At a glance
AMDY charges 1.0% a year, below the 1.27% average of the 1 funds most like it. It has $382.8M in assets; it paid 65.4% of its price in distributions over the past 12 months, monthly. Over the past year it returned +67.9% with distributions reinvested; over three years it returned +36.1% a year.
The short version
YieldMax AMD Option Income Strategy ETF (AMDY) does not own AMD stock; it holds mostly Treasury bills and uses options to mimic AMD's price moves while selling call options for income. It aims to pay weekly; its trailing 12-month yield was 65.4% as of October 27, 2026, though part may be investors' own money returned. Those calls cap its gains when AMD rises, but it bears AMD's full losses when the stock falls.
Price history
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AMDY +67.9% 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 | |
|---|---|---|---|---|---|---|
| AMDY official prospectus, to Dec 31, 2025 | — | +55.58% | — | — | — | +28.86% |
| AMDY price data to Oct 27, 2026 | +112.8% | +67.9% | +36.1% | — | — | +31.3% |
- Over the year to Oct 27, 2026, AMDY returned +67.9%.
- Its worst full calendar year was 2024 (-17.0%); its best was 2025 (+4.6%).
- The deepest fall in its price history was 53.5% (Mar 7, 2024 to Apr 8, 2025), recovered by Apr 24, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +112.8% | — |
| 2025 | +4.6% | +55.58% |
| 2024 | -17.0% | -16.65% |
| 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) | $27.0900 | |
| 2025 | $13.4000 | -75.8% |
| 2024 | $55.4500 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 86.04% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 20.40% | |
| TREASURY BILL Bonds and notes | 19.46% | |
| TREASURY BILL Bonds and notes | 16.71% | |
| TREASURY BILL Bonds and notes | 15.11% | |
| TREASURY BILL Bonds and notes | 14.37% |
By country
United States 86.04%By issuer
US Treasury 86.04%The bonds mature in 0.2 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 $169.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +35.96%, +10.65%, -16.07%.
How it works
AMDY is actively managed and does not track an index. Its main goal is current income, along with exposure to AMD's share price. The fund does not own AMD stock. It buys and sells a mix of call and put options on AMD instead. A call gives the buyer the right to buy at a set price, called the strike. A put gives the right to sell. Some are standard exchange-traded options. Others are FLEX options, which also trade on an exchange but let the terms, such as the strike, be customized. Together, these options aim to rise and fall like AMD shares. The prospectus calls this a synthetic covered call strategy.
On top of that position, the fund sells call options on AMD and collects a cash payment, called a premium, for each one. In return, it gives up any gains above the strike. At times it uses a call spread: it also buys calls at a higher strike to keep some of the upside. The fund uses this approach in every market and does not shift to safer holdings when markets fall.
As of July 31, 2026, about 86% of assets sat in five US Treasury bills that mature in about 0.2 years on average, plus 1.79% in cash. Shareholders get none of AMD's dividends. Each payout lowers the fund's share value, or NAV (net asset value), by the amount paid. Over time, repeated payouts can wear that value down.
What it really costs
- AMDY charges 1% a year, versus an average of 1.27% for the similar funds below.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMDY | $102 | $318 | $552 | $1,225 |
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 returns depend on a single, highly volatile semiconductor stock, and its large payouts come with the risk that the share value wears down.
AMDY launched on September 18, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its own record has been rough. It lost 16.65% in 2024. From March 7, 2024, to April 8, 2025, it fell 53.5% from its high to its low. It did not recover until April 24, 2026, about 12.5 months later. A retiree who sold shares or took income during that stretch would have locked in deep losses.
The draw is income: a 65.4% yield over the past 12 months as of October 27, 2026, with payouts aimed at every week. But part of each payout may be a return of investors' own money. Option income is usually taxed as ordinary income, not at the lower rate for qualified dividends. The expense ratio is 1.00%, which comes to about $102 in the first year on $10,000 invested. Past results don't predict the future. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want large weekly payouts tied to AMD and accept that amounts vary and may partly be a return of their own money.
- Those comparing YieldMax single-stock income funds: AMDY's 1.00% expense ratio is lower than NVDY's 1.27%.
- Holders of a small side position who can sit through swings like the 53.5% drop from March 2024 to April 2025.
Look elsewhere if
- Investors who want to spread risk: AMDY rises and falls with one chip stock, and its one-year volatility was 58.6% as of October 27, 2026.
- Anyone who wants AMD's full gains or any dividends AMD pays: the calls the fund sells cap its gains, and it gets no AMD dividends.
- Retirees who need their savings to hold steady: repeated payouts can wear down the share value, and option income is usually taxed as ordinary income.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AMDY this fund | 0.2 yrs | 1% | $382.8M | +67.9% | +36.1% |
| NVDY YieldMax NVDA Option Income Strategy ETF | 0.2 yrs | 1.27% | $1.36B | +15.7% | +57.7% |
Questions investors ask
Is AMDY good for retirement income?
It pays a lot, but it is a high-risk source of income. The yield over the past 12 months was 65.4% as of October 27, 2026. Still, the fund lost 16.65% in 2024. It fell 53.5% from its March 2024 high to its April 2025 low and took about 12.5 months to recover. Payouts can include a return of investors' own money, and repeated payouts can wear down the share value. It may suit only a small part of a broader portfolio.
Does AMDY pay weekly or monthly dividends?
Its prospectus, filed February 24, 2026, says the fund aims to pay cash every week. Weekly payouts are not guaranteed, and the amounts are likely to vary a lot from one payment to the next. Over the 12 months to October 27, 2026, payouts totaled $29.17 per share. Some of the money may count as a return of capital, meaning investors get back part of what they put in rather than earnings.
Why is AMDY's yield so high?
AMD's stock swings a lot, and option buyers pay large premiums for calls on volatile stocks. AMDY collects those premiums by selling calls and passes the cash on to shareholders. The fund also earns interest on its Treasury bills, which held about 86% of assets as of July 31, 2026. But a high yield is not the same as a high return. Part of each payout may be a return of investors' own money, and payouts can wear down the share value over time.
What's the difference between AMDY and NVDY?
Both are YieldMax option-income funds that hold mostly short-term Treasury bills. AMDY's options are on AMD, and NVDY's are on NVDA. AMDY is cheaper, with a 1.00% expense ratio versus 1.27%. NVDY is larger: $1.36 billion in net assets versus $382.8 million for AMDY as of July 31, 2026. As of October 27, 2026, AMDY returned 67.9% over one year versus NVDY's 15.7%. Over three years, NVDY did better, averaging 57.7% a year versus 36.1% for AMDY.
Does AMDY own AMD stock?
No. AMDY uses call and put options on AMD to copy the stock's price moves without owning shares. As of July 31, 2026, about 86% of its assets were in five US Treasury bills. Most of the rest was cash and AMD options. Because it doesn't own the shares, the fund gets none of AMD's dividends and has no say in how the company is run. It also gives up gains above the strike prices of the calls it sells.