At a glance
SDTY charges 1.08% a year. It has $46.2M in assets; it paid 27.93% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%).
The short version
YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) is an actively managed fund that gets its S&P 500 Index exposure from options instead of stocks. Each trading day it also writes call options that expire the same day, and it pays out the premiums it collects. Its trailing 12-month yield was 27.93% as of October 27, 2026. In return, its gains are capped on strong days, payouts may include return of capital, and the expense ratio is 1.08%.
Price history
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SDTY +13.8% 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 | |
|---|---|---|---|---|---|---|
| SDTY price data to Oct 27, 2026 | +12.6% | +13.8% | — | — | — | +13.2% |
- Over the year to Oct 27, 2026, SDTY returned +13.8%.
- The deepest fall in its price history was 18.6% (Feb 18, 2025 to Apr 21, 2025), recovered by Jul 21, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.6% |
| 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) | $8.9300 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 1.56% of assets, and 12.22% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 1.44% | |
| TREASURY BILL Bonds and notes | 0.06% | |
| TREASURY BILL Bonds and notes | 0.06% |
By country
United States 1.56%By asset type
Bonds and notes 1.56%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $25.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.30%, -0.48%, +0.81%.
How it works
SDTY does not own the 500 stocks in the S&P 500. It holds deep-in-the-money call options on the index instead. These are options with a strike price far below the index level, so their value moves almost one-for-one with the index. As of July 31, 2026, one such option made up about 84% of net assets. It was an S&P 500 call with a 1,200.26 strike that expires December 18, 2026. Cash (about 12%) and Treasury bills (about 1.6%) made up most of the rest.
Each business day, usually near the market open, the manager writes out-of-the-money calls with zero days to expiration (0DTE). These options pay out only if the index rises above their strike price, and they expire at that day's close. The fund collects a premium for each one. If the index rises past the strike, the fund gives up the gain above it. In the prospectus example, the options are written 1% above the index level and the index rises 3%. The fund then nets about 1% before the premium. On down days, the premium only partly offsets the loss.
The options are exchange-listed, cash-settled and European-style, which means they can only be exercised at expiration. The Options Clearing Corporation guarantees their settlement. The fund aims to pay distributions every week from option premiums and Treasury interest. The amounts vary, and they may include return of capital, which can wear down the share price over time. Holders do not receive the S&P 500 companies' dividends.
What it really costs
- SDTY charges 1.08% 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 $110 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SDTY | $110 | $343 | $— | $— |
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.
In a retirement portfolio
The fund's main objective is current income, which it pursues through weekly payouts from option premiums, while giving up some of the S&P 500's upside.
SDTY launched February 5, 2025. It has no record from the 2008, 2020 or 2022 downturns, and it had not completed a full calendar year as of October 27, 2026. Its deepest drop was 18.6%, from February 18 to April 21, 2025. It took about three months, until July 21, 2025, to recover. Over the year to October 27, 2026, it returned 13.8%. Its trailing yield was 27.93% ($11.28 per share). The weekly payouts vary, and part of them may be return of capital. That money comes out of the fund's own assets, so the share price can wear down. Someone who has to cash out shares in a weak year could end up with less income and less capital left. Option income is usually taxed as ordinary income. Costs in the SEC's standard example are $110 for one year on $10,000 and $343 over three 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
- Income-focused investors who want weekly cash payouts linked to the S&P 500 and accept that the amounts vary and may include return of capital.
- Investors who accept capped daily gains in exchange for option premiums that were equal to a 27.93% trailing yield as of October 27, 2026.
- Investors who understand options and are comfortable with a fund built mostly on a single deep-in-the-money S&P 500 index call.
Look elsewhere if
- Long-term investors seeking full S&P 500 growth, since the daily calls give up gains above each strike price.
- Cost-conscious investors: the 1.08% expense ratio means about $110 in the first year on $10,000 under the SEC example.
- Investors who want a long record. The fund launched in February 2025 and has no history through a full bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does SDTY pay weekly dividends?
Yes, SDTY aims to pay a distribution every week, according to its prospectus. The payouts come mainly from premiums on same-day call options, plus interest on Treasury bills. They are not traditional stock dividends. The fund says payouts will likely vary a lot from week to week, there is no guarantee of a payment in any given week, and part of a payout may be return of capital. The trailing 12-month yield was 27.93%, or $11.28 per share, as of October 27, 2026.
Is SDTY good for retirement income?
SDTY may suit retirees who want frequent, high payouts and accept the trade-offs. Its trailing yield was 27.93% as of October 27, 2026. However, payouts vary and may include return of capital, which can wear down the share price over time. Option income is usually taxed as ordinary income. The fund launched in February 2025. Its deepest drop was 18.6% in early 2025, and it recovered in about three months. It has no history through a full bear market.
What's the difference between SDTY and an S&P 500 index fund?
An S&P 500 index fund owns the stocks, passes on their dividends and captures the index's full gains and losses. SDTY owns no stocks. It copies the index through a deep-in-the-money call option, then writes same-day calls each trading day to collect premiums. That produces much higher payouts but caps gains on strong days. SDTY also charges 1.08% a year, and its beta was 0.87 over the year to October 27, 2026, so it moved less than the market.
What does 0DTE mean in SDTY?
0DTE stands for "zero days to expiration." Each business day, usually near the market open, SDTY writes S&P 500 call options that expire at that day's close. Because these options last only a few hours, the fund can collect a fresh premium every trading day. The cost is that if the index rises above the strike price that day, SDTY gives up the gain above it. On down days, the premium only partly offsets the loss.
What is SDTY's expense ratio?
SDTY's expense ratio is 1.08%, which includes a 0.99% management fee, according to its prospectus filed November 21, 2025. In the SEC's standard example, someone who invests $10,000, earns 5% a year and cashes out at the end of each period would pay about $110 in costs after one year and $343 after three years. That is much more than a typical plain S&P 500 index fund charges. The extra cost pays for the active options strategy.