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

Overview

CHPY and GPTY are both ETFs using options overlays to generate weekly income from concentrated baskets of U.S. equities. CHPY focuses exclusively on semiconductor companies and writes call options on both its holdings and semiconductor ETFs; GPTY invests in AI and technology companies and writes calls on those holdings plus AI/tech ETFs. Both distribute at yields exceeding 35%, funded primarily through premium collected on covered calls rather than underlying dividend payments.

How they differ

The core difference is sector exposure: CHPY's portfolio is narrowly focused on semiconductors, while GPTY spans the broader AI and technology space. This shows up in their betas—CHPY's 1.86 is notably higher than GPTY's 1.66, reflecting the semiconductor sector's outsized sensitivity to market swings and cyclical demand.

CHPY offers a higher distribution rate at 39.75% versus GPTY's 35.37%, though both are funded almost entirely through options premiums rather than underlying yields. CHPY has also gathered significantly more assets ($1.08B versus $109M for GPTY), suggesting greater investor familiarity or confidence after a slightly longer track record (CHPY inception April 2025 versus GPTY's January 2025).

Both carry identical 1.03%–1.06% expense ratios, making fees roughly neutral in this comparison.

Who each is best for

CHPY: Fits investors seeking concentrated exposure to semiconductor volatility who view elevated weekly payouts as compensation for single-sector concentration and are comfortable with call-writing constraints on chip stocks.

GPTY: Designed for investors wanting broader technology-sector participation—capturing both semiconductors and software, AI infrastructure, and other tech—while collecting options premium at a slightly lower yield but with less sector-specific risk.

Key risks to know

• NAV erosion at extreme yields. Both ETFs distribute at yields above 35%, far exceeding typical underlying dividend payments. This structure depends entirely on sustained options premiums; if implied volatility contracts or call spreads narrow, distributions will likely fall and NAV will erode over time.

• Call assignment and cap risk. Writing call options on concentrated baskets caps upside. If semiconductors (CHPY) or AI/tech stocks (GPTY) rally sharply, assigned shares will be called away, locking in gains but removing participation in further moves.

• Sector cyclicality. CHPY's pure-play semiconductor exposure amplifies downside during chip-cycle downturns; GPTY's broader tech basket offers some insulation, though technology as a whole remains sensitive to interest rates and growth sentiment.

• Short track record and liquidity. Both ETFs launched in late 2024/early 2025. GPTY's $109M AUM is particularly thin, raising questions about whether sufficient options liquidity exists to sustain the overlay strategy and weekly distributions at scale.

• Concentration and single-asset overlap. Both funds hold related baskets and write calls on overlapping indexes. Holdings-level overlap is unknown, but the sector overlap likely means they could move together in a semiconductor or tech selloff.

Bottom line

If you want the highest weekly payout and can tolerate single-sector (semiconductor) swings, CHPY's 39.75% yield stands out; if you prefer broader technology exposure with a lower volatility profile, GPTY's 35.37% yield paired with diversification across AI and tech may feel more balanced. Both are experimental structures with minimal operating history—high yields are built on options premiums that may not persist, and past performance doesn't predict future results.