At a glance
ULTY charges 1.3% a year, above the 0.68% average of the 5 funds most like it (the most expensive of 6). It has $741.0M in assets, the 3rd largest of that group; it paid 82.85% of its price in distributions over the past 12 months, monthly. Over the past year it returned −17.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds. Its ten largest positions make up 45.9% of the fund, out of 27 in all.
The short version
YieldMax Ultra Option Income Strategy ETF (ULTY) is an actively managed fund. It holds a rotating group of volatile U.S.-listed stocks, such as Amazon, MercadoLibre and Palantir as of July 31, 2026, and sells options on them to generate income. Its trailing 12-month yield was 82.85% as of Oct 27, 2026. But it charges 1.30% a year, and its share price fell 44% between February 2025 and March 2026.
Price history
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ULTY -17.5% 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 | |
|---|---|---|---|---|---|---|
| ULTY official prospectus, to Dec 31, 2025 | — | -0.21% | — | — | — | -1.21% |
| ULTY price data to Oct 27, 2026 | +4.0% | -17.5% | — | — | — | -13.7% |
- Over the year to Oct 27, 2026, ULTY returned -17.5%, 6th of 6 among similar funds.
- Its worst full calendar year was 2025 (-35.7%); its best was 2025 (-35.7%).
- The deepest fall in its price history was 44.1% (Feb 18, 2025 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | -35.7% | -0.21% |
| 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) | $16.0000 | |
| 2025 | $28.5400 |
What's inside
As of Jul 31, 2026, the fund held 27 securities; the ten largest made up 45.89% of assets.
| Holding | Weight | |
|---|---|---|
| Amazon.com Inc | 5.50% | |
| MercadoLibre Inc | 5.07% | |
| Quanta Services Inc | 4.68% | |
| Comfort Systems USA Inc | 4.67% | |
| Palantir Technologies Inc | 4.48% | |
| Alphabet Inc | 4.33% | |
| Robinhood Markets Inc | 4.31% | |
| Advanced Micro Devices Inc | 4.30% | |
| Caterpillar Inc | 4.29% | |
| Lam Research Corp | 4.27% | |
| Alibaba Group Holding Ltd | 4.25% | |
| Shopify Inc | 4.11% | |
| Astera Labs Inc | 4.04% | |
| NVIDIA Corp | 3.91% | |
| Analog Devices Inc | 3.88% |
By country
United States 87.06%Uruguay 5.07%Hong Kong 4.25%Canada 4.11%By asset type
Stocks 100.49%By sector
Sectors of the companies held, for the 51.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 $43.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.05%, -1.70%, -6.22%.
How it works
ULTY doesn't track an index. Its adviser screens U.S.-listed stocks and ETFs often, using numbers-based rules. The screen favors high implied volatility, which is the market's expectation of how much a price will swing. Swingier stocks bring in bigger option premiums. The adviser also looks at upcoming events such as earnings releases, and at trading volume. The fund usually holds 15 to 30 underlying securities, sometimes as few as five. It may put up to 50% of net assets in steadier large-company stocks and caps any one industry at 25%. As of July 31, 2026, its 10 largest positions made up about 46% of assets, led by Amazon and MercadoLibre.
The income comes from writing (selling) options on those holdings. An option buyer pays the fund a premium for the right to buy or sell a stock at a set price. In exchange, the fund keeps only part of any gains. Sometimes the fund copies owning a stock 'synthetically': it buys call options and sells put options with one- to six-month terms instead of holding shares. Some option positions can act like leverage and make losses bigger.
The fund trades heavily, with portfolio turnover of 721%. It aims to pay distributions every week. The amounts vary and may include return of capital, which lowers net asset value. Cash and Treasuries are limited to 10% of assets.
What it really costs
- ULTY charges 1.3% a year, versus an average of 0.68% for the similar funds below (6th of 6, cheapest first).
- Of that, 1.24% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.1% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $132 in the first year and $1,671 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ULTY | $132 | $433 | $756 | $1,671 |
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 very large but variable payouts have come with a 44% drop in share price since early 2025, a one-year beta of 1.45 and a 1.30% expense ratio.
