At a glance
YQQQ charges 1.11% a year, above the 0.07% average of the 7 funds most like it (the most expensive of 8). It has $15.6M in assets, the 8th largest of that group; it paid 29.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.9% with distributions reinvested, the weakest of those 8 funds.
The short version
YieldMax Short N100 Option Income Strategy ETF (YQQQ) is an actively managed fund that uses options to bet against the tech-heavy N100 index, backed by Treasury bills. It aims to pay weekly and yielded 29.5% in the 12 months to October 27, 2026, though part may be return of capital (investors' own money handed back). It tends to lose when the index rises, gains only partly when it falls and charges 1.11% a year.
Price history
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YQQQ -0.9% 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 | |
|---|---|---|---|---|---|---|
| YQQQ official prospectus, to Dec 31, 2025 | — | -9.89% | — | — | — | -11.20% |
| YQQQ price data to Oct 27, 2026 | -4.4% | -0.9% | — | — | — | -8.4% |
- Over the year to Oct 27, 2026, YQQQ returned -0.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (-10.0%); its best was 2025 (-10.0%).
- The deepest fall in its price history was 29.2% (Apr 8, 2025 to Jun 15, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.4% | — |
| 2025 | -10.0% | -9.89% |
| 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) | $2.2100 | |
| 2025 | $3.8600 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 82.74% of assets, and 13.96% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 21.81% | |
| TREASURY BILL Bonds and notes | 20.70% | |
| TREASURY BILL Bonds and notes | 19.89% | |
| TREASURY BILL Bonds and notes | 15.33% | |
| TREASURY BILL Bonds and notes | 5.00% |
By country
United States 82.74%By issuer
US Treasury 82.74%The bonds mature in 0.2 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 $2.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.40%, -0.44%, +7.42%.
How it works
Tidal Investments LLC, the adviser, actively manages YQQQ. The fund does not own or directly short the stocks in the N100, a tech-heavy index of large companies. Instead, it trades call and put options on the index level, including FLEX options (exchange-listed contracts with custom terms), to build a “synthetic short” position that gains when the index falls and loses when it rises. It keeps this stance in all markets.
For income, it sells put options against that short position. A put pays its buyer if the index falls below a “strike” level, and the fund keeps the premium buyers pay. The trade-off: once the index drops below the sold puts' strike, the fund likely stops gaining from further declines. To limit losses in a rally, it buys out-of-the-money calls, options that pay off only if the index climbs past a strike above its present level. Losses short of that strike are not capped.
As of July 31, 2026, five Treasury bills made up 83% of assets and cash 14%; the bills back the options and earn interest. Options were a net 3.1%, the largest a QQQ put expiring August 21, 2026. The fund aims to pay weekly, but amounts vary and may include return of capital, investors' own money handed back, which lowers the fund's share value.
What it really costs
- YQQQ charges 1.11% 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 $113 in the first year and $1,352 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YQQQ | $113 | $353 | $612 | $1,352 |
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
It pairs a bet against a tech-heavy stock index with a high but variable payout, so it can lose value when stocks rise and works very differently from a core stock or bond holding.
YQQQ launched August 15, 2024, after the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, lost 9.89%. Its deepest drop, 29.2%, ran from April 8, 2025 to June 15, 2026, still unrecovered as of October 27, 2026. With a one-year beta of -1.03, it has moved opposite to stocks, so it might cushion a slump, though sold puts limit its gains in a crash. Its trailing yield was 29.5% as of October 27, 2026, but payouts vary and may include return of capital (investors' own money back), so income and share value could shrink together.
It costs 1.11% a year, versus a 0.07% average for short-term bond funds with similar holdings; in the SEC's example, costs on $10,000 come to $113 in year one and $1,352 over 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who expect the tech-heavy N100 index to fall or stall and want weekly payouts, accepting limited gains if it drops sharply.
- Holders of large tech-stock positions wanting a small offset that has moved opposite to stocks, with a one-year beta of -1.03.
- Experienced options users who understand sold puts and out-of-the-money calls, and accept payouts that vary and may partly be return of capital.
Look elsewhere if
- Long-term investors expecting stocks to rise over time: the fund tends to lose when the index climbs and lost 9.89% in 2025.
- Cost-conscious investors: its 1.11% expense ratio compares with 0.07% on average for short-term bond funds with similar Treasury holdings, though those don't use options.
- Retirees needing steady income or a dependable crash hedge: payouts vary, sold puts limit gains in steep drops, and its deepest drop was 29.2%.
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 |
|---|---|---|---|---|---|
| YQQQ this fund | 0.2 yrs | 1.11% | $15.6M | -0.9% | — |
| 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
Is YQQQ an inverse ETF?
Partly. YQQQ seeks indirect inverse exposure to the N100 index, but it does not short the index or own its stocks. It builds a synthetic short position with options, so it tends to gain when the index falls and lose when it rises; its one-year beta (sensitivity to market moves) was -1.03 as of October 27, 2026. Because it also sells put options for income, it likely stops gaining once the index falls below those puts' strike prices, capturing only part of a sharp drop.
Does YQQQ pay weekly or monthly dividends?
YQQQ aims to pay weekly, according to its prospectus filed February 24, 2026, but it guarantees no payment in any given week and amounts can vary greatly. It paid $2.80 per share in the 12 months to October 27, 2026, a 29.5% trailing yield. The payouts draw on option premiums and Treasury interest rather than company dividends, and part may be return of capital. Option income is usually taxed as ordinary income rather than as qualified dividends.
Why is YQQQ's dividend yield so high?
Its yield comes from option premiums and Treasury interest passed on through frequent payouts, and part can be return of capital, meaning investors' own money handed back. The trailing yield was 29.5% as of October 27, 2026, yet the fund's one-year return to that date was -0.9%, and it lost 9.89% in 2025. The prospectus warns that repeated distributions may significantly erode net asset value and the share price over time, so a high yield is not the same as a high return.
What's the difference between YQQQ and SHV?
Both hold short-term US Treasury debt, but the overlap ends there. iShares Short Treasury Bond ETF (SHV) simply owns it, charges 0.15% a year, had about $21 billion in net assets as of August 31, 2026, and returned 3.7% over one year as of October 30, 2026. YQQQ, with $15.6 million as of July 31, 2026, uses its bills as collateral for options that bet against the N100 index. It charges 1.11% and returned -0.9% over one year as of October 27, 2026.
Is YQQQ a good hedge against a stock market crash?
Only a partial one. YQQQ has moved opposite to stocks, but because it sells put options, it likely stops gaining once the N100 index falls below their strike prices. It launched August 15, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Waiting for a decline also has costs: its deepest drop was 29.2%, from April 8, 2025 to June 15, 2026, not recovered as of October 27, 2026, and it charges 1.11% a year.