At a glance
MARO charges 1.0% a year. It has $50.6M in assets; it paid 251.67% of its price in distributions over the past 12 months, monthly. Over the past year it returned −66.2% with distributions reinvested.
The short version
YieldMax MARA Option Income Strategy ETF (MARO) is an actively managed fund. It holds mostly short-term US Treasury bills and uses options to track the stock of bitcoin miner MARA, while selling call options for income. It aims to pay weekly distributions, and its trailing yield was about 252% as of October 27, 2026. Its share price fell 66% over the year to that date, and much of the payout can be a return of capital.
Price history
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MARO -66.2% 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 | |
|---|---|---|---|---|---|---|
| MARO official prospectus, to Dec 31, 2025 | — | -58.72% | — | — | — | — |
| MARO price data to Oct 27, 2026 | -34.7% | -66.2% | — | — | — | -50.0% |
- Over the year to Oct 27, 2026, MARO returned -66.2%.
- Its worst full calendar year was 2025 (-48.1%); its best was 2025 (-48.1%).
- The deepest fall in its price history was 76.1% (Dec 17, 2024 to Oct 26, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -34.7% | — |
| 2025 | -48.1% | -48.32% |
| 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) | $4.1300 | |
| 2025 | $21.1300 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 103.76% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 34.77% | |
| TREASURY BILL Bonds and notes | 29.90% | |
| TREASURY BILL Bonds and notes | 19.74% | |
| TREASURY BILL Bonds and notes | 17.38% | |
| TREASURY BILL Bonds and notes | 1.97% |
By country
United States 103.76%By issuer
US Treasury 103.76%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 $7.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.05%, -2.82%, -16.70%.
How it works
MARO is actively managed and does not follow an index. It never owns MARA shares. Instead, it buys and sells exchange-traded options on MARA to copy close to 100% of MARA's price moves, up and down. Some are FLEX options, whose terms, such as the strike price, can be customized. This is the "synthetic" part of its synthetic covered call strategy. The cash behind these positions sits in US Treasury bills. As of July 31, 2026, five T-bill issues made up about 104% of net assets, with an average maturity of about 0.3 years.
On top of that synthetic stock position, the fund sells call options on MARA. A call option gives the buyer the right to buy shares at a set price, called the strike price. Selling one brings in cash up front, called a premium, but gives up gains above the strike. At times the fund uses a call spread instead: it sells calls and also buys calls at higher strikes, which keeps some upside. As of July 31, 2026, it had sold MARA calls at $11.50 and $12 expiring August 7, 2026, and bought calls at $12.50 and $13.
The premiums pay for the weekly distributions the prospectus describes. The fund never takes defensive positions in bad markets, it bears MARA's losses in full, and it gets no MARA dividends. Portfolio turnover was 100%.
What it really costs
- MARO 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 |
|---|---|---|---|---|
| MARO | $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
Its income comes from options on one very volatile bitcoin-mining stock, and its share price has lost most of its value since it launched in December 2024.
MARO launched on December 9, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its own record is harsh. It lost 48.3% in 2025, and its worst quarter was a 46.5% fall in the last three months of that year. From December 17, 2024 to October 26, 2026, its price fell 76.1% and had not recovered. Anyone forced to sell after a drop like that would lock in deep losses. The trailing yield was about 252% ($6.04 per share) as of October 27, 2026. Part of that payout can be return of capital, meaning it hands back your own money rather than earnings. The expense ratio is 1.00%: in the SEC's $10,000 example, that comes to $102 after one year and $1,225 after 10 years. 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 cash payouts and accept that they come from options on one bitcoin-mining stock and may include return of capital.
- Experienced options users who want income-focused exposure to MARA's price swings without owning MARA shares.
- People holding it as a small slice of a diversified portfolio, sized to survive a fall like its 76.1% drop from December 2024 to October 2026.
Look elsewhere if
- Retirees who need stable principal: the share price fell 66% in the year to October 27, 2026, and had not recovered its losses.
- Anyone who wants the full gain if MARA rallies: the calls it sells limit upside, while losses come through in full.
- Investors who want qualified dividends or low costs: option income is usually taxed as ordinary income, and the expense ratio is 1.00%.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does MARO pay weekly dividends?
Yes, the fund aims to pay weekly. Its prospectus says it seeks weekly cash distributions funded mainly by premiums from selling call options on MARA. Over the 12 months to October 27, 2026, it paid about $6.04 per share, a trailing yield of roughly 252%. These payouts are not ordinary stock dividends. A portion, sometimes a large one, can be classified as return of capital, meaning money handed back from your own investment rather than income the fund earned.
Why is MARO's yield so high?
The yield is high mostly because MARA is extremely volatile, and options on volatile stocks bring in big premiums. The falling share price also pushes the yield figure up, since the same payout divided by a lower price gives a bigger percentage. The trailing yield was about 252% as of October 27, 2026, yet the share price fell 66% over the year to that date. Some distributions may be return of capital, so the yield does not show the fund's true earnings.
What's the difference between MARO and owning MARA stock?
MARO never owns MARA shares. It uses options to copy MARA's price moves and holds US Treasury bills as collateral. It then sells call options to earn income. Compared with owning MARA directly, MARO gives up part of the gains when MARA rises but still takes the full loss when it falls. MARO holders get no MARA dividends or voting rights. They also pay a 1.00% expense ratio, which owning the stock directly would not involve.
Is MARO good for retirement income?
MARO's income comes with large risks to principal, so it doesn't fit most retirement plans. The share price fell 76.1% from December 17, 2024 to October 26, 2026 and had not recovered. The fund lost 48.3% in 2025. All of its exposure comes from one bitcoin-mining stock, and some payouts may be return of capital. At most, it may suit investors who keep it to a small, higher-risk slice of a diversified portfolio.
What is MARO's expense ratio?
MARO's expense ratio is 1.00% a year, according to its prospectus filed February 24, 2026, and the management fee makes up 0.99% of that. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $102 after one year, $318 after three years, $552 after five years and $1,225 after 10 years. Option trading costs also add up, because portfolio turnover was 100%.