KNG vs LQTI: Grades, Fees and Holdings Compared

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

KNGACboe

FT Vest Investment Grade & Target Income ETF

LQTIBNYSE Arca

Overlap

0.3%by weight

Expense ratio

LQTI −0.09pt a year

KNG0.74%LQTI0.65%

Avg volume · 30D

KNG 2.5×the volume

KNG311KLQTI126K

KNG vs LQTI Performance

Oct 31, 2025 – Oct 30, 2026

+16.3%KNG−1.1%LQTI

Expense ratio: KNG 0.74%; LQTI 0.65%, better
Fund size: KNG $3.41B; LQTI $187M
1Y total return: KNG +16.3%, better; LQTI −1.1%
Yield (12M): KNG 8.16%; LQTI 9.44%, better
Holdings: KNG 70; LQTI 5
Avg volume (30D): KNG 311K sh, better; LQTI 126K sh
NAV per share: KNG $51.65; LQTI $18.31
52W range

ETF.net Grade

Pillar letters and Scores for KNG, LQTI, with each pillar’s weight
Pillar	KNG	LQTI
Cost30% weight	B63	A81Higher
Mission25% weight	Not scored	A93
Risk15% weight	B67Higher	C54
Tradability15% weight	A92Higher	A78
Holdings10% weight	A81Higher	D29
Durability5% weight	A96Higher	B68

Rank among Index Option Income funds

How we build Categories ›

Same Category. KNG and LQTI 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 LQTI 5th 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 5BLQTIFT Vest Investment Grade & Target Income ETFScore 67
Rank 6BACYNFT Vest Laddered Autocallable Barrier & Income ETFScore 66

Our read on each fund

ETF.net Research

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

LQTIBFT Vest Investment Grade & Target Income ETF

In short

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.

LQTI Corporate-bond income without the corporate bonds. LQTI holds US Treasuries and runs purchased and written calls on an investment-grade bond ETF, targeting that fund's distribution rate plus 5 percentage points, paid monthly.

Stated mandate

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.

LQTI The Fund seeks current income and secondarily capital appreciation through U.S. Treasury securities and purchased and written call options, including FLEX Options, on its investment-grade corporate bond ETF underlying.

Why people hold it

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.

LQTI The payout target is a formula, not a guess: the underlying investment-grade bond ETF's annual distribution rate plus 5 percentage points, distributed monthly.ftportfolios.com
0.65% a year, under the going rate for option-income funds in its peer group.
The bonds it actually owns are US Treasuries. Corporate credit exposure arrives through FLEX options instead of a pile of individual issues.ftportfolios.com
The portfolio does what the prospectus says it does, which puts it among the stronger implementations in the option-income overlay group.

Worth knowing

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.

LQTI First Trust discloses that distributions can include return of capital, so part of a monthly check may be your own money coming back.ftportfolios.com
Written calls sell away upside on the reference bond ETF in exchange for premium. A strong credit rally is trimmed at the top.
Launched February 2025, so there is not yet a long record showing how the income target behaves across rate and credit swings.

Full KNG profile⁠

Full LQTI profile⁠

KNG vs LQTI Holdings

How KNG and LQTI differ

Overlap by weight

0.3%

Shared holdings make up 1.9% of LQTI and 0.3% of KNG.

Level by level

Holdings0 in both0.3%

Sector

No Sector split for LQTI.

Country, concentration and asset class

Country by domicile

No country split for LQTI.

Concentration

Weight in the 10 largest Holdings

KNG15.6%
LQTI100.1%

Securities held

KNG69
LQTI4

Asset class

KNG: Multi-Asset
LQTI: Multi-Asset

Holdings

Only in KNG69
In both0
Only in LQTI4

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%

Only in LQTI

4 securities, 98.2% of LQTI by weight

2027-01-29 iShares iBoxx $ Investment Grade Corporate Bond ETF C 1.0496.84%
U.S. Treasury Bill, 0%, due 12/31/20260.46%
U.S. Treasury Bill, 0%, due 01/28/20270.45%
U.S. Treasury Bill, 0%, due 11/27/20260.45%

Weight gaps

KNG and LQTI share no securities.

All 138 KNG holdings⁠All 5 LQTI 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.

KNG vs LQTI Cost

Overpaying KNG vs LQTI

$1,590

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

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

Amount$10,000

Years30 years

Cost over time

KNG 0.74%
LQTI 0.65%
Overpaying

Year by year

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

Expense ratio

0.74%KNG
0.65%LQTI, cheaper

LQTI0.65%KNG0.74%

0.34%1.34%

Middle half of Index Option Income funds
Median 0.81%

LQTI 5th cheapest of 25 funds

KNG 9th cheapest of 25 funds

KNG vs LQTI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): KNG 8.16%; LQTI 9.44%, better
Payout (12M): KNG $4.22; LQTI $1.73
Last payment: KNG $0.35; LQTI $0.14
Ex-dividend: KNG Oct 21, 2026; LQTI Oct 1, 2026
Paid on: KNG Oct 30, 2026; LQTI Oct 2, 2026
Frequency: KNG Monthly; LQTI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

KNGMonthly · 41 paymentsAll KNG payments⁠

LQTIMonthly · 19 paymentsAll LQTI payments⁠

KNG vs LQTI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: KNG 12.1%LQTI 4.5%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: KNG 0.64LQTI −0.43since Mar 2025
Worst fallMax drawdown, 5 years: KNG −18.2%LQTI −5.6%since Feb 2025
Market sensitivityBeta, 5 years: KNG 0.57LQTI 0.09; Market = 1

KNG and LQTI in the news

All news⁠

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

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KNG vs LQTI

In short

Stated mandate

Why people hold it

Worth knowing

How KNG and LQTI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in KNG

Only in LQTI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Index option income was not one bet this year

How KNG and LQTI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in KNG

Only in LQTI

Weight gaps