At a glance
GDXY charges 1.0% a year. It has $207.7M in assets; it paid 78.11% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.3% with distributions reinvested.
The short version
YieldMax Gold Miners Option Income Strategy ETF (GDXY) is an actively managed options-income fund that does not own gold mining stocks. It uses options on the VanEck Gold Miners ETF (GDX) to track that fund's price moves and writes call options for income, backed by short-term Treasury bills. Its trailing yield was 78.11% as of October 27, 2026. It also caps gains, takes on all of GDX's losses and charges 1.00% a year.
Price history
The interactive chart needs JavaScript.
GDXY +5.3% 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 | |
|---|---|---|---|---|---|---|
| GDXY official prospectus, to Dec 31, 2025 | — | +87.93% | — | — | — | +35.98% |
| GDXY price data to Oct 27, 2026 | -9.4% | +5.3% | — | — | — | +18.3% |
- Over the year to Oct 27, 2026, GDXY returned +5.3%.
- Its worst full calendar year was 2025 (+87.9%); its best was 2025 (+87.9%).
- The deepest fall in its price history was 36.9% (Feb 27, 2026 to Jul 20, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.4% | — |
| 2025 | +87.9% | +87.93% |
| 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) | $5.7600 | |
| 2025 | $8.3200 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 114.6% of assets, and 5.18% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 28.06% | |
| TREASURY BILL Bonds and notes | 27.88% | |
| TREASURY BILL Bonds and notes | 21.63% | |
| TREASURY BILL Bonds and notes | 21.26% | |
| TREASURY BILL Bonds and notes | 15.77% |
By country
United States 114.6%By issuer
US Treasury 114.6%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 $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.46%, -14.41%, -1.25%.
How it works
GDXY is actively managed and does not track an index of its own. Its main goal is current income. Its second goal is indirect exposure to the price of the VanEck Gold Miners ETF (GDX). GDX holds gold and silver mining companies picked by its own adviser, including Canadian, Australian, African and smaller companies. GDXY owns neither GDX nor those stocks, so it gets none of their dividends.
The fund buys and writes options on GDX. These are standard exchange-traded options plus FLEX options, which are exchange-traded options with custom terms. One mix of options rises and falls with GDX, which creates a "synthetic" stake. The fund then writes call options on GDX and collects a fee called a premium. In return, it gives up gains above a set price. In the "call spread" version, it also buys a higher-priced call so it can keep some gains past that level. The fund will not take defensive positions in bad markets.
As of July 31, 2026, about 114.6% of net assets sat in five US Treasury bills with an average maturity of about 0.2 years. Cash was another 5.18%. The options added up to a net -20.8%. The prospectus says the fund aims to pay weekly. A portion of each payout, sometimes a large one, may be return of capital. That means part of your own investment comes back to you rather than profit. Portfolio turnover was 36%.
What it really costs
- GDXY charges 1% 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 $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GDXY | $102 | $318 | $552 | $1,225 |
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
It offers very high payouts tied to a narrow, volatile sector of gold miners, with capped gains, full downside and a short track record.
GDXY could add a large, frequent cash stream linked to gold mining stocks. Its trailing 12-month yield was 78.11% ($7.28 a share) as of October 27, 2026, and its prospectus says it aims to pay weekly. Part of those payouts may be return of capital, and option income is usually taxed as ordinary income. Under the SEC's standard example, the 1.00% expense ratio costs $102 in the first year on $10,000.
The fund launched on May 20, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 87.93%. Its deepest drop was 36.9%, from February 27 to July 20, 2026, and it had not recovered as of October 27, 2026. Anyone drawing income during a slump like that could end up cashing out shares at low prices. 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 want large weekly payouts tied to gold miners and accept that part of them may be return of capital.
- Holders of a small, higher-risk slice who can live with 41.2% one-year volatility and drops like its 36.9% fall in 2026.
- Investors willing to pay a 1.00% expense ratio for an actively managed synthetic covered call strategy on GDX.
Look elsewhere if
- Anyone who wants the full upside of gold miners. Writing calls caps GDXY's gains, while GDX's losses pass through in full.
- Taxable investors who want qualified dividends. Option income is usually taxed as ordinary income, and GDXY gets no GDX dividends.
- Investors who want a long track record. GDXY launched in May 2024 and has no history from the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is GDXY good for retirement income?
It can produce very large payouts, but it is a high-risk income source. The trailing yield was 78.11% as of October 27, 2026. Over the same span, though, the fund fell as much as 36.9% from February to July 2026 and had not recovered by October 27. Some payouts may be return of capital, and it launched only in May 2024. That record fits a small satellite holding better than a core income holding.
Does GDXY pay weekly dividends?
Yes. Its prospectus says the fund aims to pay weekly cash distributions. These payouts come mainly from option premiums, not from stock dividends, because GDXY does not own GDX or any mining shares. Over the 12 months to October 27, 2026, payouts totaled $7.28 a share. Part of any payout may be return of capital, and option income is usually taxed as ordinary income rather than as qualified dividends.
What's the difference between GDXY and GDX?
GDX, the VanEck Gold Miners ETF, owns gold and silver mining stocks. GDXY owns none. It holds Treasury bills and uses options on GDX to follow GDX's price, then writes call options for income. As a result, GDXY pays far more cash but caps its gains when GDX rallies. It still takes on GDX's losses in full and receives no GDX dividends. GDXY's expense ratio is 1.00%.
Why is GDXY's yield so high?
Its yield is high because it writes call options on a volatile fund, and volatile assets earn bigger option premiums. Its one-year volatility was 41.2% as of October 27, 2026. A high yield is not the same as a high return. The trailing yield was 78.11%, but the one-year return on the same date was 5.3%. Part of the payouts may also be return of capital, which hands back your own money.
What is GDXY's expense ratio?
GDXY's expense ratio is 1.00% a year, according to its prospectus filed February 24, 2026. That includes a 0.99% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and all shares redeemed at the end of each period. On that basis, costs would be about $102 after one year, $318 after three, $552 after five and $1,225 after ten.