At a glance
YMAG charges 1.34% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $285.7M in assets, the 8th largest of that group; it paid 47.13% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
YieldMax Magnificent 7 Fund of Option Income ETFs (YMAG) is an actively managed fund of funds. It holds seven single-stock YieldMax option income ETFs, one each for Apple, Amazon, Alphabet, Meta, Microsoft, NVIDIA and Tesla. Its main draw is very high income: a trailing 12-month yield of 47.13% as of October 27, 2026. The trade-offs are limited upside, full downside, payouts that can include return of capital, and a 1.34% expense ratio.
Price history
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YMAG +6.6% 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 | |
|---|---|---|---|---|---|---|
| YMAG official prospectus, to Dec 31, 2025 | — | +18.78% | — | — | — | +27.96% |
| YMAG price data to Oct 27, 2026 | +6.4% | +6.6% | — | — | — | +22.2% |
- Over the year to Oct 27, 2026, YMAG returned +6.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+19.5%); its best was 2025 (+19.5%).
- The deepest fall in its price history was 25.9% (Dec 17, 2024 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.4% | — |
| 2025 | +19.5% | +18.78% |
| 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) | $3.9000 | |
| 2025 | $7.5392 |
What's inside
As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 98.95% of assets.
| Fund held | Weight | |
|---|---|---|
| YieldMax MSFT Option Income Strategy ETF | 16.44% | |
| Yieldmax Amzn Option Income ETF | 15.61% | |
| YieldMax GOOGL Option Income Strategy ETF | 14.60% | |
| YieldMax NVDA Option Income Strategy ETF | 14.13% | |
| YieldMax AAPL Option Income Strategy ETF | 13.67% | |
| Yieldmax Meta Option Income Strategy ETF | 12.50% | |
| Yieldmax Tsla Option Income ETF | 12.00% |
By country
United States 98.95%By asset type
Stocks 98.95%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $11.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.27%, -8.00%, +1.37%.
How it works
YMAG does not follow an index. Tidal Investments LLC runs it as an actively managed "fund of funds," which means it owns other ETFs rather than individual stocks. It stays nearly fully invested in seven YieldMax single-stock option income ETFs, one for each "Magnificent 7" company, and rebalances them monthly. As of July 31, 2026, the weights were close to equal: MSFO (Microsoft) 16.4%, AMZY (Amazon) 15.6%, GOOY (Alphabet) 14.6%, NVDY (NVIDIA) 14.1%, APLY (Apple) 13.7%, FBY (Meta) 12.5% and TSLY (Tesla) 12.0%, with about 1% in cash. For tax reasons, it may instead hold an underlying fund's instruments directly.
Each underlying fund uses a "synthetic covered call" strategy. Instead of owning the stock, it trades options that together track the share price. It then writes call options to collect premiums. A call option is a contract that lets the buyer purchase the stock at a set "strike" price. The funds also use call spreads, and some may hold the stock or use swaps. They generally receive no dividends from the companies.
The result is that YMAG captures only part of any rally but takes the full loss when the stocks fall. The prospectus says the fund seeks to pay weekly distributions. Those payouts can include return of capital, and each payment lowers the share price.
What it really costs
- YMAG charges 1.34% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $136 in the first year and $1,613 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YMAG | $136 | $425 | $734 | $1,613 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
YMAG pays very high income, but it is tied to seven tech-heavy stocks, keeps their full downside and has a short track record, so it fits better as a small slice than as a core holding.
YMAG could add a large and frequent cash stream. Payouts over the 12 months to October 27, 2026 totaled about $5.19 per share, a 47.13% yield, and the prospectus says the fund seeks to pay weekly. However, part of that can be return of capital, and the fund keeps the full downside of seven tech-heavy stocks.
The fund launched in January 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 18.78%. Its deepest drop was 25.9%, from December 17, 2024 to April 8, 2025, and it recovered about 3.5 months later. Someone drawing income in a slump could end up selling shares at low prices while payouts may also fall. Costs are high: 1.34% a year, or $1,613 over 10 years 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 very large, frequent cash payouts linked to Apple, Microsoft, NVIDIA and four other megacaps, and who accept that some may be return of capital.
- People who would rather hold one ticker than seven separate YieldMax ETFs, with the fund doing the monthly rebalancing.
- Investors who want a small, higher-risk slice and accept a 1.34% expense ratio and a track record that only starts in January 2024.
Look elsewhere if
- Investors who want the full growth of Magnificent 7 stocks: the option strategy limits gains but keeps the full downside.
- Anyone who needs broad diversification: the fund is tied to just seven tech-heavy companies and fell 25.9% from December 2024 to April 2025.
- Cost-conscious or taxable investors: expenses are 1.34%, and option income is usually taxed as ordinary income, not as qualified dividends.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| YMAG this fund | 1.34% | $285.7M | +6.6% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is YMAG good for retirement income?
It produces a lot of cash, but it carries real risks for retirees. The trailing 12-month yield was 47.13% as of October 27, 2026. Yet part of the payouts may be return of capital, and repeated distributions can wear down the share price. The fund keeps the full downside of seven tech stocks and fell 25.9% between December 2024 and April 2025. With a history only since January 2024, it may suit a small slice of a portfolio rather than its core.
Does YMAG pay weekly dividends?
It aims to. The prospectus says YMAG seeks to generate weekly cash distributions, mainly from the seven YieldMax ETFs it holds. Payments are not guaranteed. The amounts can vary widely from one payout to the next because they depend on the option premiums the underlying funds collect. Over the 12 months to October 27, 2026, distributions totaled about $5.19 per share.
Is YMAG's distribution return of capital?
Sometimes, and the share can be large. The prospectus warns that a portion, sometimes a significant one, of distributions may be classified as return of capital. That means part of the investor's own money is handed back, rather than income or profit. So the 47.13% trailing yield as of October 27, 2026 does not necessarily reflect what the fund earned. Income from options is also usually taxed as ordinary income, not as lower-taxed qualified dividends.
What's the difference between YMAG and NVDY or TSLY?
NVDY and TSLY each use options on a single stock, NVIDIA or Tesla. YMAG holds both of them plus five sister funds covering Apple, Amazon, Alphabet, Meta and Microsoft, and it rebalances monthly. As of July 31, 2026, each position was between 12.0% and 16.4% of assets. That spreads single-stock risk across seven companies, but it adds a layer of cost. Holders bear the underlying funds' expenses as well as YMAG's own 0.29% management fee, and total expenses are 1.34%.
What is YMAG's expense ratio?
It is 1.34% a year, according to the prospectus filed February 24, 2026, and that includes a 0.29% management fee. In the SEC's standard example, $10,000 earning 5% a year would cost about $136 over one year, $734 over five years and $1,613 over 10 years. That is above the 0.79% to 0.95% charged by large buffer ETFs such as BUFR and PJAN. Those funds use a different, defined-outcome strategy, so they are not direct substitutes.