At a glance
WNTR charges 1.0% a year, above the 0.07% average of the 7 funds most like it (the most expensive of 8). It has $83.9M in assets, the 8th largest of that group; it paid 155.82% of its price in distributions over the past 12 months, monthly. Over the past year it returned +18.5% with distributions reinvested, the best of those 8 funds.
The short version
YieldMax MSTR Short Option Income Strategy ETF (WNTR) is an actively managed fund that uses options to bet against the share price of Strategy (MicroStrategy, ticker MSTR). It holds mostly short-term US Treasury bills as collateral. It aims for high income from selling options, with a trailing 12-month yield of about 156% as of October 27, 2026. However, it charges 1% a year, and its gains when MSTR falls are capped.
Price history
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WNTR +18.5% 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 | |
|---|---|---|---|---|---|---|
| WNTR price data to Oct 27, 2026 | -24.8% | +18.5% | — | — | — | +16.1% |
- Over the year to Oct 27, 2026, WNTR returned +18.5%, 1st of 8 among similar funds.
- The deepest fall in its price history was 45.8% (Feb 5, 2026 to Sep 21, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -24.8% |
| 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) | $18.0200 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 60.8% of assets, and 7.39% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 17.55% | |
| TREASURY BILL Bonds and notes | 14.91% | |
| TREASURY BILL Bonds and notes | 11.56% | |
| TREASURY BILL Bonds and notes | 8.86% | |
| TREASURY BILL Bonds and notes | 7.92% |
By country
United States 60.8%By issuer
US Treasury 60.8%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 $3.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.85%, +44.61%, -3.68%.
How it works
WNTR does not track an index. Its adviser, Tidal Investments, runs what the prospectus calls a "synthetic covered put" strategy. The fund does not short sell MSTR, which would mean borrowing shares and selling them in the hope of buying them back cheaper. Instead, it buys and sells call and put options on MSTR to copy a short position. Some are standard exchange-traded options. Others are FLEX options, which are exchange-listed contracts with custom terms. The fund also sells put options and collects a premium, the price a buyer pays for the option. That premium pays for the distributions, but it also caps what the fund gains if MSTR falls sharply.
If MSTR rises, the fund loses money. It buys out-of-the-money call options, which pay off only after a large rise, to try to limit those losses. The prospectus warns they may not fully offset them. When the manager expects a sharp short-term drop, it may sell credit put spreads instead, which let the fund share more in the decline.
As of July 31, 2026, 60.8% of assets sat in five Treasury bills with an average maturity of about 0.3 years, plus 7.39% in cash. The fund aims to pay distributions at least weekly. Amounts vary, and some may be return of capital, meaning part of your own investment handed back. Over time, that can wear down the share price.
What it really costs
- WNTR charges 1% a year, versus an average of 0.07% for the similar funds below (8th of 8, cheapest first).
- 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 $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| WNTR | $102 | $318 | $— | $— |
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
WNTR is a capped, options-based bet against one volatile, bitcoin-linked stock, so it could only be a small add-on and never the foundation of a portfolio.
WNTR launched on March 26, 2025. It has no record in the 2008, 2020 or 2022 downturns and no full calendar year of returns. It lost 24.8% in 2026 through October 27. Its deepest drop was 45.8%, from February 5 to September 21, 2026, and it had not recovered as of October 27, 2026. Volatility over the past year was 63%. Its beta of -2.34 means it tended to move opposite the broad stock market, and by more. Anyone who needs to sell shares in a bad stretch could lock in large losses. The trailing 12-month yield was about 156% as of October 27, 2026. Part of that may be return of capital, and option income is usually taxed as ordinary income. The fund's 1% expense ratio compares with a 0.07% average for Treasury funds holding similar bills. 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
- Experienced investors who want options-based exposure against Strategy (MSTR) stock and accept that gains from a falling share price are capped.
- Investors looking for very large cash payouts (about 156% trailing yield as of October 27, 2026) who understand that much of it may be return of capital.
- Holders of bitcoin-linked stocks who want a small position that tends to move opposite MSTR's share price.
Look elsewhere if
- Anyone who needs steady income: payouts vary greatly, may be skipped in a given week, and can wear down the share price.
- Cost-conscious investors: the 1% expense ratio compares with 0.15% for iShares Short Treasury Bond ETF (SHV), which holds similar Treasury bills.
- Investors who can't handle big swings: volatility was 63%, and a 45.8% drop from February to September 2026 had not recovered by October 27.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| WNTR this fund | 0.3 yrs | 1% | $83.9M | +18.5% | — |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1.9 yrs | 0.03% | $12.95B | +2.1% | +4.2% |
| VTIP Vanguard Short-Term Inflation-Protected Sec… | 2.4 yrs | 0.03% | $71.01B | +2.8% | +5.3% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
| JPST JPMorgan Ultra-Short Income ETF | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
| SPSB SPDR Portfolio Short Term Corporate Bond ETF | 2.4 yrs | 0.04% | $10.63B | +2.3% | +5.1% |
Questions investors ask
Does WNTR pay weekly or monthly dividends?
WNTR's prospectus says the fund aims to pay distributions at least weekly, but there is no guarantee of a payment in any given week. Amounts are likely to vary greatly from one payment to the next because they depend on option premiums from MSTR. Over the 12 months to October 27, 2026, the fund paid about $24.37 per share. These payouts are distributions, not dividends from MSTR. Holders get no MSTR dividends.
Is WNTR's 156% yield real?
The figure is real as a trailing number. WNTR paid out about 156% of its share price over the 12 months to October 27, 2026. It is not interest or profit in the usual sense. The prospectus warns that a portion, sometimes significant, may be return of capital, meaning investors' own money handed back. Each payment also lowers the fund's net asset value, and repeated payments can erode the share price over time.
How is WNTR different from shorting MSTR stock?
WNTR never borrows or short sells MSTR shares. It copies a short position with call and put options and backs them with Treasury bills. A direct short gains the full amount of any fall in MSTR. WNTR sells put options for income, which caps its gains when the stock drops sharply. When MSTR rises, both lose money. WNTR buys out-of-the-money calls to try to limit its losses, but they may not fully offset them.
WNTR vs SHV: what's the difference?
Both hold short-term Treasury bills with an average maturity of about 0.3 years. They are not close alternatives, though. iShares Short Treasury Bond ETF (SHV) holds only bills, charges 0.15% a year and returned 3.7% over one year as of October 30, 2026. WNTR adds an options bet against MSTR and charges 1%. It returned 18.5% over one year as of October 27, 2026, but with 63% volatility and a 45.8% drop.
What happens to WNTR if MSTR stock goes up?
WNTR loses money when MSTR rises, because its options give it inverse exposure to the stock. Option premiums and purchased out-of-the-money calls are meant to soften those losses, but the prospectus says they may not offset them. MSTR's price often tracks bitcoin because of the company's large bitcoin holdings, so a bitcoin rally can hurt the fund. The prospectus warns that investors could lose all of their money.