At a glance
NFLY charges 1.01% a year. It has $37.8M in assets; it paid 65.41% of its price in distributions over the past 12 months, monthly. Over the past year it returned −38.4% with distributions reinvested; over three years it returned +10.3% a year.
The short version
YieldMax NFLX Option Income Strategy ETF (NFLY) uses options instead of shares to copy the price moves of Netflix (NFLX) stock. Short-term US Treasury bills make up most of its assets. It sells call options on Netflix to pay large, frequent distributions. Its trailing 12-month yield was 65.41% as of October 27, 2026, and its expense ratio is 1.01%. In exchange, it gives up much of Netflix's upside but keeps the downside, and some payouts can be your own money returned.
Price history
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NFLY -38.4% 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 | |
|---|---|---|---|---|---|---|
| NFLY official prospectus, to Dec 31, 2025 | — | +2.64% | — | — | — | +26.51% |
| NFLY price data to Oct 27, 2026 | -29.9% | -38.4% | +10.3% | — | — | +6.6% |
- Over the year to Oct 27, 2026, NFLY returned -38.4%.
- Its worst full calendar year was 2025 (+2.1%); its best was 2024 (+66.3%).
- The deepest fall in its price history was 47.8% (Jun 30, 2025 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -29.9% | — |
| 2025 | +2.1% | +2.64% |
| 2024 | +66.3% | +66.96% |
| 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) | $3.0800 | |
| 2025 | $7.4000 | -18.7% |
| 2024 | $9.1000 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 102.66% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 50.53% | |
| TREASURY BILL Bonds and notes | 47.38% | |
| TREASURY BILL Bonds and notes | 4.75% |
By country
United States 102.66%By issuer
US Treasury 102.66%The bonds mature in 0.1 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 $25.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.65%, -14.33%, -2.68%.
How it works
NFLY is actively managed and follows no index. Its main goal is current income. It doesn't usually own Netflix shares. Instead, it builds a "synthetic" position, meaning it combines bought and sold Netflix call and put options so that the position rises and falls roughly with the stock. The prospectus says the fund may sometimes hold NFLX directly and may also use swaps. It keeps this strategy in all market conditions and won't move to a defensive position.
To create income, the fund sells call options on Netflix and collects the premium, which is the price the buyer pays. If Netflix rises above the option's strike price, the fund gives up those extra gains. In a "call spread" version, it also buys a higher-priced call to keep some upside. As of July 31, 2026, its holdings included calls expiring July 31 and August 7, 2026, plus a September 18, 2026 call worth about 2.6% of assets.
The cash behind these trades sits in three US Treasury bills, worth about 50.5%, 47.4% and 4.7% of net assets as of July 31, 2026. Their average maturity is about 0.1 years, so interest-rate moves have little effect on them. The fund aims to pay weekly. Amounts vary, may include return of capital and can wear down the share price over time.
What it really costs
- NFLY charges 1.01% 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 $103 in the first year and $1,236 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NFLY | $103 | $322 | $558 | $1,236 |
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 very large distributions, but they depend on one volatile stock, and its share price has fallen sharply without recovering.
NFLY could add a large cash stream tied to one company. As of October 27, 2026, it paid $3.99 per share over the trailing 12 months, a 65.41% yield. The prospectus says it seeks weekly payouts. These amounts vary and may include return of capital. The fund launched on August 7, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its own slump is telling. Shares fell 47.8% from June 30, 2025 to October 27, 2026 and had not recovered. The price return for 2026 through October 27 was -29.9%. Its weakest full year, 2025, gained 2.1%. Selling shares for cash during that stretch would have locked in deep losses. Costs are 1.01% a year. 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 looking for very large, frequent payouts tied to Netflix who accept that amounts vary and may include return of capital.
- Experienced investors who want a small, high-risk income position and understand covered calls, synthetic options positions and single-stock risk.
- Investors who can hold it in a tax-advantaged account, because option income is usually taxed as ordinary income rather than as qualified dividends.
Look elsewhere if
- Anyone who wants Netflix's full upside. The sold calls limit gains, but the fund takes nearly all of the stock's losses.
- Investors who need steady principal. Shares fell 47.8% from June 30, 2025 to October 27, 2026 and had not recovered.
- Cost-conscious investors. The 1.01% expense ratio comes to about $1,236 over 10 years on $10,000 in the SEC's standard 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 NFLY good for retirement income?
It pays large amounts of cash, but it is a high-risk choice for retirement income. Its trailing 12-month yield was 65.41% as of October 27, 2026. Over the same stretch, its price fell 38.4% over one year and 29.9% for 2026 through October 27. Payouts depend on a single stock, Netflix, and part of them may be return of capital. The prospectus warns that repeated distributions can significantly wear down the share price.
How does NFLY pay such a high yield?
The high yield comes from selling call options on Netflix stock. Buyers pay the fund a premium for the right to buy Netflix at a set price. Netflix's price swings sharply, so those premiums can be large. Interest from the fund's Treasury bills adds a little more. The yield was 65.41% as of October 27, 2026, but it can change quickly, and some of the payout may be your own capital returned.
Does NFLY pay dividends weekly or monthly?
The prospectus says NFLY seeks to make weekly cash distributions. It doesn't guarantee a payment in any given week, and the prospectus says amounts are likely to vary greatly from one payment to the next. Over the 12 months to October 27, 2026, distributions came to $3.99 per share. These payments come from option premiums and other sources, not from Netflix dividends.
Are NFLY distributions return of capital?
Some can be. The prospectus says a portion of distributions, sometimes a significant one, may count as return of capital. That means part of the payment is your own investment handed back, not profit. Return of capital lowers the fund's net asset value. Income from selling options is usually taxed as ordinary income rather than as qualified dividends. Each year's tax forms show how the payouts were classified.
What's the difference between NFLY and owning Netflix stock?
NFLY doesn't usually own Netflix shares. It copies their price moves with options, sells calls for income and holds Treasury bills. Netflix shareholders get the stock's full gains and can vote. NFLY holders get large distributions but only part of the upside, and they still face nearly all of the downside. NFLY also charges a 1.01% expense ratio, which owning the stock directly does not.