IncomeShares Monthly Investor Update – August 2026

Total assets under management closed August at $214.2 million – our first month-end above $200 million. Distribution yields were mixed across our exchange-traded products (ETPs), and digital asset ETPs paid some of the highest.

This update breaks down the numbers for the month.

Assets under management (AUM)

Total assets under management closed August at $214.2 million – up about 12% from July. Total AUM has risen every month since July 2024, when we launched our first ETPs.

Gold+ Yield is still our largest ETP, with $51.1 million in AUM. Our Magnificent 7, Nasdaq 100, Silver+ Yield, and S&P 500 ETPs followed. They ended August with $17.2, $16.4, $13.5, and $10.2 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 $267.4 million by the end of August – a 5.9% increase from July. This metric tracks the net amount of money investors have added to IncomeShares ETPs since inception. Positive flows suggest growing demand.

Net inflows came to $14.6 million for the month. Our Gold+ Yield ETP added $4.1 million – the biggest net inflows of the range. Silver+ Yield and our 20+ Year Treasury ETPs followed, adding $1.04 and $0.96 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 $51.4 million across exchanges in August – down about 4% from July.

The London Stock Exchange led the way with $24.8 million in total turnover. Our GBP-denominated ETPs traded $16.0 million there, with USD ETPs at $8.7 million. Xetra turnover came to $24.1 million, and Euronext Amsterdam added $2.5 million.

Note: Figures use IDC FX rates as of the August month-end to convert GBP and EUR into USD for comparison.

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 July and August, 17 yields rose, 36 fell, and 3 were flat.

July's option window carried the peak of earnings season, which lifted many premiums. August was quieter, and implied volatility has tended to fall back after earnings. But volatility is one input among several. Strike prices, expiry dates, and trade timing also affect the premium each option earns. Most Magnificent 7 ETPs paid less. Meta fell from 77% to 46%, Apple from 57% to 34%, and Microsoft from 42% to 23%.

Semiconductor yields came down from July's spike, but Marvell went the other way. Our Marvell Technology ETP paid the highest yield of the range, rising from 120% to 150%. Marvell reported record revenue of $2.7 billion on 27 August – up 37% from a year earlier. Intel fell from 149% to 78%, Lam Research from 129% to 62%, and Micron from 122% to 65%.

Digital asset ETPs paid some of the biggest yields after crypto prices rallied. Bitcoin cleared $80,000 for the first time in over three months, gaining about 22% in August. Our Bitmine ETP rose from 69% to 148% – the second-highest yield of the range. Strategy rose from 72% to 121%, Coinbase from 85% to 111%, and IREN paid 133%.

In commodities, gold hit a three-month high in late August – up about 16% in a month. Our Gold Miners+ Yield ETP more than doubled its yield, from 43% to 89%. Silver Miners+ Yield rose from 32% to 51%, and Copper Miners+ Yield from 46% to 68%. Our Alibaba ETP rose from 43% to 66% after the company reported 45% cloud revenue growth on 20 August.

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.

August annualised distribution yields ranked from highest to lowest:

• Marvell Technology Options ETP: 149.7%

• Bitmine Options ETP: 147.6%

• IREN Options ETP: 133.0%

• Strategy Options ETP: 120.5%

• Coinbase Options ETP: 111.0%

• Riot Options ETP: 109.3%

• Applied Materials Options ETP: 96.5%

• Robinhood Options ETP: 94.3%

• Circle Internet Options ETP: 93.5%

• Blockchain Leaders ETP: 93.2%

• Gold Miners+ Yield ETP: 89.4%

• ARM Options ETP: 82.6%

• Mara Options ETP: 78.9%

• Intel Options ETP: 77.8%

• CoreWeave Options ETP: 77.0%

• Super Micro Computer Options ETP: 73.9%

• Oracle Options ETP: 72.5%

• Memory (DRAM) Options ETP: 71.8%

• Semiconductors Leaders ETP: 70.8%

• Galaxy Digital Options ETP: 70.7%

• SpaceX Options ETP: 69.7%

• Copper Miners+ Yield ETP: 67.9%

• Alibaba Options ETP: 66.0%

• Micron Options ETP: 65.4%

• Uranium+ Yield ETP: 64.9%

• WTI Oil+ Yield ETP: 63.1%

• AI Leaders ETP: 62.1%

• Lam Research Options ETP: 61.8%

• ASML Options ETP: 59.8%

• Broadcom Options ETP: 56.2%

• Analog Devices Options ETP: 52.7%

• QUALCOMM Options ETP: 51.9%

• AMD Options ETP: 51.6%

• Palantir Options ETP: 51.4%

• Tesla Options ETP: 50.9%

• Silver Miners+ Yield ETP: 50.7%

• META Options ETP: 45.6%

• Netflix Options ETP: 44.8%

• Texas Instruments Options ETP: 43.3%

• Nasdaq 100 Options ETP: 41.7%

• NVIDIA Options ETP: 38.2%

• Alphabet Options ETP: 37.3%

• Magnificent 7 Options ETP: 36.6%

• Taiwan Semiconductors Options ETP: 34.7%

• 75/10/15 Multi-Asset Growth ETP: 34.6%

• Apple Options ETP: 34.0%

• Amazon Options ETP: 31.3%

• UnitedHealth Options ETP: 27.2%

• S&P 500 Options ETP: 26.3%

• Microsoft Options ETP: 22.9%

• 60/30/10 Multi-Asset Balanced ETP: 20.8%

• Berkshire Hathaway Options ETP: 13.8%

• Eurostoxx 50 Options ETP: 13.0%

• Silver+ Yield ETP: 12.0%

• Gold+ Yield ETP: 12.0%

• 20+ Year Treasury Options ETP: 12.0%
  

The charts below show the annualised distribution yields for each group over the past 12 months.

Key takeaways

• Total AUM closed August at $214.2 million – its first month-end above $200 million, and up about 12% from July.

• Cumulative fund flows reached $267.4 million on net inflows of $14.6 million. Our Gold+ Yield ETP added $4.1 million.

• Monthly turnover reached $51.4 million across exchanges. Marvell, Bitmine, and IREN ETPs paid the highest distribution yields in August.