At a glance
AIYY charges 0.99% a year. It has $26.5M in assets; it paid 105.7% of its price in distributions over the past 12 months, monthly. Over the past year it returned −41.8% with distributions reinvested.
The short version
YieldMax AI Option Income Strategy ETF (AIYY) uses options to mirror the price moves of one stock, the software company with the ticker AI, while holding nearly all its assets in short-term US Treasury bills. It aims to pay large weekly distributions from option premiums, but it gives up part of the stock's gains while absorbing its losses in full. The fund lost 82% from its December 2023 peak to its July 2026 low.
Price history
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AIYY -41.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AIYY official prospectus, to Dec 31, 2025 | — | -58.53% | — | — | — | -39.40% |
| AIYY price data to Oct 27, 2026 | -24.3% | -41.8% | — | — | — | -39.4% |
- Over the year to Oct 27, 2026, AIYY returned -41.8%.
- Its worst full calendar year was 2025 (-63.5%); its best was 2024 (-14.4%).
- The deepest fall in its price history was 82.3% (Dec 19, 2023 to Jul 24, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -24.3% | — |
| 2025 | -63.5% | -58.53% |
| 2024 | -14.4% | -14.39% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $5.4050 | |
| 2025 | $23.4340 | -72.1% |
| 2024 | $83.9210 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 98.39% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 63.27% | |
| TREASURY BILL Bonds and notes | 27.61% | |
| TREASURY BILL Bonds and notes | 7.51% |
By country
United States 98.39%By issuer
US Treasury 98.39%The bonds mature in 0.5 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $8.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.55%, -13.77%, +0.32%.
How it works
AIYY is actively managed and follows no index; its main goal is current income. Instead of owning shares of AI, a software company, it builds "synthetic" exposure from exchange-traded options. As of July 31, 2026, it had bought a call (the right to buy AI at a set "strike" price) and sold a put (an obligation to buy AI at that price), both at $9.01 and expiring September 18, 2026. Together, these rise and fall roughly like the stock.
For income, the fund sells call options on AI and collects an upfront payment called a premium. In exchange, it gives up gains above the strike price. It may instead use a "call spread," also buying a higher-strike call to keep some upside; on July 31, 2026, it had sold $8 calls and bought $9 calls. AI's losses pass through in full, and the fund will not turn defensive in falling markets.
As of that date, 98.4% of assets sat in three US Treasury bills averaging about six months to maturity, plus 1.6% cash. The fund aims to pay weekly, but amounts vary and may include return of capital (investors' own money handed back). Each payout typically lowers the share value by its amount, so repeated payouts can erode it over time. Holders get no AI dividends.
What it really costs
- AIYY charges 0.99% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AIYY | $101 | $315 | $547 | $1,213 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its results hinge on options tied to one volatile, loss-making software stock, and it fell 82% from its December 2023 peak without recovering as of October 27, 2026.
AIYY offers large payouts: its distributions over the 12 months to October 27, 2026 equaled 105.7% of its share price, and it aims to pay weekly, though amounts vary. Part may be return of capital, and option income is usually taxed as ordinary income. Launched in November 2023, it has no record from the 2008, 2020 or 2022 downturns. Even counting payouts, it lost 58.5% in 2025, its worst calendar year. It fell 82% from a December 2023 peak to a July 2026 low and had not recovered by October 27, 2026. Selling shares to raise cash after such a drop would lock in deep losses.
It costs 0.99% a year: $101 in the first year and $1,213 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking weekly option-premium payouts, which equaled 105.7% of the share price in the 12 months to October 27, 2026.
- People with a strong view on the software stock AI who want option income tied to it instead of owning the shares.
- Investors who can keep it as a small satellite position and absorb swings like its 82% drop from December 2023 to July 2026.
Look elsewhere if
- Investors who need to preserve principal: even with payouts, it lost 58.5% in 2025 and sat below its 2023 peak as of October 27, 2026.
- Anyone wanting diversification: its returns hinge on one loss-making software stock, not a broad basket of artificial-intelligence companies as the name might suggest.
- Cost-conscious investors seeking tax-efficient income: it charges 0.99% a year, and option income is usually taxed as ordinary income, not as qualified dividends.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is AIYY good for retirement income?
It pays large distributions, but it has not protected capital. Its payouts over the 12 months to October 27, 2026 equaled 105.7% of its share price. Yet even counting payouts, the fund lost 58.5% in 2025, according to its prospectus, and part of each payout may be return of capital. Option income is also usually taxed as ordinary income. It may suit only a small, high-risk slice of a portfolio built mainly on broader holdings.
Does AIYY pay dividends weekly or monthly?
AIYY aims to pay weekly, according to its prospectus filed February 24, 2026. There is no guarantee of a payout in any given week, and amounts will likely vary greatly from one distribution to the next. These are not stock dividends: much of the fund's income comes from selling options, and part of a payout may be return of capital, meaning investors get some of their own money back. Each payout also typically lowers the share value by about the amount paid.
Is AIYY the same as owning AI stock?
No. AIYY does not own AI shares; it uses options to mirror the stock's price moves while holding mostly US Treasury bills. Because it sells call options, it captures only part of AI's gains when the stock rises but takes the full losses when it falls, which option premiums may not offset. Holders get no AI dividends or voting rights and pay a 0.99% annual expense ratio. In the SEC's standard $10,000 example, that costs $101 in the first year.
Does AIYY invest in artificial intelligence stocks?
Not broadly. Despite its name, AIYY is tied to a single stock: the software company that trades under the ticker AI. As of July 31, 2026, 98.4% of its $26.5 million in net assets sat in three US Treasury bills, plus 1.6% cash. Its exposure to AI came from four options positions on that one stock. The T-bills mature in about six months on average, so interest-rate swings move their prices only slightly.
Why has AIYY's share price dropped so much?
Several parts of its design can push the share price down. Each distribution typically lowers the share value by about the amount paid, and the prospectus warns that repeated payouts may significantly erode it over time. Selling call options also limits how much the fund gains when AI rallies, while AI's declines pass through in full, so losses are hard to win back. AIYY fell 82% from its December 2023 peak to a July 2026 low and had not recovered as of October 27, 2026.