USOY
Defiance Oil Enhanced Options Income ETF
weekly DividendsUSOY Quick Stats
USOY Distribution History Trend
USOY has paid 74 weekly distributions on record since inception (2024-05-09). The average distribution over the trailing 12 periods is $0.06 per share. The highest distribution was $0.08 (week of 2026-06-11) and the lowest was $0.05 (week of 2026-07-09). Distribution variance of $0.03 reflects how sensitive the option premium on Defiance Oil Enhanced Options Income's underlying exposure is to market volatility — richer weeks follow volatility spikes, thinner weeks follow calm markets.
Fund Overview
USOY — Defiance Oil Enhanced Options Income ETF — is a weekly-distribution ETF issued by Defiance that generates income by selling call options against its reference asset exposure. The fund targets investors seeking high-frequency cash flow from its reference asset exposure without holding the underlying directly. Distributions are paid weekly, with the ex-dividend date typically falling on a Thursday. The current annualized yield of 44.52% is calculated from the most recent weekly distribution of $0.0630 per share divided by the current share price of $7.36 and multiplied by 52. As with all option-income funds, the distribution rate reflects current implied volatility in its reference asset options — when volatility falls, distributions typically shrink. The fund has $55.6 million in assets under management and has returned 12.89% on a price basis year-to-date, excluding distributions.
Compared to similar Defiance funds, USOY ranks 1 out of 7 by current yield and 1 out of 7 by year-to-date price performance.
Annual Yield Calculations
Both figures start from the same per-period rate: the average of the last 3 distributions ($0.06) divided by the current price ($7.36) = 0.856% per week. The non-DRIP yield annualizes it simply; the DRIP yield compounds it over 52 periods.
WeeklyYield™ Actual Performance
How YTD & performance are calculated: YTD returns shown across WeeklyYield are price-only, using split-adjusted close-to-close prices from the first trading day of the calendar year to the latest close — the same method your brokerage uses. Dividends are tracked separately in the yield figures above. "Actual Non-DRIP" and "Actual DRIP" add distributions back in to show total return since the earliest price we have on record (2025-09-02 at $8.56), using the same 52 distributions in both — non-DRIP collects them as cash, DRIP buys shares at each ex-date close. See full methodology →
Top Performer Score
Price History (1 Year)
About This ETF
The Defiance Oil Enhanced Options Income ETF (USOY) is an exchange-traded fund that mostly invests in crude oil commodities. The fund is an actively managed fund that employs a put options strategy that emphasizes current income while providing exposure to the price of United States Oil Fund (USO). The underlying fund holds short-term futures contracts on WTI crude oil. USOY was launched on May 9, 2024 and is issued by Defiance.
How USOY Generates Income
USOY generates weekly income by selling call options on its reference asset or a synthetic equivalent. When the fund sells a call option, it collects a premium from the buyer — this premium is what funds the weekly distribution. The tradeoff is that the fund caps its upside: if its reference asset rallies sharply above the strike price, the fund does not fully participate in that gain. In a flat or declining market the income generation continues while the fund absorbs price losses similar to holding the underlying. The size of the weekly distribution directly reflects implied volatility in its reference asset options at the time the options were written — higher volatility means more expensive options and larger distributions, lower volatility means smaller ones. This makes the distribution variable week to week rather than fixed.
Distribution Composition and Tax Considerations
Not all of USOY's weekly distributions represent taxable income. Option-income funds frequently classify part of each distribution as return of capital (ROC), which is not taxable in the year received but reduces your cost basis in the fund. When your cost basis reaches zero, subsequent ROC distributions become taxable as capital gains. The exact composition of each distribution — ordinary income, qualified dividends, short-term capital gains, long-term capital gains, and return of capital — is reported annually on Form 1099-DIV and may not be known until after the tax year ends. Holding USOY in a tax-advantaged account (IRA, Roth IRA, 401k) eliminates the annual tax complexity entirely and is the approach most income-focused investors use for high-distribution funds.
Educational information only — not tax advice. See our after-tax dividend calculator to model your own situation.
Dividend History
| Ex-Dividend Date | Cash Amount | Pay Date |
|---|---|---|
| 2026-08-27 | $0.05890 | 2026-08-28 |
| 2026-08-20 | $0.06180 | 2026-08-21 |
| 2026-08-13 | $0.06820 | 2026-08-14 |
| 2026-08-06 | $0.06420 | 2026-08-07 |
| 2026-07-30 | $0.06660 | 2026-07-31 |
| 2026-07-23 | $0.07020 | 2026-07-24 |
| 2026-07-16 | $0.05490 | 2026-07-17 |
| 2026-07-09 | $0.05110 | 2026-07-10 |
| 2026-07-02 | $0.06090 | 2026-07-06 |
| 2026-06-25 | $0.06350 | 2026-06-26 |
| 2026-06-18 | $0.06860 | 2026-06-22 |
| 2026-06-11 | $0.07780 | 2026-06-12 |
USOY has paid 12 weekly distributions over the past 12 weeks. The average weekly distribution over this period was $0.0639 per share. The highest distribution in the trailing 12 weeks was $0.0778 (ex-date 2026-06-11) and the lowest was $0.0511 (ex-date 2026-07-09). Distribution consistency — the variance between the highest and lowest payment — is one indicator of underlying volatility stability. High variance suggests the fund's income generation is sensitive to volatility swings in its reference asset options.
USOY News
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Frequently Asked Questions About USOY
USOY pays weekly dividends. Its most recent ex-dividend date was 2026-08-27 with a pay date of 2026-08-28.
USOY has paid an average of $0.0630 per share across its most recent 3 distributions. Its latest distribution was $0.0589 per share.
USOY's current annualized yield is 44.49%. This is calculated as the average of its last 3 distributions ($0.0630) divided by the current share price of $7.36, annualized over 52 periods. Reinvesting those distributions (DRIP) compounds the same rate: (1 + rate)^52 − 1.
Covered call and option-income ETF distributions vary week to week. USOY's actual total return figures on the fund's WeeklyYield page show total return net of NAV changes; high distribution rates can coincide with NAV decline, so investors should compare yield to actual total return before drawing conclusions. This is educational information, not investment advice.
Option-income ETF distributions are generally treated as ordinary income or return of capital, depending on the fund's structure and the underlying options strategy. For USOY's exact tax character, refer to the fund issuer's 19a-1 notices and year-end 1099-DIV. This is not tax advice.
More detail on how these numbers are calculated is on our methodology page.