At a glance
DIPS charges 1.05% a year, above the 0.07% average of the 7 funds most like it (the most expensive of 8). It has $7.9M in assets, the 8th largest of that group; it paid 52.56% of its price in distributions over the past 12 months, monthly. Over the past year it returned −16.2% with distributions reinvested, the weakest of those 8 funds.
The short version
YieldMax Short NVDA Option Income Strategy ETF (DIPS) is an actively managed fund that holds US Treasury bills and uses options to seek gains when NVIDIA shares fall, while collecting option income. It aims to pay weekly, with a 12-month yield of 52.56% as of October 27, 2026, though part can be investors' own money returned. It charges 1.05% a year and lost 69.8% from its August 2024 peak to October 2026.
Price history
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DIPS -16.2% 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 | |
|---|---|---|---|---|---|---|
| DIPS official prospectus, to Dec 31, 2025 | — | -31.38% | — | — | — | -34.25% |
| DIPS price data to Oct 27, 2026 | -13.1% | -16.2% | — | — | — | -36.9% |
- Over the year to Oct 27, 2026, DIPS returned -16.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (-47.0%); its best was 2025 (-47.0%).
- The deepest fall in its price history was 69.8% (Aug 7, 2024 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.1% | — |
| 2025 | -47.0% | -31.38% |
| 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) | $14.0700 | |
| 2025 | $32.2200 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 101.84% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 41.71% | |
| TREASURY BILL Bonds and notes | 17.81% | |
| TREASURY BILL Bonds and notes | 17.10% | |
| TREASURY BILL Bonds and notes | 12.69% | |
| TREASURY BILL Bonds and notes | 12.54% |
By country
United States 101.84%By issuer
US Treasury 101.84%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 $990K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.37%, +4.08%, +0.50%.
How it works
DIPS is actively managed by Tidal Investments LLC. Its main goal is current income; it also seeks gains when NVIDIA (NVDA) shares fall, without owning or directly shorting the stock. It mimics a short position by pairing a purchased put option, which gains as the stock falls, with a written call, which brings in cash but costs the fund as the stock rises. On July 31, 2026, both were tied to a $195.02 share price, expiring September 18, 2026.
Adding written short-dated puts makes this what the prospectus calls a synthetic covered put strategy. Those puts earn premiums, payments for taking on the obligation, but mean the fund misses much of any NVIDIA drop below their price. A lower-priced purchased put can form a spread: on July 31, 2026, it had written an August 7 put at $187.50 and held one at $180. Purchased calls set well above the share price, here $310, aim to cap losses if NVIDIA surges, though big losses remain possible.
Treasury bills, short-term government debt, back these trades: five issues made up about 101.8% of $7.9 million in net assets on July 31, 2026. Weekly payouts are the goal, but they vary widely, aren't guaranteed and may be return of capital, which hands back investors' own money and lowers the fund's value.
What it really costs
- DIPS 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 |
|---|---|---|---|---|
| DIPS | $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
DIPS is an options-based bet against one stock, NVIDIA, that lost 69.8% from its peak, so it fits at most as a small, high-risk side position.
DIPS launched in July 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its prospectus shows a -31.38% return for 2025, its only full calendar year, and its value fell 69.8% from August 7, 2024, to October 6, 2026, with no recovery as of October 27, 2026. It may gain when NVIDIA falls, but only partly, and NVIDIA rallies hurt it. Withdrawals after such a slide would lock in deep losses.
It aims to pay weekly, and its 12-month yield was 52.56% as of October 27, 2026, but payouts may include investors' own money handed back, shrinking the fund's value. Option income is usually taxed as ordinary income. Its 1.05% expense ratio compares with a 0.07% average for short-term bond funds without options. 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 expect NVIDIA shares to fall and want that view through a fund rather than shorting the stock or trading options themselves.
- People with large NVIDIA holdings wanting a small, partial offset, who accept that written puts limit gains when NVIDIA drops.
- Income seekers who accept weekly payouts that vary widely, may include return of capital and carry a 1.05% annual expense ratio.
Look elsewhere if
- Retirees needing dependable income: the 52.56% yield as of October 27, 2026, came alongside a 69.8% fall from the fund's August 2024 peak.
- Anyone wanting low-cost Treasury bills: iShares Short Treasury Bond ETF (SHV) holds similar short-term Treasuries, without NVIDIA options, for 0.15% versus 1.05%.
- Investors who expect NVIDIA to keep rising, since rallies cause losses that option premiums and purchased calls may not fully offset.
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 |
|---|---|---|---|---|---|
| DIPS this fund | 0.2 yrs | 1.05% | $7.9M | -16.2% | — |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1.9 yrs | 0.03% | $12.95B | +2.1% | +4.2% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +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 DIPS good for retirement income?
It is a high-risk income source. DIPS had a 12-month yield of 52.56% as of October 27, 2026, but its prospectus warns that a portion of payouts, sometimes significant, may be return of capital, which hands back investors' own money and can erode the fund's value. Its prospectus shows a -31.38% return in 2025 and a -34.25% average annual return from launch through December 31, 2025. Its value fell 69.8% from its August 2024 peak by October 6, 2026.
Does DIPS pay weekly dividends?
It aims to. DIPS's prospectus, filed February 24, 2026, says the fund seeks to pay weekly distributions, but there's no guarantee of a payment in any given week, and amounts will likely vary greatly. Payouts totaled $16.75 per share, adjusted for share splits, over the 12 months to October 27, 2026. Some of that may be return of capital, and option income is usually taxed as ordinary income rather than as qualified dividends.
Is DIPS the same as shorting NVDA stock?
No. DIPS does not own or directly short NVIDIA shares. It mimics a short position with options, purchasing puts and writing calls at the same strike price, the share price each option is tied to, and holds Treasury bills as collateral. It also writes puts for income, so it captures only part of any big NVIDIA drop. It purchases 'out-of-the-money' calls, set well above the share price, to cap losses if NVIDIA soars, but the prospectus warns rising shares can still cause losses.
What's the difference between DIPS and SHV?
Both hold short-term US Treasuries, but only DIPS adds an NVIDIA options strategy, so they serve very different purposes. iShares Short Treasury Bond ETF (SHV) is a plain Treasury fund charging 0.15% a year, with about $21 billion in net assets as of August 31, 2026, and a 3.7% one-year return as of October 30, 2026. DIPS charges 1.05%, had $7.9 million in net assets on July 31, 2026, and returned -16.2% over the year to October 27, 2026.
What is the DIPS expense ratio?
DIPS has a 1.05% expense ratio, the yearly fee deducted from fund assets, per its prospectus filed February 24, 2026; 0.99% of that is the management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would incur about $107 in costs over one year, $579 over five years and $1,283 over 10 years. That makes it the costliest of eight funds compared on their short-term bond holdings; the other seven, which don't use options, charge 0.03% to 0.18%.