Best CHPY Alternatives in 2026

CHPY writes options over a semiconductor stock basket for weekly income. SOXY is the closest same-sector income peer, with a lower payout target and a monthly schedule. SOXX, SMH, SOXQ, SMHX, and FTXL hold chip stocks without selling upside. NVDY converts one name — Nvidia — into cash, so it concentrates rather than diversifies the sector bet. Compare overwrite level, payout composition, sector breadth, fees, and total return. A higher distribution is not a better result if NAV and price participation fall behind.

• Strategy mismatch: several funds on this list track a different index or use a different income mechanism than CHPY, so swapping into one changes the exposure — upside participation, payout cadence, and tax character can all shift, not just the ticker.
• Single-name concentration: option-income funds built on one underlying stock inherit that company's full drawdown risk, and a sharp decline can overwhelm months of option premium.
• Concentration in one theme: most funds here focus on technology, so the whole list tends to draw down together when that corner of the market falls out of favor — diversification across the table is lower than the fund count suggests.
• Expense drag: expense ratios in this group average 0.57% — several times what broad index funds charge — and that cost compounds directly against total return.
• Short track records: 2 of the 7 funds launched within the last three years, so their distribution history is too short to judge payout durability across a full market cycle.

• Universe: a hand-curated peer set, split into close peers (1 here — same core exposure and same income mechanism, so a like-for-like swap) and broader substitutes (a different index, underlying asset, or income mechanism). Every fund is labelled in the Strategy fit column; CHPY itself is excluded.
• Eligibility: active ETFs only — liquidated, delisted, and renamed funds drop out automatically. Leveraged and inverse products are never listed: a daily-reset 2x or -1x fund is not an alternative to a long income position.
• Ranking: assets under management, a size-and-liquidity proxy. Never ranked by yield — yields are shown as data, not used to order the list.
• Fit: how each fund's strategy differs from CHPY — and who each one suits — is covered in the strategy notes and FAQ below.