5, 2026KNG

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