At a glance
YMAX charges 1.33% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $385.7M in assets, the 8th largest of that group; it paid 61.58% of its price in distributions over the past 12 months, monthly. Over the past year it returned −5.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 61.3% of the fund, out of 27 in all.
The short version
YieldMax Universe Fund of Option Income ETFs (YMAX) is an actively managed fund of funds. It holds about 27 other YieldMax ETFs, and each of those sells options tied to stocks such as Amazon, Apple, Palantir and Snowflake. It aims to pay cash every week, and its trailing 12-month yield was 61.58% as of October 27, 2026. However, much of that payout may be return of capital, and its 1.33% expense ratio is high.
Price history
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YMAX -5.1% 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 | |
|---|---|---|---|---|---|---|
| YMAX official prospectus, to Dec 31, 2025 | — | +6.43% | — | — | — | +15.96% |
| YMAX price data to Oct 27, 2026 | +6.2% | -5.1% | — | — | — | +13.4% |
- Over the year to Oct 27, 2026, YMAX returned -5.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.8%); its best was 2025 (+5.8%).
- The deepest fall in its price history was 26.4% (Oct 8, 2025 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.2% | — |
| 2025 | +5.8% | +6.43% |
| 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) | $3.1700 | |
| 2025 | $7.8100 |
What's inside
As of Jul 31, 2026, the fund held 27 securities; the ten largest made up 61.27% of assets.
| Fund held | Weight | |
|---|---|---|
| Yieldmax Amzn Option Income ETF | 7.11% | |
| YieldMax SNOW Option Income Strategy ETF | 7.01% | |
| YieldMax AAPL Option Income Strategy ETF | 6.95% | |
| YieldMaxTM PLTR Option Income Strategy ETF | 6.06% | |
| YieldMax XYZ Option Income Strategy ETF | 5.99% | |
| YieldMax Target 12 Big 50 Option Income ETF | 5.98% | |
| YieldMax S&P 500 0DTE Covered Call Strategy ETF | 5.76% | |
| YieldMax MSFT Option Income Strategy ETF | 5.74% | |
| Yieldmax Meta Option Income Strategy ETF | 5.48% | |
| YieldMax MRNA Option Income Strategy ETF | 5.21% | |
| YieldMax COIN Option Income Strategy ETF | 4.99% | |
| YieldMax JP Option Income Strategy ETF | 4.73% | |
| YieldMax NVDA Option Income Strategy ETF | 4.61% | |
| YieldMax HOOD Option Income Strategy ETF | 4.45% | |
| Yieldmax Tsla Option Income ETF | 3.73% |
By country
United States 98.77%By asset type
Stocks 98.77%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $52.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.69%, -4.07%, -4.71%.
How it works
YMAX is actively managed by Tidal Investments LLC. It is a fund of funds, which means it buys shares of other ETFs rather than individual stocks. Nearly all of its holdings are affiliated YieldMax ETFs. The portfolio is generally rebalanced monthly, sometimes more often, and new YieldMax ETFs can be added. As of July 31, 2026, it had 27 holdings, and the top ten made up 61% of assets. The largest were AMZY (Amazon) at 7.1%, SNOY (Snowflake) at 7.0%, APLY (Apple) at 6.9% and PLTY (Palantir) at 6.1%.
Each underlying fund sells options on a reference asset. That can be a single stock, a basket of stocks or an index. For example, SDTY sells same-day-expiring (0DTE) options on the S&P 500. Many of these funds get their stock exposure through options or swaps instead of owning the shares, so they generally don't receive the stocks' dividends. Selling call options brings in premium income but limits gains when the stock rises. When the stock falls, the funds take the full loss.
Each payout lowers a fund's share price by the amount paid. Over time, repeated payouts can wear the price down. The prospectus warns that a significant portion of distributions may be return of capital. It also warns that the fund-of-funds structure adds costs. YMAX's expense ratio is 1.33%, while its management fee is 0.29%.
