At a glance
SNOY charges 1.0% a year. It has $64.0M in assets; it paid 65.26% of its price in distributions over the past 12 months, monthly. Over the past year it returned +29.0% with distributions reinvested (S&P 500: +11.5%).
The short version
YieldMax SNOW Option Income Strategy ETF (SNOY) is an actively managed fund that uses options to follow the share price of one stock, SNOW, and sells call options on it to generate income. Its trailing 12-month yield was 65.26% as of October 27, 2026. In return, it gives up much of SNOW's upside, still takes SNOW's losses, and charges 1.00% a year.
Price history
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SNOY +29.0% 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 | |
|---|---|---|---|---|---|---|
| SNOY official prospectus, to Dec 31, 2025 | — | +32.33% | — | — | — | +35.93% |
| SNOY price data to Oct 27, 2026 | +49.5% | +29.0% | — | — | — | +44.1% |
- Over the year to Oct 27, 2026, SNOY returned +29.0%.
- Its worst full calendar year was 2025 (+31.5%); its best was 2025 (+31.5%).
- The deepest fall in its price history was 50.7% (Nov 3, 2025 to Apr 10, 2026), recovered by Jun 1, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +49.5% | — |
| 2025 | +31.5% | +32.33% |
| 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) | $5.3500 | |
| 2025 | $10.4000 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 53.69% of assets, and 6.56% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 13.95% | |
| TREASURY BILL Bonds and notes | 13.18% | |
| TREASURY BILL Bonds and notes | 10.27% | |
| TREASURY BILL Bonds and notes | 8.50% | |
| TREASURY BILL Bonds and notes | 7.79% |
By country
United States 53.69%By issuer
US Treasury 53.69%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 $34.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +70.74%, +3.14%, +12.38%.
How it works
SNOY doesn't track an index. Its adviser actively runs an options strategy built around one stock, SNOW, and the main goal is current income. The fund usually doesn't own SNOW shares. Instead, it buys and sells call and put options on SNOW to copy the stock's price moves, including FLEX options, which trade on an exchange but have customizable terms. This is called a "synthetic" position. The fund may also use swaps (contracts that exchange returns with another party) or hold SNOW shares directly.
On top of that position, the fund sells call options. A call option gives the buyer the right to buy SNOW at a set "strike" price, and the fund collects a cash payment, called a premium, for selling it. If SNOW rises above the strike, the fund gives up those gains. In a "call spread" version of the strategy, it also buys calls with higher strikes so it keeps some of the upside. If SNOW falls, the fund takes the loss, and the premiums may cover only part of it. The fund sticks with this approach in bad markets and won't switch to defensive positions.
Most of the fund's assets sit in short-term US Treasury bills. As of July 31, 2026, five Treasury bill issues made up 53.7% of the fund, with an average of 0.3 years to maturity, and cash was another 6.56%. Distributions may include return of capital, which means investors are getting part of their own money back rather than income or profit.
What it really costs
- SNOY 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 |
|---|---|---|---|---|
| SNOY | $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.
In a retirement portfolio
Its returns depend on one volatile stock and it once fell 50.7%, so even with its large payouts it is a high-risk fund that would likely fill only a small part of a portfolio.
SNOY could add a large stream of cash. Its trailing 12-month yield was 65.26% as of October 27, 2026 ($6.97 per share), and the prospectus says it aims to pay every week. Payouts vary and may include return of capital, and option income is usually taxed as ordinary income. The fund launched in June 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 32.33%. Its deepest drop was 50.7%, from November 3, 2025, to April 10, 2026, and it was back to its old high by June 1, 2026. Anyone who sold near the low would have locked in a loss of about half. It costs 1.00% a year, or $102 in the first year on $10,000 in the SEC's standard 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 who want large, frequent cash payouts from a small part of their portfolio and accept that some may be return of capital.
- Investors with a positive view of SNOW who will give up much of its upside in exchange for weekly option premiums.
- Holders using tax-advantaged accounts, since option income is usually taxed as ordinary income rather than as qualified dividends.
Look elsewhere if
- Investors who need steady principal: the fund fell 50.7% between November 2025 and April 2026, and its one-year volatility was 54.6%.
- Anyone wanting diversification: results depend on one stock, SNOW, and the fund had about 2.4 years of price history as of October 2026.
- Cost-conscious investors: the 1.00% expense ratio adds up to $1,225 over 10 years per $10,000 in the SEC's standard example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does SNOY pay dividends weekly?
SNOY aims to, but it isn't guaranteed. The prospectus says the fund seeks to make weekly cash distributions. It also says there's no assurance of a payment in any given week, and amounts will likely vary widely. Over the 12 months to October 27, 2026, it paid $6.97 per share, a trailing yield of 65.26%. Part of any payout may be return of capital, which lowers the fund's net asset value.
Why is SNOY's yield so high?
Most of the payout comes from selling call options on SNOW, a volatile stock. Option buyers pay bigger premiums on stocks that swing a lot, and SNOY's own one-year volatility was 54.6% as of October 27, 2026. The 65.26% trailing yield isn't all profit. A portion, sometimes a significant one, may be return of capital, meaning investors get their own money back. Payouts can shrink if SNOW's price or volatility falls.
Is SNOY the same as owning SNOW stock?
No. SNOY mostly holds options and Treasury bills, not SNOW shares. It aims to track SNOW's price, but the calls it sells limit its gains when SNOW rises, while it still takes SNOW's losses, offset only by option premiums. Fund holders get no voting rights in SNOW and no SNOW dividends unless the fund owns shares directly. In exchange, they get frequent cash payouts from option income.
Is SNOY good for retirement income?
It can pay out a lot of cash, but it carries high risk for a retirement portfolio. Its trailing yield was 65.26% as of October 27, 2026, yet the fund fell 50.7% between November 3, 2025, and April 10, 2026. Returns depend on a single stock, payouts may include return of capital, and option income is usually taxed as ordinary income. It may suit only a small part of a diversified plan.
What is SNOY's expense ratio?
SNOY's expense ratio is 1.00%, according to its prospectus filed February 24, 2026, and that includes a 0.99% management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $102 after one year, $318 after three, $552 after five and $1,225 after ten. That's higher than many plain stock index funds, reflecting the cost of its actively managed options strategy.