ETF Comparison

BLOX vs CHPY: Which Is the Better Pick in 2026?

A head-to-head comparison of Nicholas Crypto Income ETF and YieldMax Semiconductor Portfolio Option Income ETF covering yield, cost, risk, and income potential.

Data updated September 18, 2026

Best for

BLOXInvestors who want crypto exposure that pays you along the way, not just price gains.
CHPYInvestors who want to maximize current income — roughly 57.48%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

BLOX has lagged CHPY over the trailing twelve months, posting a -12.67% total return against 88.04%. Measured from Jun 2025 — the start of shared available history — CHPY has compounded at 81.05% a year versus 13.34% for BLOX. CHPY has been the steadier holding, though — annualized volatility of 39.9% against 58.3% for BLOX. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	Since Jun 2025	Volatility	Sharpe	Sortino	Max drawdown
BLOX	0.31%	-12.67%	13.34%	58.3%	-0.31	-0.43	-47.1%
CHPY	57.03%	88.04%	81.05%	39.9%	1.47	2.11	-27.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jun 2025” measures every fund from June 17, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	BLOX	CHPY
Full name	Nicholas Crypto Income ETF	YieldMax Semiconductor Portfolio Option Income ETF
Issuer	Nicholas Wealth Management	YieldMax
Underlying index	Basket (Equity portfolio focused on crypto-related companies)	Basket (Semiconductor companies)
Last Close	$14.40 as of September 18, 2026	$66.67 as of September 18, 2026
Distribution rate	32.72%	57.48%
Distribution Safety Score™	42	79
Safety-Adjusted Yield	13.74%	45.41%
Expense ratio	0.99%	1.03%
AUM	$314M	$1.22B
Distribution frequency	Weekly	Weekly
Objective	Seeks to provide current income and capital appreciation through exposure to crypto-related companies with an options strategy generating weekly income distributions.	Seeks weekly income by holding a portfolio of U.S.-listed semiconductor equities and generating premium through an options overlay written on those holdings and on semiconductor ETFs.
Asset class	Equity	Equity
Inception date	06/17/2025	04/02/2025
Beta	3.1121	1.8613
Last dividend	$0.0906 declared, pays 09/21/2026	$0.737
Ex-dividend date	09/18/2026	09/16/2026

Bottom lineChoose BLOX if you want crypto exposure that pays you along the way, not just price gains. Choose CHPY if you want to maximize current income — roughly 57.48%, generated by selling options premium. BLOX and CHPY both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. BLOX and CHPY generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Crypto volatility. BLOX sits on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

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Nicholas Wealth Management

ETFs14

Total AUM$716M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Nicholas Wealth Management is known for offering specialized ETFs across digital assets, income generation, and thematic investing strategies. Their fund lineup spans emerging asset classes including cryptocurrency and blockchain exposure, traditional income-focused strategies, and sector-specific themes ranging from nuclear energy to nightlife, appealing to investors seeking both alternative investments and targeted sector exposure. The issuer maintains a focused but diversified portfolio of tickers that caters to both conventional income seekers and those pursuing niche, forward-looking investment themes.

See our curated list of related YouTube videos on BLOX.

See all Nicholas Wealth Management ETFs

YieldMax

ETFs61

Total AUM$9.59B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on CHPY.

See all YieldMax ETFs

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Quick verdict

BLOX (Nicholas Crypto Income ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both weekly-pay dividend ETFs, but they take different approaches.

CHPY offers the higher yield at 57.48% vs 32.72% for BLOX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BLOX is cheaper with an expense ratio of 0.99% compared to 1.03%.

They have different reference exposures: BLOX is linked to Basket (Equity portfolio focused on crypto-related companies) while CHPY is linked to Basket (Semiconductor companies), which means their performance drivers differ.

CHPY is the larger fund by assets ($1.22B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose BLOX

Nicholas Crypto Income ETF

Want crypto exposure that pays income rather than waiting on price alone.
Want to keep costs low — a 0.99% expense ratio vs 1.03% for CHPY.

Choose CHPY

YieldMax Semiconductor Portfolio Option Income ETF

Want to maximize current income — CHPY distributes roughly 57.48% from selling options premium, vs 32.72% for BLOX.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Prefer lower volatility — a beta of 1.9 vs 3.1 for BLOX.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, BLOX would generate roughly $272.67/month, while CHPY would produce $479.00/month, at current distribution rates. Both pay weekly distributions.

BLOX yield32.72%

CHPY yield57.48%

Monthly diff on $10K$206.33

Cost & efficiency

Over 10 years on $10,000, BLOX would cost approximately $990 in fees vs $1,030 for CHPY (simplified, not compounded). The $40.00 difference may be offset by yield or performance.

BLOX ER0.99%

CHPY ER1.03%

Strategy & risk

BLOX tracks Basket (Equity portfolio focused on crypto-related companies) with an options approach, while CHPY tracks Basket (Semiconductor companies) with a covered call approach. Beta is 3.1121 for BLOX and 1.8613 for CHPY, making CHPY the less volatile of the two by this measure.