What it really costs
- YMAX charges 1.33% 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 $135 in the first year and $1,601 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YMAX | $135 | $421 | $729 | $1,601 |
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
Its very large but variable payouts, capped gains, full exposure to losses and 26.4% drawdown make it a higher-risk add-on rather than a foundation.
YMAX can provide a large, frequent stream of cash. Its trailing 12-month yield was 61.58% as of October 27, 2026, and the prospectus says it seeks to pay weekly. But part of that may be return of capital, and the payouts can wear down the share price. The fund launched on January 17, 2024, so it has no record from the 2008, 2020 or 2022 downturns. In its only full calendar year, 2025, it returned 6.43%. Its deepest drop was 26.4%, from October 8, 2025 to March 30, 2026, and it had not recovered as of October 27, 2026. Anyone who has to sell shares during a slump like that would lock in losses. Option income is usually taxed as ordinary income. In the SEC's standard example, costs run $135 in the first year on $10,000. 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 weekly cash payouts and accept that much of it may be return of capital rather than earned income.
- Those who want exposure to many YieldMax option funds, such as AMZY, APLY and NVDY, through one ticker that is rebalanced monthly.
- Investors who would keep it a small satellite position, perhaps in a tax-advantaged account, since option income is usually taxed as ordinary income.
Look elsewhere if
- Cost-conscious investors: its 1.33% expense ratio adds up to $1,601 over 10 years on $10,000 in the SEC's standard example.
- Anyone who needs stable principal: it fell 26.4% between October 2025 and March 2026 and had not recovered by October 27, 2026.
- Investors who want full stock-market gains or a long record: its strategy caps gains, it launched in January 2024, and it has one full calendar year.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| YMAX this fund | 1.33% | $385.7M | -5.1% | — |
| 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
Does YMAX pay dividends weekly?
Yes, YMAX aims to pay weekly. Its prospectus says it seeks to generate weekly cash distributions, mostly passed through from the YieldMax ETFs it owns. Payments aren't guaranteed and can vary a lot from week to week. Over the 12 months to October 27, 2026, distributions totaled about $4.44 per share, a trailing yield of 61.58%. Part of those payouts may be return of capital rather than income.
Is YMAX's 61% yield too good to be true?
The yield is real cash, but cash paid out is not the same as profit. YMAX's trailing 12-month yield was 61.58% as of October 27, 2026. The prospectus warns that a portion of distributions, sometimes a significant one, may be return of capital, meaning investors get some of their own money back. Each payout lowers the share price, and repeated payouts can wear it down. The fund's one-year return to October 27, 2026 was -5.1%.
How are YMAX distributions taxed?
Mostly not as qualified dividends. Income from selling options is usually taxed as ordinary income, at the same rates as wages, rather than at the lower rates for qualified dividends. Some distributions may be classified as return of capital. That part is generally not taxed when paid, but it lowers your cost basis, which can mean a larger taxable gain when you sell. Holding the fund in a tax-advantaged account changes this, and a tax professional can confirm the details.
What's the difference between YMAX and NVDY?
NVDY is a single YieldMax ETF that sells options tied to Nvidia. YMAX is a fund of funds that held 27 YieldMax ETFs as of July 31, 2026, with NVDY at 4.6% of assets. That spreads single-stock risk across names such as Amazon, Apple, Palantir and Snowflake. But every holding uses a similar options-income approach that caps gains and keeps losses. Owning them through YMAX also adds a layer of costs, and YMAX's expense ratio is 1.33%.
How does YMAX compare with buffer ETFs like BUFR?
They follow different strategies, so BUFR isn't a close substitute. A buffer fund like FT Vest Laddered Buffer ETF (BUFR) uses options to soften part of a market decline, and in exchange it caps gains. YMAX aims for high weekly income and takes the full losses of its underlying stocks. BUFR costs less, with a 0.95% expense ratio versus 1.33% for YMAX. As of October 27, 2026, BUFR's one-year return was 11.6%, while YMAX's was -5.1%.