At a glance
FBY charges 1.06% a year. It has $101.3M in assets; it paid 57.21% of its price in distributions over the past 12 months, monthly. Over the past year it returned −20.6% with distributions reinvested; over three years it returned +16.0% a year.
The short version
YieldMax META Option Income Strategy ETF (FBY) is an actively managed fund. It holds mostly short-term US Treasury bills and uses options on Meta Platforms (META) stock to track the stock's price moves while selling call options for income. It aims to pay weekly, and its trailing 12-month yield was 57.21% as of October 27, 2026. In exchange, it gives up much of META's upside, keeps the downside and costs 1.06% a year.
Price history
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FBY -20.6% 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 | |
|---|---|---|---|---|---|---|
| FBY official prospectus, to Dec 31, 2025 | — | +2.41% | — | — | — | +25.91% |
| FBY price data to Oct 27, 2026 | -10.0% | -20.6% | +16.0% | — | — | +13.9% |
- Over the year to Oct 27, 2026, FBY returned -20.6%.
- Its worst full calendar year was 2025 (+2.0%); its best was 2024 (+43.8%).
- The deepest fall in its price history was 31.5% (Feb 14, 2025 to Apr 21, 2025), recovered by Aug 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -10.0% | — |
| 2025 | +2.0% | +2.41% |
| 2024 | +43.8% | +44.06% |
| 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) | $3.5202 | |
| 2025 | $6.9910 | -31.9% |
| 2024 | $10.2680 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 98.04% of assets, and 2.16% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 26.78% | |
| TREASURY BILL Bonds and notes | 20.22% | |
| TREASURY BILL Bonds and notes | 19.37% | |
| TREASURY BILL Bonds and notes | 16.99% | |
| TREASURY BILL Bonds and notes | 14.68% |
By country
United States 98.04%By issuer
US Treasury 98.04%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 $20.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.33%, -9.49%, -1.74%.
How it works
FBY does not track an index, and it does not own META shares. Instead, it builds 'synthetic' exposure with options. An option is a contract giving the right to buy (a call) or sell (a put) a stock at a set 'strike' price by a set date. The fund buys calls and sells puts on META at the same strike and date, so the pair rises and falls roughly in line with the stock. As of July 31, 2026, that pair was struck at $570.01 and expired August 21, 2026. It uses standard exchange-traded options and FLEX options, which also trade on exchanges but allow custom terms.
On top of that, the fund sells call options and collects a fee, called a premium. That is the 'covered call' part. If META rises above the sold call's strike, the fund misses gains beyond that point. As of July 31, 2026, it had sold calls at $550 expiring August 7, 2026. The prospectus also allows a 'call spread' version, which generally means buying a higher-strike call to keep a portion of further gains.
Options need little cash. So about 98% of assets sat in five US Treasury bill issues, with an average maturity of about 0.2 years, plus 2.16% cash, as of July 31, 2026. The fund never takes defensive positions, receives no META dividends and may pay distributions that are return of capital.
What it really costs
- FBY charges 1.06% 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 $108 in the first year and $1,294 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FBY | $108 | $337 | $585 | $1,294 |
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
FBY's returns hinge on a single stock, swing sharply and can erode share value through payouts, so it fits only as a small add-on to a broader portfolio.
FBY could add a large stream of cash payouts tied to one stock. Its trailing 12-month yield was 57.21% as of October 27, 2026, and the prospectus says it seeks to pay weekly. Some of that may be return of capital, which shrinks share value. The fund launched in July 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 31.5%, from February 14 to April 21, 2025, and it took about 3.7 months to recover. Its weakest calendar year was 2025, when it gained 2.41%, but it fell 20.6% in the year to October 27, 2026. Selling shares for spending after a drop like that locks in losses. Annual expenses are 1.06%. 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 seeking very large cash payouts (57.21% trailing yield as of October 27, 2026) who accept that weekly amounts vary and may include return of capital.
- Those wanting income tied to Meta Platforms' share price who are willing to give up much of the stock's upside in strong rallies.
- People holding a small satellite position who can live with 36% one-year volatility and a past 31.5% peak-to-trough drop.
Look elsewhere if
- Anyone wanting diversification: returns depend on one company, META, while roughly 98% of assets are Treasury bills held mainly as collateral.
- Cost-conscious investors: the 1.06% expense ratio adds up to about $1,294 over 10 years on $10,000 in the SEC's standard example.
- Investors wanting qualified dividends or steady share value: option income is usually taxed as ordinary income, and repeated payouts can erode the share price.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does FBY pay weekly dividends?
Yes, FBY aims to pay weekly, according to its prospectus filed February 24, 2026. Payments are not guaranteed, though, and the amounts will likely vary a lot from week to week. Over the 12 months to October 27, 2026, it paid about $4.59 per share. Part of any payout may be return of capital, meaning some of your own money is being handed back rather than income the fund earned.
Is FBY's 57% yield real?
The number is accurate: FBY's trailing 12-month yield was 57.21% as of October 27, 2026. But it doesn't measure profit. The payouts come largely from selling options, and some may be return of capital. Each payout lowers the fund's net asset value (NAV), the per-share value of its holdings. Including the payouts, FBY's total return was a loss of 20.6% over the year to October 27, 2026.
What's the difference between FBY and owning META stock?
FBY never owns Meta Platforms shares. It copies the stock's price moves with options and sells call options on top for income. That means FBY holders get no META dividends and no voting rights. The prospectus says the fund captures only part of META's gains when the stock rises but takes on all of its losses when it falls. Option premiums may not fully offset those losses.
How has FBY performed since launch?
Results have been uneven. FBY returned 44.06% in 2024 and 2.41% in 2025. From its July 2023 launch through December 31, 2025, its average annual return was 25.91%. Since then it has weakened: it was down 10.02% in 2026 through October 27. Its strongest quarter was a 20.51% gain in early 2024, and its weakest was a 9.54% loss in the final quarter of 2025.
What is FBY's expense ratio?
FBY's expense ratio is 1.06% a year, according to its prospectus filed February 24, 2026. Of that, 0.99% is the management fee. In the SEC's standard example, where $10,000 earns 5% a year, total costs would be about $108 after one year, $337 after three, $585 after five and $1,294 after ten. That is high next to simple index funds, which don't use options.