At a glance
NVDY charges 1.09% a year. It has $1.36B in assets; it paid 52.74% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.7% with distributions reinvested; over three years it returned +57.7% a year.
The short version
YieldMax NVDA Option Income Strategy ETF (NVDY) is an actively managed fund. It uses options to follow the share price of NVIDIA Corporation (NVDA) without having to own the stock, and it sells call options to earn income. Its trailing 12-month yield was 52.74% as of October 27, 2026. However, part of that payout can be investors' own money returned, its gains are capped, and its expense ratio of 1.09% is high.
Price history
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NVDY +15.7% 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 | |
|---|---|---|---|---|---|---|
| NVDY official prospectus, to Dec 31, 2025 | — | +27.91% | — | — | — | +67.27% |
| NVDY price data to Oct 27, 2026 | +16.3% | +15.7% | +57.7% | — | — | +56.7% |
- Over the year to Oct 27, 2026, NVDY returned +15.7%.
- Its worst full calendar year was 2025 (+33.3%); its best was 2024 (+115.4%).
- The deepest fall in its price history was 30.9% (Nov 21, 2024 to Apr 4, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.3% | — |
| 2025 | +33.3% | +27.91% |
| 2024 | +115.4% | +115.87% |
| 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) | $4.7600 | |
| 2025 | $12.9700 | -33.6% |
| 2024 | $19.5300 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 93.83% of assets, and 2.11% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 22.11% | |
| TREASURY BILL Bonds and notes | 18.86% | |
| TREASURY BILL Bonds and notes | 17.97% | |
| TREASURY BILL Bonds and notes | 17.68% | |
| TREASURY BILL Bonds and notes | 17.22% |
By country
United States 93.83%By issuer
US Treasury 93.83%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 added a net $144.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.53%, -3.73%, +0.87%.
How it works
NVDY does not track an index. Its manager runs one strategy built around a single stock, NVIDIA. The fund is sold under the YieldMax name, and Tidal Financial Group is listed as the issuer. Instead of buying NVIDIA shares, it mostly builds a "synthetic" position. It buys and sells a mix of call and put options designed to copy 100% of NVIDIA's price moves. These include standard exchange-traded options and FLEX options, which also trade on exchanges but allow custom terms such as the strike price. It may also use swaps, and at times it may hold NVIDIA shares directly.
On top of that position, the fund sells call options on NVIDIA and collects a fee called a premium. In return, it gives up gains above the call's strike price for each call period. Sometimes it uses a "call spread" instead, which means it also buys a higher-strike call so it can keep some of a larger gain. The fund absorbs NVIDIA's full losses. It never takes defensive positions, and it gets no NVIDIA dividends except on shares it holds directly.
Options need little cash, so most assets sit in short-term Treasury bills. As of July 31, 2026, five Treasury bills made up about 93.8% of the fund's $1.36 billion in net assets, with an average maturity of 0.2 years. The fund aims to pay distributions every week, and these may include return of capital.
What it really costs
- NVDY charges 1.09% 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 $111 in the first year and $1,329 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDY | $111 | $347 | $601 | $1,329 |
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
NVDY pays large distributions, but its returns depend on one volatile stock and part of its payouts can be investors' own money returned, so it is not a steady income core.
NVDY launched in May 2023, too late to show how it would have handled 2008, 2020 or 2022. Since then it has benefited from a strong NVIDIA: the prospectus shows returns of 115.87% in 2024 and 27.91% in 2025. Even so, it fell 30.9% between November 21, 2024, and April 4, 2025, and took about 2.7 months to recover, by June 24, 2025. Anyone drawing cash during a fall like that would be selling shares at low prices, and the payouts themselves may shrink. The trailing yield was 52.74% as of October 27, 2026. Weekly amounts vary widely and may include return of capital. Option income is usually taxed as ordinary income. In the SEC's example, $10,000 would cost $111 after one year and $1,329 after ten. Past results don't predict future ones, and any 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, frequent cash payouts tied to NVIDIA and accept that amounts vary widely and may include return of capital.
- People who want exposure to NVIDIA's price plus option income, and who accept giving up gains above the strike prices of the calls it sells.
- Investors comfortable with single-stock risk who keep NVDY as a small part of an otherwise diversified portfolio.
Look elsewhere if
- Anyone needing a diversified core holding: returns depend on one stock, and volatility over three years was 38.3% as of October 27, 2026.
- Cost-sensitive investors: the 1.09% expense ratio adds up to $1,329 over 10 years on $10,000 in the SEC's example.
- Investors who want NVIDIA's full gains, voting rights or dividends, or bond-like stability. Its Treasury bills mainly back the options and don't cushion NVIDIA's falls.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is NVDY good for retirement income?
It may suit retirees who want a large cash payout and can accept big swings, but it is not a steady income source. NVDY's trailing yield over the past year was 52.74% as of October 27, 2026. That payout comes largely from selling options on NVIDIA (NVDA), so amounts vary greatly. Some may be return of capital (investors' own money handed back), which shrinks the investment. The fund also bears NVDA's losses while giving up part of its gains.
How often does NVDY pay dividends?
NVDY aims to pay weekly, according to its prospectus. No payment is guaranteed in any given week, and amounts can vary greatly from one payment to the next. Distributions totaled $6.26 per share over the year ending October 27, 2026. Much of that comes from option premiums (the fees the fund collects for selling options). That income is usually taxed as ordinary income rather than as qualified dividends, which get a lower tax rate.
What's the difference between NVDY and NVDA?
NVDA is NVIDIA's stock; NVDY is an actively managed fund that usually does not own it. As of July 31, 2026, Treasury bills (short-term US government debt) made up 93.83% of NVDY's net assets, while options on NVDA supplied the stock exposure. The fund also sells call options (contracts that give away gains above a set price) for income. NVDY holders give up part of NVDA's upside, still bear its losses, get no NVDA dividends unless the fund holds shares, and have no NVIDIA voting rights.
What is NVDY's expense ratio?
NVDY's expense ratio, the yearly fee taken from fund assets, is 1.09%, including a 0.99% management fee, according to the prospectus filed February 24, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $111 over one year, $347 over three years, $601 over five years and $1,329 over ten years. Tidal Financial Group issues the fund under the YieldMax name.
How has NVDY performed since it launched?
NVDY has posted large gains, with sharp drops along the way. According to its prospectus, it returned 115.87% in 2024 and 27.91% in 2025, and averaged 67.27% a year from its May 10, 2023 launch through December 31, 2025. Its worst quarter, ending March 31, 2025, lost 18.27%. Its largest peak-to-trough decline was 30.9%, from November 21, 2024 to April 4, 2025. The fund did not exist during the 2008, 2020 or 2022 market downturns, so it has no record through a severe bear market.