KNG vs SEMY

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

SEMYDGraniteShares YieldBOOST Semiconductor 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.

SEMY Most income ETFs sell calls on calm blue chips. SEMY sells puts on a 3x leveraged semiconductor fund, converting one of the market's most violent corners into option premium. An income engine bolted onto a volatility furnace.

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.

SEMY The Fund seeks to generate income through options strategies, primarily by selling put options on leveraged ETFs tracking the 3x Long ICESEMI Daily ETF. Its secondary objective is exposure to that leveraged ETF, subject to a cap on potential gains.

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.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.

• SEMY The mechanism is the point: writing puts on a 3x semiconductor ETF harvests premium priced off triple-leveraged swings, not the milder volatility of ordinary chip shares.graniteshares.com
• No chip stocks on the books. Exposure runs through options on a leveraged fund, so the income comes from premium collected rather than dividends passed through.graniteshares.com
• Built as a standard 1940 Act fund: shares trade intraday like any ETF and tax reporting arrives on a 1099, not a K-1.graniteshares.com

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.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.

• SEMY The 1.07% expense ratio runs above what most options-income peers charge. That is the sticker price on actively managed put-writing rather than a passive overlay.
• Upside is capped by design. A short put collects premium and leaves the big rally to someone else, while the pain side still references a 3x semiconductor fund.
• Launched in late 2025, so there is little history to judge it by, and the fund discloses that distributions can include return of capital (your own money handed back).

Full KNG profile⁠

Full SEMY profile⁠