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PAYR vs USOY

Federated Hermes Enhanced Income ETF

PAYRACboe

Oil Enhanced Options Income ETF

USOYDNasdaq

Overlap

0.0%by weight

Expense ratio

PAYR −0.72pt a year

PAYR0.40%USOY1.12%

Avg volume · 30D

USOY 22.7×the volume

PAYR18.1KUSOY411K

PAYR vs USOY Performance

Oct 31, 2025 – Oct 30, 2026

+25.2%PAYR+79.6%USOY

Oct 31, 2025 to Oct 30, 2026. PAYR +25.2%. USOY +79.6%. Use the arrow keys to read each point.0%40%60%Oct 2025Apr 2026Oct 2026
Expense ratio
PAYR 0.40%, better
USOY 1.12%
Fund size
PAYR $91M
USOY $82M
1Y total return
PAYR +25.2%
USOY +79.6%, better
Yield (12M)
PAYR No data
USOY 46.97%
Holdings
PAYR 58
USOY 9
Avg volume (30D)
PAYR 18.1K sh
USOY 411K sh, better
NAV per share
PAYR $56.43
USOY $7.87
52W range

ETF.net Grade

PAYR: Cost 92, Risk 75, Mission not scored, Tradability 56, Holdings 73, Durability 55. USOY: Cost 16, Risk 41, Mission 50, Tradability 56, Holdings not scored, Durability 77.
Pillar letters and Scores for PAYR, USOY, with each pillar’s weight
PillarPAYRUSOY
Cost30% weightA92HigherF16
Mission25% weightNot scoredC50
Risk15% weightA75HigherC41
Tradability15% weightB56B56
Holdings10% weightA73Not scored
Durability5% weightB55A77Higher

Rank among Active Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PAYR and USOY are both graded against the same 50 Active Option Income funds, so their Grades compare head to head.

Active Option Income⁠

Category · 50 funds
See all 50 ›

PAYR ranks 4th and USOY 36th of 50 funds in the Active Option Income Category.

  1. Rank 1ARECIColumbia Research Enhanced Core Premium Income ETScore 83
  2. Rank 2ATCALT. Rowe Price Capital Appreciation Premium Income ETFScore 80
  3. Rank 2AYLDEFranklin ClearBridge Enhanced Income ETFScore 80
  4. Rank 4APAYRFederated Hermes Enhanced Income ETFScore 76
  5. Rank 4ARDVIFT Vest Rising Dividend Achievers Target Income ETFScore 76
  6. Rank 34DFIXPFolioBeyond Enhanced Fixed Income Premium ETFScore 37
  7. Rank 36DUSOYOil Enhanced Options Income ETFScore 35
  8. Rank 37DULTYYieldMax Ultra Option Income Strategy ETFScore 32

Our read on each fund

ETF.net Research

PAYRAFederated Hermes Enhanced Income ETF

USOYDOil Enhanced Options Income ETF

In short

PAYR No data

USOY Most options-income funds harvest premium from stocks. USOY works the oil patch instead, writing options tied to a large oil-tracking ETF and paying the proceeds out monthly, with upside capped by design.

Stated mandate

PAYR No data

USOY The Fund seeks current income and, secondarily, exposure to the performance of USO, subject to a limit on potential investment gains.

Why people hold it

PAYR No data

  • USOY An income engine pointed at crude, not the S&P. Its reference point is the United States Oil Fund, a different setup from the equity-call funds that dominate this category.defianceetfs.com
  • Income comes first by charter: the stated goal is current income, with oil exposure as the secondary aim. Distributions are paid monthly.defianceetfs.com
  • Built as a 1940 Act registered fund, not a commodity partnership, so it trades on exchange like an ordinary ETF.defianceetfs.com

Worth knowing

PAYR No data

  • USOY At 1.12% a year, it runs above the typical options-income ETF; broad equity premium peers such as PAPI, ROCY and DIVO charge a fraction of that.
  • Upside is capped by design. The prospectus objective spells out a limit on potential investment gains, so a big crude rally only partly shows up here.defianceetfs.com
  • Exposure is synthetic and tied to one reference fund, so both the payout stream and the share price track crude's swings rather than a diversified basket.

Full PAYR profile⁠

Full USOY profile⁠

PAYR vs USOY Holdings

How PAYR and USOY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PAYR and 0.0% of USOY.

Level by level

  • Asset classEquity, Commodities0.0%
  • Holdings0 in both0.0%
  • Countryby domicile77.6%

Sector

No Sector split for USOY.

