At a glance
JPO charges 1.04% a year. It has $51.2M in assets; it paid 31.58% of its price in distributions over the past 12 months, monthly. Over the past year it returned +9.1% with distributions reinvested; over three years it returned +18.2% a year.
The short version
YieldMax JP Option Income Strategy ETF (JPO) is an actively managed fund that trades options tied to JPMorgan Chase stock (JPM) while holding mostly short-term US Treasury bills. It never owns JPM shares. Its main draw is a very high payout: the trailing 12-month yield was 31.58% as of October 27, 2026. The trade-offs are capped upside, payouts that may partly be return of capital, and a steep 1.04% expense ratio.
Price history
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JPO +9.1% 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 | |
|---|---|---|---|---|---|---|
| JPO official prospectus, to Dec 31, 2025 | — | +22.10% | — | — | — | +18.02% |
| JPO price data to Oct 27, 2026 | +4.7% | +9.1% | +18.2% | — | — | +14.7% |
- Over the year to Oct 27, 2026, JPO returned +9.1%.
- Its worst full calendar year was 2024 (+14.2%); its best was 2025 (+22.0%).
- The deepest fall in its price history was 24.8% (Feb 18, 2025 to Apr 4, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.8% | — |
| 2025 | +22.0% | +22.10% |
| 2024 | +14.2% | +13.76% |
| 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) | $3.2700 | |
| 2025 | $5.4500 | +19.5% |
| 2024 | $4.5600 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 83.59% of assets, and 3.33% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 22.48% | |
| TREASURY BILL Bonds and notes | 19.97% | |
| TREASURY BILL Bonds and notes | 19.77% | |
| TREASURY BILL Bonds and notes | 11.40% | |
| TREASURY BILL Bonds and notes | 9.97% |
By country
United States 83.59%By issuer
US Treasury 83.59%The bonds mature in 0.3 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 $10.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.48%, +6.91%, +6.87%.
How it works
JPO does not track an index. Its manager runs what the prospectus calls a synthetic covered call strategy on one stock, JPMorgan Chase. In a regular covered call, an investor owns a stock and sells a call option, which gives someone else the right to buy the stock at a set price (the strike). The investor collects a fee for this, called a premium. JPO builds a synthetic version. It buys and sells calls and puts, both standard exchange-traded options and customizable FLEX options, to copy JPM's price moves. Then it sells calls on top to earn premiums. It may also use a variation called a covered call spread.
The options need little cash, so most of the money sits in Treasury bills. As of July 31, 2026, five T-bills made up 83.6% of the fund's $51.2 million in net assets, with an average maturity of about 0.3 years. Cash was 3.3%. The largest options position was a JPM call expiring August 21, 2026, at 13.5% of assets. Other listed calls expired within days of that date, which shows the fund keeps replacing short-term options.
If JPM rises above the sold calls' strike, the fund misses those gains. If JPM falls, the fund takes the full loss, softened only by premiums. Holders get no JPM dividends. The fund will not take defensive positions in bad markets.
What it really costs
- JPO charges 1.04% 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 $106 in the first year and $1,271 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JPO | $106 | $331 | $574 | $1,271 |
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 pays out heavily, but every return depends on one bank stock, its gains are capped and its losses are not.
JPO could add a large stream of cash. Its trailing 12-month yield was 31.58% ($4.21 per share) as of October 27, 2026. Payments follow a monthly pattern over that period, but the prospectus says the fund seeks weekly payouts. Amounts vary, and part of each payment may be return of capital, meaning your own money handed back. The fund launched in September 2023, so it missed the 2008, 2020 and 2022 downturns. Its deepest drop was 24.8%, from February 18 to April 4, 2025, and it recovered by July 3, 2025. Anyone forced to sell in that slump would have locked in losses. Its weakest full year, 2024, was still a 13.76% gain, but two full years is a short test. Costs are high: about $106 in year one in the SEC's $10,000 example. 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
- Income seekers who want large, frequent cash payouts and accept that amounts vary and may partly be return of capital.
- Investors comfortable betting on JPMorgan Chase alone who will give up some of JPM's upside in exchange for option premium income.
- Those keeping a small satellite position, possibly in a tax-advantaged account, since option income is usually taxed as ordinary income.
Look elsewhere if
- Anyone seeking a diversified core holding: every return depends on a single bank stock, JPMorgan Chase.
- Cost-conscious investors: the 1.04% expense ratio adds up to about $1,271 over 10 years in the SEC's $10,000 example.
- Investors who want JPM's full gains, its dividends or steady principal, since repeated payouts can erode the share price over time.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is JPO good for retirement income?
It can produce a lot of cash, but with real trade-offs. Its trailing 12-month yield was 31.58% as of October 27, 2026. All of its returns depend on one stock, JPMorgan Chase. Its gains are capped and its losses are not. Part of each payout may be return of capital, and the 1.04% expense ratio is high. The fund has existed only since September 2023, so it hasn't been through a major bear market.
Does JPO pay weekly or monthly dividends?
The prospectus filed in February 2026 says JPO seeks to pay weekly distributions. A payment in any given week isn't guaranteed, and amounts will likely vary a lot. Over the 12 months through October 27, 2026, its payments follow a monthly pattern and total $4.21 per share. On each ex-dividend date, the fund's share price typically drops by the amount paid.
What's the difference between JPO and owning JPM stock?
JPO never owns JPMorgan Chase shares. It uses options to copy JPM's price moves and sells call options to earn income. As a result, it misses gains above the sold calls' strike prices but still takes JPM's declines. It doesn't receive JPM's dividends, and its holders get no vote in the bank. In return, it turns option premiums into large, frequent payouts, at a 1.04% expense ratio that owning the stock directly doesn't carry.
Is JPO's distribution return of capital?
It can be. The prospectus warns that part of JPO's distributions, sometimes a large part, may be classified as return of capital. That is money from the original investment handed back, not profit. So the 31.58% trailing yield as of October 27, 2026, doesn't necessarily show what the fund earned. Repeated payouts can wear down the share price over time. Option income is usually taxed as ordinary income rather than as qualified dividends.
How has JPO performed since it launched?
Through December 31, 2025, JPO returned an average of 18.02% a year since its September 2023 launch, according to its prospectus. That includes 13.76% in 2024 and 22.1% in 2025. Based on prices through October 27, 2026, it gained 9.1% over one year and 4.7% year to date. Its deepest drop was 24.8%, from February to April 2025, and it recovered in about three months. Its best quarter was up 14.13% and its worst was down 3.82%.