IncomeShares Monthly Investor Update – September 2026

Total assets under management closed September at $221.1 million – a new high. Net inflows for 2026 so far have passed $157 million, already more than investors added in the whole of 2025. Distribution yields fell for most of our exchange-traded products (ETPs), but digital asset ETPs again paid the highest.

This update breaks down the numbers for the month.

Assets under management (AUM)

Total assets under management closed September at $221.1 million – up about 3% from August. Total AUM has risen every month since July 2024, when we launched our first ETPs.

 Gold+ Yield is still our largest ETP, with $53.6 million in AUM. Our Magnificent 7, Nasdaq 100, Silver+ Yield, and NVIDIA ETPs followed. They ended September with $16.3, $14.4, $13.1, and $9.6 million, respectively. Together with Gold+ Yield, these five ETPs currently account for about half of our total AUM.

Cumulative fund flows

Cumulative fund flows reached $284.3 million by the end of September – a 6.3% increase from August. This metric tracks the net amount of money investors have added to IncomeShares ETPs since inception.

Net inflows came to $13.7 million for the month. Our Gold+ Yield ETP added $6.3 million – the biggest net inflows of the range. That was its largest month since May 2025. Marvell Technology and Strategy ETPs followed, adding $1.9 and $1.2 million, respectively.

Total fund flows also have risen every month since inception, and continue to exceed total AUM. That's expected for ETPs that pay monthly income. Our ETPs aim to fund distributions from the option premiums each strategy collects. When we pay that income out, the net asset value (NAV) falls by the payout amount – so cumulative inflows can naturally run ahead of AUM over time.

Trading turnover

Total IncomeShares trading activity reached $48.2 million across exchanges in September – up about 7% from August.

Xetra led the way with $23.4 million in total turnover. The London Stock Exchange followed with $22.4 million. Our GBP-denominated ETPs traded $13.9 million there, with USD ETPs at $8.5 million. Euronext Amsterdam added $2.5 million.

Note: Turnover figures now use fixed month-end FX rates to convert GBP and EUR into USD (GBPUSD 1.3264, EURUSD 1.1339). They aren't comparable with turnover figures in earlier updates.

Distribution yields

Distribution yields represent the annualised income paid to investors as a percentage of an ETP's net asset value, based on the latest month's distribution. IncomeShares ETPs aim to generate this income from selling options. Yields can change each month depending on strategy performance and market volatility.

Of the 56 ETPs that paid in August and September, 18 yields rose, 35 fell, and 3 were flat.

Our Oracle ETP rose from 72% to 87%. Oracle reported revenue of $19.3 billion on 10 September, up 30% year on year, as cloud infrastructure revenue rose 121%. Our Micron ETP rose from 65% to 74%. Micron reported record quarterly revenue of $54.2 billion on 30 September, the day after our distribution date. Implied volatility has tended to rise into earnings, which can mean larger premiums for options sellers.

ETPs whose companies reported in August fell back. Marvell Technology dropped from 150% to 54% after paying the highest yield of the range in August. Alibaba fell from 66% to 43%. Semiconductor yields were mixed. Lam Research rose from 62% to 76%, but Applied Materials fell from 96% to 73%. Broadcom dropped from 56% to 36%.

Digital asset ETPs again paid the highest yields of the range. IREN paid 100%, Circle Internet 99%, and Bitmine 99%. Bitcoin rose nearly 7% in September to around $83,600 – a calmer month after August's roughly 25% gain. Most of the group paid less than in August. Bitmine fell from 148%, Strategy from 121% to 68%, and Coinbase from 111% to 79%.

In commodities, gold fell over 6% in September and silver about 9%. Our Gold Miners+ Yield ETP fell from 89% to 55%, and Silver Miners+ Yield from 51% to 21%. WTI Oil+ Yield rose from 63% to 68%.

Gold+ Yield, Silver+ Yield, and 20+ Year Treasury all paid 12% annualised – that's 1% a month, unchanged. A rising yield percentage doesn't always mean a bigger payout, since the yield also depends on net asset value.

