At a glance
MRNY charges 1.0% a year. It has $106.9M in assets; it paid 44.14% of its price in distributions over the past 12 months, monthly. Over the past year it returned +421.9% with distributions reinvested; over three years it returned +7.0% a year.
The short version
YieldMax MRNA Option Income Strategy ETF (MRNY) uses options to mirror the price of Moderna (MRNA) stock and collect option premiums, holding mostly short-term Treasury bills instead of shares. Its trailing 12-month yield was 44.14% as of October 27, 2026, but some payouts may be return of capital (your own money handed back), gains are limited, losses are not, and it fell 88.2% from its May 2024 peak.
Price history
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MRNY +421.9% 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 | |
|---|---|---|---|---|---|---|
| MRNY official prospectus, to Dec 31, 2025 | — | -34.49% | — | — | — | -40.53% |
| MRNY price data to Oct 27, 2026 | +446.9% | +421.9% | +7.0% | — | — | +3.7% |
- Over the year to Oct 27, 2026, MRNY returned +421.9%.
- Its worst full calendar year was 2024 (-59.3%); its best was 2025 (-58.1%).
- The deepest fall in its price history was 88.2% (May 24, 2024 to Nov 20, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +446.9% | — |
| 2025 | -58.1% | -34.49% |
| 2024 | -59.3% | -59.33% |
| 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) | $16.2400 | |
| 2025 | $12.6900 | -86.5% |
| 2024 | $93.8000 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 126.44% of assets, and 9.02% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 33.94% | |
| TREASURY BILL Bonds and notes | 32.95% | |
| TREASURY BILL Bonds and notes | 28.32% | |
| TREASURY BILL Bonds and notes | 16.71% | |
| TREASURY BILL Bonds and notes | 14.51% |
By country
United States 126.44%By issuer
US Treasury 126.44%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 $30.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.56%, +33.71%, -18.36%.
How it works
MRNY follows no index. Its manager seeks current income while giving exposure to the price moves of one stock, Moderna (MRNA). The fund usually doesn't own the shares. Instead it builds a "synthetic" position, combining call and put options designed to rise and fall with MRNA. It then writes call options above the market price. It collects a premium (the fee an option buyer pays) and in return gives up gains beyond that level, called the strike price.
At times it uses a "call spread": it also purchases a higher-strike call so it can keep some gains if MRNA surges. It uses standard exchange-traded options and FLEX options, which trade on exchanges but allow custom terms. It may also use swaps or hold MRNA directly. It sticks with the strategy in falling markets and takes no defensive positions.
Options need little cash, so most assets sit in short-term US Treasury bills. As of July 31, 2026, five Treasury bill issues equaled about 126% of $106.9 million in net assets, with an average maturity of 0.3 years. The option positions netted to about −36% of net assets. Portfolio turnover was 42%, per the prospectus.
What it really costs
- MRNY 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 |
|---|---|---|---|---|
| MRNY | $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 payouts are very high, but its value rides on one volatile biotech stock, and it lost most of its value between 2024 and 2025.
MRNY launched on October 23, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its own history is harsh. It lost 59.33% in 2024 and 34.49% in 2025, per its prospectus, and fell 88.2% between May 24, 2024 and November 20, 2025. It gained 446.9% in 2026 through October 27 but still had not regained that peak as of that date. Someone who has to draw money in a slump could lock in deep losses. The trailing 12-month yield was 44.14% as of October 27, 2026, and the prospectus says the fund seeks to pay weekly. But some payouts may be return of capital, and option income is usually taxed as ordinary income. The 1% expense ratio equals $102 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
- Investors seeking very large cash payouts tied to Moderna who accept that part of the 44.14% trailing yield may be return of capital.
- People wanting a small, high-risk satellite position on one biotech stock, sized so a drop like the 88.2% fall wouldn't derail a plan.
- Investors using tax-advantaged accounts, where option income usually taxed as ordinary income matters less.
Look elsewhere if
- Retirees who need stable principal: the fund lost 59.33% in 2024 and 34.49% in 2025, per its prospectus.
- Investors wanting diversification: the fund depends on one company whose main source of revenue is its COVID vaccine.
- Cost-conscious investors: the 1% expense ratio adds up to $1,225 over 10 years in the SEC's $10,000 example.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is MRNY good for retirement income?
It pays a lot but carries heavy risk. The trailing 12-month yield was 44.14% as of October 27, 2026. Yet the fund lost 59.33% in 2024 and 34.49% in 2025, per its prospectus, and its average annual return since inception was −40.53% through December 31, 2025. Big payouts can come alongside a shrinking share price and return of capital. It may suit only a small, high-risk slice of a portfolio.
How often does MRNY pay dividends?
The prospectus says the fund seeks to pay weekly cash distributions. Over the 12 months through October 27, 2026, it paid $17.49 per share (adjusted for share splits), a trailing yield of 44.14%. These payouts come mainly from option premiums, not company dividends. A portion, sometimes a significant one, may be classified as return of capital. That means part of your original investment is handed back rather than paid out as profit.
Does MRNY own Moderna stock?
Usually not. As of July 31, 2026, its holdings were five US Treasury bill issues worth about 126% of net assets, plus MRNA option positions that netted to about −36%. Those options create synthetic exposure to MRNA's price. The fund may hold MRNA shares directly at times. Holders get no MRNA dividends unless it does, and they have no voting rights in the company.
What's the difference between MRNY and owning MRNA stock?
MRNY trades upside for income. Owning MRNA shares gives you the stock's full gain or loss. MRNY writes call options, so it captures only part of a rally but still takes the full downside, cushioned only by the premiums it collects. It also charges a 1% expense ratio, which holding shares doesn't, and its payouts are usually taxed as ordinary income. Its one-year beta was 1.85 as of October 27, 2026, meaning it swung much more than the market.
Why is MRNY's yield so high?
Options on volatile stocks pay large premiums. MRNA swings sharply, and MRNY's own one-year volatility was 118.2% as of October 27, 2026. The fund collects those premiums and pays them out, which produced a 44.14% trailing yield. A high yield isn't free money, though. The share price can fall faster than payouts arrive, as in the 88.2% drop from May 2024 to November 2025, which had not been recovered as of October 27, 2026.