At a glance
AMZY charges 1.09% a year. It has $265.8M in assets; it paid 48.58% of its price in distributions over the past 12 months, monthly. Over the past year it returned +7.5% with distributions reinvested; over three years it returned +21.6% a year.
The short version
YieldMax AMZN Option Income Strategy ETF (AMZY) is an actively managed fund that uses options to follow Amazon's (AMZN) share price without owning the stock, and it sells call options to generate income. Its trailing 12-month yield was 48.58% as of October 27, 2026. Much of that can be return of capital, the strategy caps upside, and the 1.09% expense ratio is high.
Price history
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AMZY +7.5% 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 | |
|---|---|---|---|---|---|---|
| AMZY official prospectus, to Dec 31, 2025 | — | +10.26% | — | — | — | +26.47% |
| AMZY price data to Oct 27, 2026 | +6.3% | +7.5% | +21.6% | — | — | +21.4% |
- Over the year to Oct 27, 2026, AMZY returned +7.5%.
- Its worst full calendar year was 2025 (+10.5%); its best was 2024 (+35.4%).
- The deepest fall in its price history was 23.6% (Feb 4, 2025 to Apr 21, 2025), recovered by Jul 21, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.3% | — |
| 2025 | +10.5% | +10.26% |
| 2024 | +35.4% | +35.90% |
| 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) | $3.7493 | |
| 2025 | $6.9855 | -22.5% |
| 2024 | $9.0122 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 91.06% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 28.69% | |
| TREASURY BILL Bonds and notes | 28.06% | |
| TREASURY BILL Bonds and notes | 14.34% | |
| TREASURY BILL Bonds and notes | 10.18% | |
| TREASURY BILL Bonds and notes | 9.79% |
By country
United States 91.06%By issuer
US Treasury 91.06%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 $37.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.38%, -10.80%, +11.37%.
How it works
AMZY does not track an index. Instead of buying Amazon shares, the manager builds "synthetic" exposure: the fund buys call options and sells put options on AMZN, a pairing that rises and falls roughly in step with the stock. As of July 31, 2026, its largest option position was a bought call expiring September 18, 2026, with a $245 strike price (the price at which the option can be exercised). It was worth 11.7% of assets and was paired with a sold put at about the same strike.
On top of that, the fund sells call options. These pay it a premium up front but give away gains above the strike price. It may instead use a call spread, selling one call and buying another at a higher strike to keep some upside. It uses both standardized exchange-traded options and FLEX options, which are also exchange-traded but allow custom terms.
Options tie up little cash, so as of July 31, 2026, about 91% of assets sat in five short-term US Treasury bills with an average maturity of about 0.2 years, plus 1.92% in cash. The fund aims to pay distributions weekly. It will not take defensive positions in falling markets. Portfolio turnover was 24%.
What it really costs
- AMZY charges 1.09% a year.
- 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 $111 in the first year and $1,329 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMZY | $111 | $347 | $601 | $1,329 |
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
It is a single-stock options strategy on Amazon with high volatility, capped upside and payouts that can wear down the share price, so it fits only a small slice of a portfolio.
AMZY launched on July 24, 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its weakest calendar year was 2025, when it gained 10.26%. Within that year, though, it fell 23.6% between February 4 and April 21, 2025, and took about three months to recover, by July 21. Anyone drawing income during a drop like that may have to sell shares at lower prices. The trailing 12-month yield was 48.58% as of October 27, 2026 ($4.955 a share). Payouts vary, can include return of capital and may erode the share price over time. Option income is usually taxed as ordinary income. In the SEC's standard example, the 1.09% expense ratio costs $111 in the first year on $10,000. 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 who want large, frequent cash payouts tied to Amazon and accept that weekly amounts vary and may include return of capital.
- People comfortable holding a small slice in a single-stock options strategy whose three-year volatility was about 25.6% as of October 27, 2026.
- Investors who want option-based Amazon exposure, with most assets parked in short-term Treasury bills, rather than owning the shares directly.
Look elsewhere if
- Anyone seeking diversification: results depend on one company, Amazon, and the fund fell 23.6% between February and April 2025.
- Investors who want Amazon's full upside: sold calls cap gains, and holders get no AMZN dividends or shareholder voting rights.
- Cost-conscious or tax-sensitive savers: the 1.09% expense ratio is high, 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).
No close alternatives found.
Questions investors ask
Is AMZY good for retirement income?
It pays a lot of income but carries real risks. Its trailing 12-month yield was 48.58% as of October 27, 2026. However, payouts vary, can include return of capital, and the prospectus warns they may significantly erode the share price over time. The fund depends entirely on Amazon's stock, fell 23.6% in early 2025 and charges 1.09% a year. It may suit investors who treat it as a small, higher-risk part of a broader portfolio.
How often does AMZY pay dividends?
The fund aims to pay distributions every week, according to its prospectus filed February 24, 2026. There is no guarantee of a payment in any given week, and the amounts are likely to vary a lot from one payment to the next. Over the 12 months to October 27, 2026, distributions totaled $4.955 per share. Part of these payments may be classified as return of capital rather than income.
Why is AMZY's yield so high?
The yield comes mainly from selling call options on Amazon, which brings in premiums, plus interest on the Treasury bills the fund holds. A high yield does not mean a high profit. Some distributions can be return of capital, which means part of your own money being paid back to you. Each payout lowers the fund's net asset value, so the 48.58% trailing yield as of October 27, 2026, overstates what holders actually earned.
Is AMZY the same as owning Amazon stock?
No. AMZY does not own Amazon shares. It uses options to copy the stock's price moves, then sells call options that cap how much it gains when Amazon rises. It takes the full hit when Amazon falls, apart from whatever the option premiums offset. Holders get no Amazon dividends or voting rights. As of July 31, 2026, about 91% of the fund's assets were in short-term US Treasury bills.
How has AMZY performed since it launched?
It has posted gains in each full calendar year so far. According to its prospectus, it returned 35.9% in 2024 and 10.26% in 2025, an average of 26.47% a year from its July 2023 launch through December 31, 2025. In 2026 it was up 6.3% through October 27. Along the way it had a 23.6% drop in early 2025, and its worst quarter was a loss of 8.22%.