September annualised distribution yields ranked from highest to lowest:

1. IREN Options ETP: 100.5%

2. Circle Internet Options ETP: 99.4%

3. Bitmine Options ETP: 99.3%

4. Riot Options ETP: 93.1%

5. ARM Options ETP: 91.2%

6. Galaxy Digital Options ETP: 88.2%

7. CoreWeave Options ETP: 87.4%

8. Oracle Options ETP: 86.6%

9. Mara Options ETP: 83.1%

10. Robinhood Options ETP: 82.4%

11. Coinbase Options ETP: 79.0%

12. Lam Research Options ETP: 76.0%

13. Memory (DRAM) Options ETP: 75.9%

14. Micron Options ETP: 74.3%

15. Intel Options ETP: 73.2%

16. Applied Materials Options ETP: 73.1%

17. Blockchain Leaders ETP: 71.1%

18. WTI Oil+ Yield ETP: 68.1%

19. Strategy Options ETP: 68.1%

20. ASML Options ETP: 61.0%

21. Super Micro Computer Options ETP: 57.5%

22. Gold Miners+ Yield ETP: 55.2%

23. Semiconductors Leaders ETP: 55.1%

24. Marvell Technology Options ETP: 54.4%

25. Copper Miners+ Yield ETP: 53.6%

26. Uranium+ Yield ETP: 52.5%

27. QUALCOMM Options ETP: 48.7%

28. AMD Options ETP: 47.0%

29. AI Leaders ETP: 45.5%

30. META Options ETP: 42.9%

31. Alibaba Options ETP: 42.9%

32. Palantir Options ETP: 41.4%

33. Taiwan Semiconductors Options ETP: 41.1%

34. Analog Devices Options ETP: 39.6%

35. Alphabet Options ETP: 38.5%

36. SpaceX Options ETP: 38.4%

37. Nasdaq 100 Options ETP: 37.7%

38. Texas Instruments Options ETP: 37.5%

39. Tesla Options ETP: 36.9%

40. UnitedHealth Options ETP: 35.8%

41. Broadcom Options ETP: 35.8%

42. Netflix Options ETP: 34.6%

43. Magnificent 7 Options ETP: 32.6%

44. NVIDIA Options ETP: 31.4%

45. Apple Options ETP: 29.9%

46. 75/10/15 Multi-Asset Growth ETP: 29.7%

47. S&P 500 Options ETP: 28.5%

48. Amazon Options ETP: 26.4%

49. Microsoft Options ETP: 23.9%

50. 60/30/10 Multi-Asset Balanced ETP: 22.3%

51. Silver Miners+ Yield ETP: 20.6%

52. Berkshire Hathaway Options ETP: 15.7%

53. Gold+ Yield ETP: 12.0%

54. Silver+ Yield ETP: 12.0%

55. 20+ Year Treasury Options ETP: 12.0%

56. Eurostoxx 50 Options ETP: 11.4%

Total returns

Distribution yields show the income our ETPs pay, but not what an investor earned overall – that's what total return shows. It counts the change in an ETP's net asset value plus every income distribution, reinvested when it's paid.

The tables below show total returns for all 56 ETPs to 30 September, after ETP fees. ETPs are grouped by launch date, so each block compares like with like. Within each block, they rank by return since launch. Of the 56 ETPs, 42 have a positive total return since launch and 14 a negative one.

Each ETP's total return depends largely on the asset it holds, so returns vary widely across the range. Figures use daily NAV data from Bloomberg. Returns for ETPs launched this year cover a short period and can change quickly.

Key takeaways

• Total AUM closed September at $221.1 million – a new high, and up about 3% from August.

• Cumulative fund flows reached $284.3 million on net inflows of $13.7 million. Our Gold+ Yield ETP added $6.3 million.

• Monthly turnover reached $48.2 million across exchanges. IREN, Circle Internet, and Bitmine ETPs paid the highest distribution yields in September.