What this ETF is trying to do

The SRH REIT Covered Call ETF (ticker: SRHR) is an ETF that focuses on two main things: real estate and "option income." It invests in Real Estate Investment Trusts, which are companies that own or manage properties like offices or apartments. This fund also uses a strategy called "covered calls" to try to generate extra income for the fund.

What the numbers show

As of October 5, 2026, the current price of one share is $54.02. An estimated price from roughly one year ago was $55.69.

When looking at how the fund performed over the last year, it is important to look at two different numbers:

• Price Return: This measures only the change in the share price. Over the last year, the price return was -2.99%.

• Total Return: This includes the share price change plus any cash distributions paid out. Over the last year, the total return was +3.61%.

So far this year (Year-to-Date), the price return is 1.91%, while the total return is 6.93%.

Income and distribution explanation

This ETF is designed to provide cash to investors. The distribution yield is 6.83%. This means the fund paid out a significant amount of cash relative to its price. These payments usually happen every month, with 12 payments made over the last year.

It is important to remember that a high distribution yield is not the same as total return. While the cash payments can be helpful, they do not guarantee that your total investment will grow.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in an ETF goes down over time. Some investors worry about this because if the value of the assets drops too much, it can be hard for the fund to recover.

For this ETF, the erosion-risk score is 94, which is labeled as "Stable / sideways." The severity is described as "good," and there is no severe erosion-risk flag present.

Top Holdings

The following are the top holdings in this portfolio. Please note that this is a partial list and holdings can change over time:

• LAMAR ADVERTISING CO CLASS A (9.85%)

• REALTY INCOME CORP (6.34%)

• OMEGA HEALTHCARE INVESTORS INC (6.14%)

• HEALTHPEAK PROPERTIES INC (5.90%)

• W.P. CAREY INC (5.65%)

• GLOBAL NET LEASE INC (5.12%)

• HOST HOTELS & RESORTS INC (4.58%)

• FIRST INDUSTRIAL REALTY TRUST INC (4.52%)

• SMARTSTOP SELF STORAGE REIT INC (4.12%)

• COUSINS PROPERTIES INC (4.10%)

Pros

• The fund provides regular monthly income.

• Even though the share price fell over the last year, the total return was positive.

Cons

• The share price experienced a decline of 2.99% over the last year.

Beginner takeaway

SRHR is an ETF that uses real estate and options to try to create monthly income. When looking at this fund, you should look at both the share price and the total return. While the share price might go down, the cash distributions can help make the total return positive.