Country, concentration and asset class

Country by domicile

Country weights in PAYR and USOY, widest gap first
CountryMore in PAYRMore in USOY
United StatesUSOY +22.4 points
United KingdomPAYR +8.1 points
FrancePAYR +6.6 points
CanadaPAYR +5.1 points
GermanyPAYR +2.6 points
SwitzerlandSame weight

Concentration

Weight in the 10 largest Holdings

  • PAYR32.9%
  • USOY102.6%

Securities held

  • PAYR54
  • USOY8

Asset class

PAYR
Equity
USOY
Commodities

Holdings

  • Only in PAYR54
  • In both0
  • Only in USOY8

Only in PAYR

54 securities, 100% of PAYR by weight

  • Us Bancorp4.01%
  • Paychex Inc3.80%
  • Totalenergies SE3.57%

Only in USOY

8 securities, 99.9% of USOY by weight

  • United States Treasury Bill 07/08/202731.40%
  • United States Treasury Bill 02/18/202719.67%
  • Uso 11/20/2026 140.01 C17.32%

Weight gaps

PAYR and USOY share no securities.

All 52 PAYR holdings⁠All 12 USOY 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.

PAYR vs USOY Cost

Overpaying USOY vs PAYR

$12,517

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

  • PAYR 0.40%

    $8,090

  • USOY 1.12%

    $20,607

$10,000
30 years

Cost over time

  • PAYR 0.40%
  • USOY 1.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530USOY $20,607PAYR $8,090

Year by year

YearPAYRUSOYOverpaying
10$723$1,965$1,242
20$2,793$7,344$4,551
30$8,090$20,607$12,517

Expense ratio

  • 0.40%PAYR, cheaper
  • 1.12%USOY
  • Middle half of Active Option Income funds
  • Median 0.95%

PAYR 5th cheapest of 50 funds

USOY 42nd cheapest of 50 funds

PAYR vs USOY Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PAYR No data
USOY 46.97%
Payout (12M)
PAYR No data
USOY $3.71
Last payment
PAYR $0.29
USOY $0.07
Ex-dividend
PAYR Oct 30, 2026
USOY Oct 29, 2026
Paid on
PAYR Pays Nov 2, 2026
USOY Oct 30, 2026
Frequency
PAYR Monthly
USOY Weekly

Distribution history

Per share, 2026, same scale for both

PAYRMonthly · 10 paymentsAll PAYR payments⁠
One bar per payment. 10 payments in 2026 YTD. Jan 30, 2026 $0.29; Feb 27, 2026 $0.33; Mar 31, 2026 $0.57; Apr 30, 2026 $0.18; May 29, 2026 $0.49; Jun 30, 2026 $0.46; Jul 31, 2026 $0.33; Aug 31, 2026 $0.32; Sep 30, 2026 $0.38; Oct 30, 2026 $0.29. Use the arrow keys to read each point.$0$0.502026YTD
USOYWeekly · 43 paymentsAll USOY payments⁠
One bar per payment. 43 payments in 2026 YTD. Jan 8, 2026 $0.05; Jan 15, 2026 $0.07; Jan 22, 2026 $0.07; Jan 29, 2026 $0.07; Feb 5, 2026 $0.07; Feb 12, 2026 $0.07; Feb 19, 2026 $0.07; Feb 26, 2026 $0.07; Mar 5, 2026 $0.07; Mar 12, 2026 $0.11; Mar 19, 2026 $0.09; Mar 26, 2026 $0.09; Apr 2, 2026 $0.10; Apr 9, 2026 $0.09; Apr 16, 2026 $0.08; Apr 23, 2026 $0.08; Apr 30, 2026 $0.08; May 7, 2026 $0.09; May 14, 2026 $0.08; May 21, 2026 $0.09; May 28, 2026 $0.08; Jun 4, 2026 $0.08; Jun 11, 2026 $0.08; Jun 18, 2026 $0.07; Jun 25, 2026 $0.06; Jul 2, 2026 $0.06; Jul 9, 2026 $0.05; Jul 16, 2026 $0.05; Jul 23, 2026 $0.07; Jul 30, 2026 $0.07; Aug 6, 2026 $0.06; Aug 13, 2026 $0.07; Aug 20, 2026 $0.06; Aug 27, 2026 $0.06; Sep 3, 2026 $0.06; Sep 10, 2026 $0.06; Sep 17, 2026 $0.07; Sep 24, 2026 $0.06; Oct 1, 2026 $0.06; Oct 8, 2026 $0.06; Oct 15, 2026 $0.07; Oct 22, 2026 $0.07; Oct 29, 2026 $0.07. Use the arrow keys to read each point.$0$0.502026YTD

PAYR vs USOY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PAYR 14.6%since Nov 2025USOY 30.9%since Jun 2024
Return per unit of riskSharpe ratio, 3 years
PAYR 1.36since Nov 2025USOY 0.79since Jun 2024
Worst fallMax drawdown, 5 years
PAYR −7.0%since Oct 2025USOY −25.5%since May 2024
Market sensitivityBeta, 5 years
PAYR 0.01USOY −0.56

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