BLOX beta3.1121

CHPY beta1.8613

Fund details

BLOX is managed by Nicholas Wealth Management (launched 06/17/2025) with $314M in assets. CHPY is managed by YieldMax (launched 04/02/2025) with $1.22B in assets.

BLOX AUM$314M

CHPY AUM$1.22B

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Frequently asked questions

What is the current distribution rate for BLOX and CHPY?

BLOX currently distributes 32.72% and CHPY 57.48%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BLOX or CHPY better for dividend income?

It depends on your goals. CHPY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BLOX and CHPY?

BLOX (Nicholas Crypto Income ETF) tracks Basket (Equity portfolio focused on crypto-related companies) with an options approach, while CHPY (YieldMax Semiconductor Portfolio Option Income ETF) tracks Basket (Semiconductor companies) with a covered call approach. They are issued by Nicholas Wealth Management and YieldMax respectively.

Can I hold both BLOX and CHPY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BLOX or CHPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CHPY scores 79, BLOX scores 42, so CHPY's payout currently looks the more resilient of the two. CHPY has also shown lower price volatility (beta 1.86 vs 3.11 for BLOX). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BLOX or CHPY?

BLOX has an expense ratio of 0.99% while CHPY charges 1.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BLOX vs CHPY generate?

At current rates, $10,000 in BLOX would generate roughly $272.67 per month ($3,272.00 annually). The same in CHPY would produce about $479.00 per month ($5,748.00 annually).

Which has performed better historically, BLOX or CHPY?

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Dividend dates and history

BLOX vs CHPY — at a glance

Generated September 20, 2026.

Overview

BLOX and CHPY are both weekly-distribution ETFs that use equity holdings and options overlays to generate synthetic income. BLOX targets crypto-related companies with a 32.72% distribution rate and a beta of 3.1121, while CHPY holds U.S. semiconductor stocks with a 57.48% distribution rate and a beta of 1.8613. The key distinction is asset class: BLOX chases crypto exposure with higher volatility, while CHPY writes options on semiconductor holdings to harvest premium from a less volatile sector.

How they differ

CHPY's distribution rate is nearly double BLOX's—57.48% versus 32.72%—a gap that reflects both the scale of options premium available in semiconductors and the risk of NAV erosion at such high payout levels. BLOX has significantly higher beta (3.1121 vs. 1.8613), meaning its underlying crypto-related holdings amplify market swings far more aggressively than CHPY's semiconductor basket. CHPY also commands a much larger asset base at $1.22B compared to BLOX's $314M, though both charge similar expense ratios (1.03% for CHPY, 0.99% for BLOX). BLOX is also newer, having launched in June 2025, versus CHPY's April 2025 inception—both are extremely young funds with limited performance history.

Who each is best for

BLOX: Fits investors seeking direct exposure to crypto-adjacent companies and who can tolerate extreme price swings in exchange for weekly income; designed for allocators comfortable with three-to-one leverage in realized volatility.

CHPY: Fits investors drawn to the semiconductor sector who view weekly options income as a bonus to equity exposure rather than the primary driver; suits those preferring lower portfolio beta while pursuing systematic premium capture.

Key risks to know

NAV erosion at extreme yields: CHPY's 57.48% distribution rate and BLOX's 32.72% raise the likelihood that realized returns on the underlying holdings fall short of distributions, forcing NAV to decline over time to sustain payouts.

Options assignment and forced liquidation: Both funds write options that can be exercised against them. If BLOX's crypto holdings or CHPY's semiconductor stocks spike above strike prices, assignments could force sales at unfavorable prices or reduce equity exposure at the worst moment.

Crypto volatility and leverage: BLOX's beta of 3.1121 embedded in a crypto-focused basket means the portfolio can experience drawdowns of 30%–50% in a bearish cycle, compounding the already high distribution yield and accelerating potential principal loss.

Semiconductor sector concentration: CHPY's entire strategy depends on options premium available in semiconductor equities. A prolonged downturn in chip demand or a collapse in realized volatility could sharply reduce premium generation and force higher NAV pressure to maintain distributions.

Tracking error and structural drag: Both funds layer options costs, rebalancing, and premium harvesting on top of their underlying equity holdings. The gap between the funds' distributions and underlying equity returns may grow as market conditions tighten.

Bottom line

If you prioritize maximum yield and can tolerate crypto's three-fold leverage in volatility, BLOX offers weekly distributions with direct sector exposure; if you prefer a more established sector (semiconductors) with tighter beta but are willing to accept nearly double the distribution rate—and the NAV-erosion risk that entails—CHPY's larger asset base and options overlay on a steadier holding may appeal more. Both funds are newly launched with minimal track record; neither structure is designed for principal preservation at these payout levels.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

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