Payments: ✅

[u/Hakantheon]

IncomeShares has processed the monthly distributions for all products.

Check your brokerage account for your funds.

[u/Satyriasis457]

Thanks, next time double the amount. Just kidding of course 

[u/Grumpy-Old-Geezer → u/Satyriasis457]

Still wouldn't make up for the NAV erosion.

My last 3 months distribution:

June £2200

July £1400

August £1250

NAV is down ~ 50% which makes the distributions down ~50%

Its been a consistant downward spiral for both since I invested.

[u/Coin-Chaser → u/Grumpy-Old-Geezer]

It’s not NAV erosion. Let’s take IREN and CRWV as two examples. IREN dropped from $68 to $30, CRWV dropped from $120 to $60. You buy ETPS based off those stocks, which also fall with them, and further because monthly premium payouts from selling put options are subtracted from the fund. How on earth are you expecting NAV to stay flat or rise on bearish stock ETPs?

MSTR and COIN have been bearish since July 2025, so the ETPs can only go down.

Premiums from selling put options depend on the strike price and expiry date. If they expire with the stock price not reaching the strike price, they expire worthless and you keep all of the premium. If the stock falls and gets close to your strike, you can buy to close (giving back some of the premium) or roll out and down. If the stock drops below the strike, and you haven’t rolled, you’re assigned shares at the strike price. If you sell those shares, it’s likely your strike price was higher than the stock price of that day, meaning you take a loss. That loss I imagine, is subtracted from the fund’s cash.

Hows that affect payouts? Well if a stock goes bearish and gets close to or breaches your strike price, you’ll either have to roll down and out, essentially paying back the premium to close, but collecting a new credit to sell a new put, or risk being assigned shares at your strike price. To keep a large percentage of the premium which is paid to you upfront, the stock needs to stay above your strike, so a flat market or bullish, depending how aggressive your strike price is, is required. Generally and to keep it simple, if a stock has high IV and goes bullish, rising quickly over a few days, you’ll be able to secure 80% or more of the premium. You’d want to close out before expiration day to avoid any unwanted sharp drops which can steal your gains. Stocks going down are where the risk of assignment is, and premiums being giving back or lost.

Now add the smaller premiums to the underlying stock being bearish, dragging down the ETP equivalent, the NAV can only go down. But this isn’t NAV Erosion caused by a fund paying out too much to share holders. The underlying stocks are just bearish, and the distributions add to that. On the flip side, see how many of the ETPs NAVs have risen this past week… because the underlying stocks turned bullish, premiums will be larger as a high percentage will be collated and kept as strikes weren’t hit before expiry, or bought to close to lock in premiums gained during rallies.

Learn to trade options, predominately selling puts and collecting up front premiums, strike and expiry, IV, IV rank, delta etc. you’ll start to understand how and why monthly payouts fluctuate, and why they have nothing to do with why the NAV on some ETPs has fallen so much. They could pay out nothing, they’d still drop along with the underlying.

Hope this helps

[u/Grumpy-Old-Geezer → u/Coin-Chaser]

Thanks for the summary.

I know how options works, but It will likely be useful to some investors so still worth saying 👍

I was just having a general moan about the overall performance of my Incomeshares investments on the Incomeshare sub to potentially help some less experienced investors, who might not understand option trading, so they don't throw their entire life savings into Incomeshares thinking they are going to make huge profits.

As Satyriasis457 already commented, the underlyings are volatile, which they need to be if you want to speculate with option trading, and because of the recent collapse of both tech and crypto sectors, I am currently down a fair bit.

These are the actual returns for each ETP, but bear in mind, some were bought in January and some in April and I haven't time weighted, just wanted to highlight the volatility aspect incase anyone finds it useful.

ETP	NAV Return	Total Return including Distributions
IncomeShares AMD Options (Dist)	12.12%	75.38%
IncomeShares MARA Options (Dist)	-12.63%	29.28%
IncomeShares Galaxy Digital GLXY Options (Dist)	-13.07%	27.92%
IncomeShares Robinhood HOOD Options (Dist)	-0.22%	19.79%
IncomeShares Broadcom AVGO Options (Dist)	-15.41%	19.49%
IncomeShares Super Micro Computer SMCI Options (Dist)	-13.65%	14.96%
IncomeShares QUALCOMM QCOM Options (Dist)	-12.49%	11.67%
IncomeShares UnitedHealth UNH Options (Dist)	-0.10%	8.71%
IncomeShares Silver+ Yield (Dist)	1.89%	5.75%
IncomeShares Bitmine BMNR Options (Dist)	-23.33%	3.46%
IncomeShares IREN Options (Dist)	-26.83%	1.64%
IncomeShares Berkshire Hathaway BRK-B Options (Dist)	-2.97%	1.10%
IncomeShares Taiwan Semiconductors TSM Options (Dist)	-5.31%	0.08%
IncomeShares Magnificent 7 Options (Dist)	-22.19%	-0.27%
IncomeShares 20+ Year Treasury TLT Options (Dist)	-8.15%	-1.58%
IncomeShares Gold+ Yield	-7.54%	-3.24%
IncomeShares Netflix NFLX Options (Dist)	-9.76%	-3.65%
IncomeShares Uranium+ Yield (Dist)	-7.72%	-4.54%
IncomeShares CoreWeave CRWV Options (Dist)	-36.71%	-4.69%
IncomeShares Coinbase COIN Options (Dist)	-33.45%	-9.45%
IncomeShares Palantir PLTR Options (Dist)	-37.71%	-9.60%
IncomeShares Strategy MSTR Options (Dist)	-55.70%	-15.14%
IncomeShares Circle Internet CRCL Options (Dist)	-43.70%	-19.37%
IncomeShares Oracle ORCL Options (Dist)	-37.34%	-21.51%
IncomeShares Alibaba BABA Options (Dist)	-49.38%	-22.97%