ULTY could add a large stream of cash. Distributions totaled $19.03 per share over the 12 months to Oct 27, 2026, a trailing yield of 82.85%. The prospectus says the fund aims to pay weekly. The catch is the share price. It fell 44% from Feb 18, 2025 to Mar 30, 2026 and had not recovered as of Oct 27, 2026. Counting distributions, the prospectus shows a 2025 return of -0.21%. The fund launched in February 2024, so it has no record from the 2008, 2020 or 2022 downturns.
A retiree who has to sell shares in a slump would lock in losses, and the payouts can shrink. The fund is expensive at 1.30% a year, or $132 in the first year on $10,000 under the SEC's standard example. Option income is usually taxed as ordinary income. 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 very large weekly payouts and accept that the amounts vary and may partly return their own money.
- Investors who want a small, actively traded slice of volatile names like Palantir, Robinhood and AMD, with option income added on top.
- Investors holding it in tax-advantaged accounts, since option income is usually taxed as ordinary income rather than as qualified dividends.
Look elsewhere if
- Investors who need stable principal: the share price fell 44% from February 2025 to March 2026 and hadn't recovered as of Oct 27, 2026.
- Cost-conscious investors: its 1.30% expense ratio is the highest among six similar funds compared, which averaged 0.68%.
- Investors who want a long track record: the fund launched in February 2024, so it has no history from the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ULTY this fund | — | 1.3% | $741.0M | -17.5% | — |
| SFYF SoFi Social 50 ETF · different strategy | 27% | 0.29% | $42.5M | +12.7% | +38.8% |
| ARKW ARK Next Generation Internet ETF · different strategy | 26% | 0.82% | $1.61B | -11.7% | +47.2% |
| ARKK ARK Innovation ETF · different strategy | 23% | 0.75% | $5.56B | -6.1% | +35.5% |
| FEPI REX FANG & Innovation Equity Premium Income… | 21% | 0.65% | $647.2M | +7.6% | +20.6% |
| EGGQ NestYield Visionary ETF · different strategy | 21% | 0.89% | $80.9M | -1.5% | — |
Questions investors ask
Does ULTY pay dividends weekly?
Yes, it aims to. The prospectus says ULTY seeks to pay distributions weekly, but it doesn't promise a payment in any given week, and the amounts will likely vary a lot. Payouts may include return of capital, meaning money handed back from the fund's own assets. That lowers net asset value. Over the 12 months to Oct 27, 2026, distributions totaled $19.03 per share.
Why is ULTY's yield so high?
ULTY's trailing 12-month yield was 82.85% as of Oct 27, 2026. It's that high because the fund sells options on very volatile stocks, and volatility makes option premiums bigger. The yield isn't all profit. Distributions can include return of capital, and the prospectus warns that repeated payouts may wear down share value over time. Based on price alone, the shares fell about 36% in 2025. Counting distributions, the prospectus shows a 2025 return of -0.21%.
What stocks are in ULTY?
As of July 31, 2026, ULTY's largest holdings were Amazon (5.5%), MercadoLibre (5.1%), Quanta Services (4.7%), Comfort Systems USA (4.7%) and Palantir (4.5%). Next came Alphabet, Robinhood, AMD, Caterpillar and Lam Research. The top 10 made up about 46% of assets, and about 87% was in U.S. companies. The list changes often: turnover was 721%, as the adviser keeps rotating toward the most volatile stocks.
What's the difference between ULTY and FEPI?
Both funds sell options on stocks to generate income. About 21% of their holdings overlapped in the latest N-PORT reports. REX's FEPI charges 0.65% a year, about half ULTY's 1.30%. As of Oct 27, 2026, FEPI's 1-year return was 7.6%, compared with -17.5% for ULTY. ULTY's adviser rotates among high-volatility stocks. FEPI, as its name suggests, focuses on FANG and innovation stocks.
Is ULTY good for retirement income?
At most, it may fit a small, higher-risk slice of a retirement portfolio. Its payouts are large but vary. Its share price fell 44% from Feb 18, 2025 to Mar 30, 2026 and had not recovered as of Oct 27, 2026. It costs 1.30% a year, or $132 on $10,000 in the first year under the SEC's standard example. Its option income is usually taxed as ordinary income. And because it launched in 2024, it has no record from earlier bear markets.