YieldMax CVNA Option Income Strategy ETF

CVNYTidal Financial GroupEquityOptions income
Expense ratio1.09%
Net assets$19.0M
Holdings4
Yield (TTM)119.79%
1 week-0.6%
1 month-5.9%
3 months-3.3%
6 months-19.0%
YTD-21.8%
1 year-7.2%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jul 31, 2026 · page updated Nov 3, 2026

At a glance

CVNY charges 1.09% a year. It has $19.0M in assets; it paid 119.79% of its price in distributions over the past 12 months, monthly. Over the past year it returned −7.2% with distributions reinvested.

The short version

YieldMax CVNA Option Income Strategy ETF (CVNY) uses options to copy CVNA stock's price moves without owning it, earns income from the options it writes, and holds mostly short-term US Treasury bills. Its main draw is large payouts: a trailing 12-month yield of about 120% as of October 27, 2026. The trade-offs are limited upside, full exposure to CVNA's losses, a 1.09% expense ratio and payouts that may partly return investors' own money.

Price history

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CVNY -7.2% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)50.6%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-36.3%all history: -41.6%
Beta vs S&P 5002.03moves more than the market
Sharpe ratio (1 year)-0.22return above cash per unit of risk
Since launch+13.7%a year over 1.7 years
52-week range$15.76 – $42.67
Last price $16.32 on Oct 27, 2026, 61.8% below the 52-week high · below its 200-day average ($24.84).
YTD1 yr3 yr5 yr10 yrSince start
CVNY price data to Oct 27, 2026-21.8%-7.2%———+13.7%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, CVNY returned -7.2%.
  • The deepest fall in its price history was 41.6% (Feb 18, 2025 to Apr 4, 2025), recovered by May 13, 2025.
-22%2026*
-22%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)-21.8%
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

Yield (last 12 months)119.79%distributions ÷ price
Paid in the last 12 months$19.55per share, split-adjusted
How oftenmonthly 
Latest payment$0.1900Oct 22, 2026
$142026*
$142026*
Distributions per share by calendar year, adjusted for a share split. * 2026 to Oct 27, 2026.
Show as a table
YearPer shareChange
2026 (to date)$13.8200
Distributions through Oct 27, 2026.

What's inside

As of Jul 31, 2026, the fund held 4 securities; the ten largest made up 91.79% of assets, and 8.5% sat in cash and money-market holdings.

HoldingWeight
TREASURY BILL Bonds and notes36.19%
TREASURY BILL Bonds and notes29.88%
TREASURY BILL Bonds and notes19.33%
TREASURY BILL Bonds and notes6.39%

By country

United States 91.79%

By issuer

US Treasury 91.79%

The bonds mature in 0.3 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 $5.0M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: -6.88%, -7.03%, -2.72%.

How it works

CVNY, issued by Tidal Financial Group, is actively managed rather than index-based, aiming for current income plus indirect exposure to CVNA's share price. In a traditional covered call, an investor owns a stock and collects a fee (a premium) for granting someone the right to purchase it at a set price (the strike price). CVNY's version is synthetic: rather than owning CVNA, it combines purchased and sold call and put options, including customizable FLEX contracts, to mimic the stock's moves, then writes calls for premiums. Sometimes it uses a call spread, adding purchased higher-strike calls to keep some upside.

Most assets sit in short-term US Treasury bills, which back the options. As of July 31, 2026, four bills made up 91.8% of $19.0 million in net assets, with 8.5% in cash, plus six CVNA option positions, including calls expiring August 7, 2026. With bills maturing in 0.3 years on average, rate moves matter little; CVNA drives results.

The fund won't take defensive positions in downturns. Written calls limit how much of a CVNA rally it keeps, yet it bears CVNA's declines. It seeks weekly payouts that will likely vary greatly and may partly be return of capital: investors' own money handed back. Each payout cuts net asset value (NAV, per-share worth), which can erode over time.

