At a glance
CRSH charges 1.05% a year, above the 0.07% average of the 7 funds most like it (the most expensive of 8). It has $17.1M in assets, the 8th largest of that group; it paid 69.19% of its price in distributions over the past 12 months, monthly. Over the past year it returned −3.0% with distributions reinvested, the weakest of those 8 funds.
The short version
YieldMax Short TSLA Option Income Strategy ETF (CRSH) uses Tesla options, backed mostly by Treasury bills, to seek gains when Tesla's stock falls, plus weekly payouts. Gains from a Tesla drop are limited, while a Tesla rally causes losses that its options only partly cap. Its yield over the prior 12 months was about 69% as of October 27, 2026, but payouts may partly return investors' own money, and fees are 1.05% a year.
Price history
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CRSH -3.0% 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 | |
|---|---|---|---|---|---|---|
| CRSH official prospectus, to Dec 31, 2025 | — | -14.68% | — | — | — | -41.15% |
| CRSH price data to Oct 27, 2026 | +3.0% | -3.0% | — | — | — | -38.9% |
- Over the year to Oct 27, 2026, CRSH returned -3.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (-40.4%); its best was 2025 (-40.4%).
- The deepest fall in its price history was 75.1% (Jun 11, 2024 to Dec 16, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.0% | — |
| 2025 | -40.4% | -14.68% |
| 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) | $10.5700 | |
| 2025 | $21.3200 |
What's inside
As of Jul 31, 2026, the fund held 4 securities; the ten largest made up 73.73% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 35.44% | |
| TREASURY BILL Bonds and notes | 28.13% | |
| TREASURY BILL Bonds and notes | 8.80% | |
| TREASURY BILL Bonds and notes | 1.36% |
By country
United States 73.73%By issuer
US Treasury 73.73%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 withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -12.21%, +1.17%, +24.35%.
How it works
CRSH is an actively managed ETF from Tidal Investments LLC, sold under the YieldMax name. It neither owns nor shorts Tesla stock. Instead, it trades options on Tesla: calls, which gain when a stock rises, and puts, which gain when it falls. Combined, they create a “synthetic” short position that gains when Tesla drops and loses when it climbs. It stays with this approach in all market conditions.
The fund also writes (that is, issues) put options, collecting a fee called a premium. Premiums supply much of its income, but if Tesla falls below the put's strike price (the level set in the contract), the fund misses further gains. To limit losses if Tesla soars, it purchases out-of-the-money calls, which pay off only after a large rise. They may not fully offset losses, and calmer Tesla trading can shrink premiums.
Treasury bills back the options as collateral. As of July 31, 2026, four T-bills made up 73.7% of the fund's $17.1 million in net assets, maturing in about 0.2 years on average. The largest of 11 Tesla option positions, a put expiring September 18, 2026, was worth 5.1% of assets. Holders get no Tesla dividends. Weekly payouts aren't guaranteed, can vary greatly, may count as return of capital (investors' own money handed back) and can erode the share price.
What it really costs
- CRSH charges 1.05% a year, versus an average of 0.07% for the similar funds below (8th of 8, cheapest first).
- 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 $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CRSH | $107 | $334 | $579 | $1,283 |
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 concentrated options bet against one stock, Tesla, with a 75.1% decline that had not recovered, so at most it could be a small position beside a diversified core.
CRSH launched May 1, 2024, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. It fell 75.1% from June 11, 2024, to December 16, 2025, and had not recovered as of October 27, 2026. In 2025, its only full calendar year, it returned -14.68%, per its prospectus. Its losses tend to come when Tesla rallies, so anyone who must cash out or draw income after a rally could lock in deep losses.
Its 12-month yield was about 69% as of October 27, 2026, with weekly payouts targeted. But payouts vary, can be return of capital (investors' own money handed back) and did not prevent the 2025 loss. Fees are 1.05% a year, or $107 on $10,000 over one year in the SEC's standard example. Past results don't predict future ones, and a plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who expect Tesla shares to fall and want to express that view through an ETF rather than shorting the stock themselves.
- Those wanting a bet against Tesla whose losses in a rally are partly limited by purchased call options, unlike an outright short sale.
- Investors comfortable keeping it small while collecting weekly payouts that vary; the 12-month yield was about 69% as of October 27, 2026.
Look elsewhere if
- Retirees seeking dependable income: payouts aren't guaranteed, may be return of capital, and the fund still lost 14.68% in 2025, per its prospectus.
- Anyone who can't tolerate deep losses: it fell 75.1% from June 2024 to December 2025 and hadn't recovered by October 27, 2026.
- Anyone wanting Treasury safety: funds such as SHV hold short-term Treasuries without Tesla risk for 0.15% a year, versus CRSH's 1.05%.
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 |
|---|---|---|---|---|---|
| CRSH this fund | 0.2 yrs | 1.05% | $17.1M | -3.0% | — |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1.9 yrs | 0.03% | $12.95B | +2.1% | +4.2% |
| VTIP Vanguard Short-Term Inflation-Protected Sec… | 2.4 yrs | 0.03% | $71.01B | +2.8% | +5.3% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
| JPST JPMorgan Ultra-Short Income ETF | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
| SPSB SPDR Portfolio Short Term Corporate Bond ETF | 2.4 yrs | 0.04% | $10.63B | +2.3% | +5.1% |
Questions investors ask
Is CRSH good for retirement income?
Not as a dependable source. CRSH's 12-month yield was about 69% as of October 27, 2026, but the prospectus warns that its weekly payouts aren't guaranteed, can vary greatly and may be return of capital, which lowers the fund's net asset value (the per-share value of its holdings). Even with distributions counted, the fund returned -14.68% in 2025 and -41.15% a year from launch through December 31, 2025, per its prospectus.
Does CRSH pay weekly or monthly dividends?
CRSH aims to pay weekly. Its prospectus says it seeks weekly cash distributions but gives no assurance of a payout in any given week, and amounts will likely vary greatly. The payouts come largely from option premiums, not Tesla dividends, which holders don't receive. Part of each payment may be return of capital, meaning investors' own money handed back, and option income is usually taxed as ordinary income rather than as qualified dividends.
Is CRSH the same as shorting Tesla stock?
No. The prospectus says CRSH neither shorts nor owns Tesla shares. It uses options to create inverse exposure, so it tends to gain when Tesla falls and lose when it rises. Unlike a direct short, it may not capture a big drop: because it collects premiums by writing put options, it misses further gains once Tesla falls below their strike price. Purchased out-of-the-money calls aim to cap losses if Tesla soars, though they may not fully offset them. It also does not aim for a fixed daily inverse return.
What's the difference between CRSH and SHV?
SHV is a plain short-term Treasury fund; CRSH is an options bet against Tesla that holds Treasury bills as collateral. SHV, the iShares Short Treasury Bond ETF, charges 0.15% a year and returned 3.7% over the year to October 30, 2026. CRSH charges 1.05% and returned about -3% over the year to October 27, 2026. Treasury bills made up 73.7% of CRSH's assets as of July 31, 2026, so it can look like a bond fund in holdings data, but its main risk is Tesla's share price.
What is CRSH's expense ratio?
CRSH's expense ratio is 1.05% a year, including a 0.99% management fee, according to its prospectus filed February 24, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $107 in costs over one year, $579 over five years and $1,283 over ten. That is far above the 0.03% to 0.18% charged by short-term bond funds with similar holdings, such as SHV, though those funds don't run an options strategy.