FBY
YieldMax META Option Income Strategy ETF
FBY seeks to provide current income and capped gains on the Meta Platforms stock (META) through a synthetic covered call strategy, collateralized by cash and US Treasurys. The actively managed fund uses both standardized exchange-traded and FLEX options.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
174.2 M
ASSETS UNDER MGMT
99 bp
EXPENSES
Fund Basics
| Fund sponsor | Tidal |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Jul 27, 2023 |
| Assets (mns) | $174 |
| Expense ratio | 99 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| UNITED STATES TREASURY NOTE/BOND 3.875% 01/15 | 20.4 % |
| UNITED STATES TREASURY BILL 08/14/2025 | 19.0 % |
| UNITED STATES TREASURY NOTE/BOND 3% 07/15/202 | 16.5 % |
| UNITED STATES TREASURY BILL 02/19/2026 | 11.8 % |
| META US 07/18/25 C660 | 10.9 % |
| UNITED STATES TREASURY BILL 11/06/2025 | 9.4 % |
| UNITED STATES TREASURY NOTE/BOND 4.25% 10/15/ | 9.3 % |
| CASH & OTHER | 4.1 % |
| META US 07/03/25 C755 | 0.2 % |
| META US 07/03/25 C760 | 0.1 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -10.9% | -13.3% | -- | -- | -- | -- | -- | -9.6% |
| Dividend Yield | 18.4% | 43.3% | -- | -- | -- | -- | -- | 45.3% |
| Total Returns | 7.6% | 29.9% | -- | -- | -- | -- | -- | 35.7% | Ann. Volatility | 35.7% | 30.4% | -- | -- | -- | -- | -- | 28.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.54 | 54% |
| MSCI EAFE | 0.61 | 10% |
| MSCI Emg Mkts | 0.51 | 4% |
Liquidity Measures
| Avg. volume (000) | 143 |
| ADV traded (mns) | $2 |
| Turnover | 1.4% |
| Avg. Bid/Ask (% of price) | 0.13% |
Technical Indicators
| Recent close | $16.71 |
| 30d moving avg. | $16.07 |
| Annualized volatility | 27.5% |
| Relative strength (RSI) | 59 |
| Short interest | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| FBY (99 bp) Percentile rank | 59 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FBY | 99.0 | 13.3 | 112.3 |
| Peer Avg. | 94.4 | 36.2 | 130.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .