At a glance
FIVY charges 0.7% a year, below the 1.08% average of the 4 funds most like it (the 2nd cheapest of 5). It has $5.0M in assets, the 5th largest of that group; it paid 27.62% of its price in distributions over the past 12 months, monthly. Over the past year it returned −16.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds.
The short version
YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) tracks an index that picks five stocks with strong price momentum, holding about 40% in the shares and 60% in matching YieldMax ETFs that earn income from call options. It pays monthly; its trailing 12-month yield was 27.62% as of October 27, 2026. Its 0.70% expense ratio is below the 1.08% average of similar funds, yet it lost 16.7% over the year to that date.
Price history
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FIVY -16.7% 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 | |
|---|---|---|---|---|---|---|
| FIVY price data to Oct 27, 2026 | -6.2% | -16.7% | — | — | — | -9.3% |
- Over the year to Oct 27, 2026, FIVY returned -16.7%, 4th of 5 among similar funds.
- Its worst full calendar year was 2025 (-1.2%); its best was 2025 (-1.2%).
- The deepest fall in its price history was 32.7% (Oct 9, 2025 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.2% |
| 2025 | -1.2% |
| 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) | $4.0200 | |
| 2025 | $14.2200 |
What's inside
As of Apr 30, 2026, the fund held 10 securities; the ten largest made up 98.97% of assets.
| Holding | Weight | |
|---|---|---|
| YieldMax GOOGL Option Income Strategy ETF | 13.76% | |
| Yieldmax Tsm Option Income Strategy ETF | 13.22% | |
| YieldMax NVDA Option Income Strategy ETF | 12.34% | |
| Alphabet Inc | 10.12% | |
| YieldMax MRNA Option Income Strategy ETF | 9.91% | |
| TSMC | 9.53% | |
| NVIDIA Corp | 9.15% | |
| Yieldmax CRCL Option Income Strategy ETF | 8.16% | |
| Moderna Inc | 7.08% | |
| Circle Internet Group Inc | 5.72% |
By country
United States 89.45%Taiwan 9.53%By asset type
Stocks 98.97%What changed recently
- Over the three months to Apr 30, 2026, investors withdrew a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.62%, -3.03%, +9.15%.
How it works
FIVY is an index fund tracking the Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index. That index starts with YieldMax ETFs tied to one company or to other ETFs, excluding inverse (short) funds, funds of funds and target-payout funds. It ranks the assets behind those ETFs, not the ETFs, by relative strength (price performance against other stocks), using Point & Figure charts that record only significant price moves.
The five top-ranked picks are held directly at about 8% each (40% total), and their matching YieldMax ETFs at about 12% each (60%). The index rebalances three business days before each month's last trading day and replaces a pick only if its rank slips to 8th or lower, yet the prospectus reports 161% portfolio turnover, a sign of heavy trading. As of April 30, 2026, the five were Alphabet, Taiwan Semiconductor, Nvidia, Moderna and Circle Internet Group.
FIVY held no options directly as of April 30, 2026. Options live inside the YieldMax ETFs, which track their stock through options, sometimes swaps, without owning it, and write call options: they collect cash up front but give up gains above a set price. Their payouts, usually weekly, may hand back part of investors' own money, which can erode share prices. If BITO, a bitcoin futures ETF, ranks highly, the fund can hold it.
What it really costs
- FIVY charges 0.7% a year, versus an average of 1.08% for the similar funds below (2nd of 5, cheapest first).
- Of that, 0.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FIVY | $72 | $224 | $390 | $871 |
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
Its bet on five momentum stocks and their option-income ETFs, plus a 32.7% drop in its short life, fits a small, higher-risk slice rather than a core income source.
FIVY's appeal is monthly cash: a trailing 12-month yield of 27.62%, or $6.78 a share, as of October 27, 2026. Much of that comes from option income inside the YieldMax ETFs it holds, whose payouts can hand back part of investors' own money; that income is usually taxed as ordinary income. It costs 0.70% a year, or $72 on $10,000 in year one under the SEC's standard example.