What it really costs

  • CVNY 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 yr3 yrs5 yrs10 yrs
CVNY$111$347$601$1,329
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

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

RoleSatellite (higher risk)

Its payouts and returns rest on one volatile stock, CVNA, and large distributions can come with a shrinking share value, so it fits as a small, higher-risk add-on rather than a foundation.

CVNY's appeal is cash flow: a trailing 12-month yield of about 120% ($19.55 per share) as of October 27, 2026, with the prospectus targeting weekly payouts. Payouts vary greatly and may partly be return of capital, and the 1-year return to that date was -7.2%. Its 1.09% expense ratio comes to $111 in the first year on $10,000 in the SEC's standard example.

Launched January 29, 2025, it missed the 2008, 2020 and 2022 downturns and has no full calendar year; 2026 was down 21.8% through October 27. Its deepest drop, 41.6% from February 18 to April 4, 2025, was recovered by May 13, 2025. With one-year volatility (how widely returns swing) of 50.6%, anyone drawing cash in a slump may have to cash out shares near a low. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Income seekers who want large, weekly-targeted payouts and accept that amounts vary greatly and may partly return their own capital.
  • Investors who want CVNA price exposure plus option premiums and accept giving up part of any sharp CVNA rally.
  • People who can keep it a small slice and tolerate swings like the 41.6% drop between February 18 and April 4, 2025.

Look elsewhere if

  • Anyone wanting diversification: beyond Treasury bills backing the options, results hinge on one automotive-retail stock, CVNA.
  • Cost-conscious investors: the 1.09% expense ratio adds up to $1,329 over 10 years on $10,000 in the SEC's standard example.
  • Those needing stable principal: payouts can erode share value, and the fund lost 21.8% in 2026 through October 27.

Close alternatives

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).

No close alternatives found.

Questions investors ask

Is CVNY good for retirement income?

CVNY pays large amounts, but it is a high-risk source of retirement income. Its trailing 12-month yield was about 120% as of October 27, 2026, yet the fund lost 21.8% in 2026 through that date. Payouts vary greatly, may partly be return of capital, and can erode the share price over time. Results hinge on a single stock, CVNA, so it works more as a small satellite holding than a core income source.

Does CVNY pay weekly or monthly dividends?

CVNY aims to pay weekly, according to its prospectus filed February 24, 2026. A payment isn't guaranteed in any given week, and amounts are likely to vary greatly from one payout to the next. Over the 12 months to October 27, 2026, distributions totaled $19.55 per share, adjusted for splits. Much of the money comes from option premiums, usually taxed as ordinary income rather than as qualified dividends, and some may be return of capital rather than profit.

What's the difference between CVNY and owning CVNA stock?

CVNY doesn't own CVNA shares; it uses options to copy their price moves and writes call options for premium income. Holders receive the fund's payouts but have no claim to any CVNA dividends and no voting rights in CVNA. The fund keeps only part of any rise above its call strike prices, yet it bears CVNA's declines, which premiums may not offset. It also charges a 1.09% expense ratio, or $111 in the first year on $10,000 in the SEC's standard example.

Why is CVNY's yield so high?

CVNY's yield is high because options on a highly volatile stock like CVNA carry large premiums, which the fund pays out, and some payouts may be return of capital. The trailing 12-month yield of about 120% as of October 27, 2026 is not the same as profit: the 1-year return to that date was -7.2%. Each payout lowers the fund's net asset value, and the prospectus warns that repeated payouts may significantly erode it and the share price over time.

How risky is CVNY?

CVNY is very risky. Its one-year volatility, a measure of how widely returns swing, was 50.6% as of October 27, 2026, and its one-year beta of 2.03 means it has tended to move about twice as much as the overall market. Its deepest drop was 41.6%, from February 18 to April 4, 2025. Although 91.8% of assets sat in Treasury bills as of July 31, 2026, the bills mostly serve as collateral for the options; returns hinge on CVNA.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Feb 24, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Sep 28, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.