At a glance
FIAT charges 1.05% a year. It has $36.9M in assets; it paid 92.99% of its price in distributions over the past 12 months, monthly. Over the past year it returned +39.2% with distributions reinvested (S&P 500: +11.5%).
The short version
YieldMax Short COIN Option Income Strategy ETF (FIAT) is an actively managed fund that uses options to bet against the share price of Coinbase Global (COIN). It also aims to pay large weekly distributions, and it never shorts the stock directly. Its trailing 12-month yield was 92.99% as of October 27, 2026. Part of that payout can be a return of your own capital, and the expense ratio is 1.05%.
Price history
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FIAT +39.2% 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 | |
|---|---|---|---|---|---|---|
| FIAT official prospectus, to Dec 31, 2025 | — | -24.71% | — | — | — | -34.37% |
| FIAT price data to Oct 27, 2026 | +8.8% | +39.2% | — | — | — | -36.7% |
- Over the year to Oct 27, 2026, FIAT returned +39.2%.
- Its worst full calendar year was 2025 (-54.8%); its best was 2025 (-54.8%).
- The deepest fall in its price history was 80% (Sep 6, 2024 to Oct 27, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | -54.8% | -24.71% |
| 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) | $13.7300 | |
| 2025 | $27.3800 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 54.99% of assets, and 10.9% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 45.69% | |
| TREASURY BILL Bonds and notes | 8.48% | |
| TREASURY BILL Bonds and notes | 0.82% |
By country
United States 54.99%By issuer
US Treasury 54.99%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 $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.90%, +20.54%, -2.57%.
How it works
FIAT is run by Tidal Investments LLC under the YieldMax name. It does not track an index. Instead, it uses call and put options to build a synthetic short position in Coinbase (COIN) stock. The fund tends to gain when COIN falls and lose when COIN rises. It never borrows or sells COIN shares, holds no COIN stock and gets no COIN dividends. It follows the strategy in all markets and does not move to cash for safety.
For income, the fund sells put options on COIN, which the prospectus calls a "synthetic covered put." A put buyer pays the fund a fee, called a premium, for the right to sell COIN at a set price, called the strike. Those premiums pay for the distributions. The trade-off is that the fund gains little once COIN drops below the strike. The fund may also use a put spread version of the strategy. To limit losses in a rally, it buys out-of-the-money call options, which pay off only if COIN rises sharply.
Most assets sit in short-term US Treasury bills that back the options. As of July 31, 2026, Treasury bills made up about 55% of the fund's $36.9 million in net assets, and cash was 10.9%. The largest option was a COIN put expiring August 21, 2026, with a $170.02 strike, at about 15% of assets. The fund uses both exchange-listed and FLEX options. Portfolio turnover was 42%.
What it really costs
- FIAT charges 1.05% 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 $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 |
|---|---|---|---|---|
| FIAT | $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.
In a retirement portfolio
FIAT is an options-based bet against a single stock, Coinbase, and it has already fallen about 80% from its peak.
FIAT launched on July 9, 2024, so it has no record in the 2008, 2020 or 2022 sell-offs. Its own record is harsh. Its official 2025 return was -24.71%, and in its worst quarter, which ended June 30, 2025, it lost 52.23%. It fell about 80% between September 6, 2024 and October 27, 2025, and had not recovered as of October 27, 2026. Anyone drawing income after a Coinbase rally could be selling shares at a deep loss.
The 92.99% trailing yield as of October 27, 2026 looks like income. But some of it may be return of capital, meaning your own money paid back, which shrinks the fund's value. Option income is also usually taxed as ordinary income. In the SEC's standard example, the 1.05% fee costs $107 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
- Traders who expect Coinbase shares to fall and will accept capped gains on a drop in exchange for weekly option-premium distributions.
- Options-savvy investors who want a bearish COIN position without borrowing shares or facing the unlimited losses of a direct short.
- People who want a small, short-term hedge against a COIN position held elsewhere and can live with one-year volatility of 58%.
Look elsewhere if
- Retirees who need dependable income: the 92.99% trailing yield may include return of capital, and the weekly payouts vary widely.
- Long-term holders: the fund fell about 80% from September 2024 to October 2025 and had not recovered by October 27, 2026.
- Cost- and tax-conscious investors: the expense ratio is 1.05%, and option income is usually taxed as ordinary income, not as qualified dividends.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is FIAT good for retirement income?
FIAT is built as a short-term bet against Coinbase stock, not as a source of steady retirement income. Its trailing yield was 92.99% as of October 27, 2026. But the payouts vary widely, and part of them may be return of capital, meaning your own money paid back. The fund's official 2025 return was -24.71%, and it fell about 80% between September 2024 and October 2025. Retirement income plans that depend on stable payouts may want to look at other kinds of funds.
Does FIAT pay weekly or monthly dividends?
According to its prospectus, FIAT aims to pay distributions every week. No payment is guaranteed in any given week, and amounts will likely vary a lot. Over the 12 months to October 27, 2026, it paid $15.53 per share. The money comes mainly from option premiums, not from company dividends. Part of each payout may be classed as return of capital, which lowers the fund's net asset value, the per-share value of what it owns.
Is FIAT the same as shorting COIN stock?
No. FIAT never borrows or sells Coinbase shares. It builds its bet against the stock with options and sells puts for income, which limits its gains if COIN falls sharply. It also buys out-of-the-money calls to limit losses if COIN surges, protection that a plain short sale doesn't have. A direct short gains the full amount of any drop but has no ceiling on losses. FIAT gives up part of the gain from a drop in exchange for premium income, and it charges 1.05% a year.
What happens to FIAT if Coinbase stock goes up?
FIAT loses money when COIN rises, because its options work like a short position. Option premiums and the out-of-the-money calls it buys may soften those losses, but the prospectus warns they may not make up for them. In the quarter that ended June 30, 2025, the fund lost 52.23%. Its strongest quarter, which ended December 31, 2025, gained 28.44%. The prospectus also warns that investors could lose all of their money.
What is FIAT's expense ratio?
FIAT's expense ratio is 1.05%, which includes a 0.99% management fee, according to the prospectus filed February 24, 2026. The SEC's standard example assumes $10,000 invested with a 5% return each year. On that basis, costs would total about $107 after one year, $334 after three years, $579 after five years and $1,283 after ten years. The fund had about $36.9 million in net assets as of July 31, 2026.