Launched in December 2024, it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned -1.2%, yet from October 9, 2025, to March 30, 2026, it fell 32.7% and had not regained that peak as of October 27, 2026. Anyone forced to cash out shares in that stretch would have locked in losses. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers comfortable with large, uneven monthly payouts, such as the 27.62% trailing yield as of October 27, 2026, and the risks behind them.
- Investors who like rules-based momentum picks, with about 40% in the stocks themselves to keep some of the upside the YieldMax ETFs give up.
- Those wanting YieldMax-style income for less: its 0.70% expense ratio is below the 1.08% similar-fund average and FEAT's 1.28%.
Look elsewhere if
- Anyone needing a diversified core holding: as of April 30, 2026, ten positions tied to five stocks made up about 99% of assets.
- Investors who can't tolerate deep drops: it fell 32.7% from October 2025 to March 2026 and hadn't recovered by October 27, 2026.
- Taxable investors seeking qualified dividends or low trading: option-driven payouts are usually taxed as ordinary income, and turnover was 161%.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FIVY this fund | — | 0.7% | $5.0M | -16.7% | — |
| FEAT YieldMax Dorsey Wright Featured 5 Income ETF | 57% | 1.28% | $11.3M | -39.9% | — |
| YMAG YieldMax Magnificent 7 Fund of Option Incom… | 26% | 1.12% | $285.7M | +6.6% | — |
| FEPI REX FANG & Innovation Equity Premium Income… | 14% | 0.65% | $647.2M | +7.6% | +20.6% |
| YMAX YieldMax Universe Fund of Option Income ETFs | 10% | 1.28% | $385.7M | -5.1% | — |
Questions investors ask
Does FIVY pay monthly dividends?
Yes. FIVY, issued by Tidal Financial Group, pays distributions monthly. Over the 12 months to October 27, 2026, it paid $6.78 a share, a trailing yield of 27.62%. Much of that cash comes from the YieldMax ETFs it holds, which earn income by writing call options, and most of them aim to pay weekly. Their payouts can swing widely and may hand back part of investors' own money, which wears down share prices. FIVY's option-driven income is usually taxed as ordinary income rather than as qualified dividends.
Is FIVY good for retirement income?
It can deliver large monthly payouts, but it is a high-risk way to get them. As of April 30, 2026, about 99% of its assets were tied to just five stocks: Alphabet, Taiwan Semiconductor, Nvidia, Moderna and Circle Internet Group. It fell 32.7% from October 2025 to March 2026 and had not regained its peak by October 27, 2026. It may fit as a small slice of a retirement portfolio rather than a core income holding.
What's the difference between FIVY and FEAT?
FIVY costs less and has lost less over the past year. Both are YieldMax funds that carry the Dorsey Wright name, and FEAT is FIVY's closest match by holdings. FIVY's expense ratio is 0.70% versus 1.28% for FEAT. Over the 12 months to late October 2026, FIVY returned -16.7% while FEAT returned -39.9%. FIVY's hybrid design puts about 40% directly in its five top-ranked stocks. Both are small, at about $5 million and $11.3 million in net assets as of April 30, 2026.
Is FIVY a covered call ETF?
Not exactly. FIVY held no options of its own as of April 30, 2026. About 60% of the fund goes into YieldMax ETFs, which gain exposure to a stock through options, and sometimes swaps, without owning it, then write call options on it: they take cash up front in exchange for giving up gains above a set price. The other 40% or so holds the five stocks directly, so that part keeps its full share of any gains.
What is FIVY's expense ratio?
FIVY's expense ratio is 0.70% a year, per its prospectus filed November 21, 2025, including a 0.29% management fee. In the SEC's standard example, $10,000 earning 5% a year and cashed out at the end of each period would cost about $72 over one year, $390 over five and $871 over ten. That is below the 1.08% average of similar funds, though REX's FEPI charges 0.65%. FIVY is also tiny, with about $5 million in net assets as of April 30, 2026.