YMAX
YieldMax Universe Fund of Option Income ETFs
YMAX is an actively managed fund-of-funds that invests in shares of other YieldMax ETFs. The underlying ETFs seek to provide current income and capped gains on select securities through a synthetic covered call strategy.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
990.4 M
ASSETS UNDER MGMT
128 bp
EXPENSES
Fund Basics
| Fund sponsor | YieldMax |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Jan 17, 2024 |
| Assets (mns) | $992 |
| Expense ratio | 128 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | Yes |
Top Holdings
| YIELDMAX HOOD OPTION INCOME STRATEGY ETF | 3.8 % |
| YIELDMAX MARA OPTION INCOME STRATEGY ETF | 3.7 % |
| YIELDMAX COIN OPTION INCOME STRATEGY ETF | 3.6 % |
| YIELDMAX AI OPTION INCOME STRATEGY ETF | 3.5 % |
| YIELDMAX SMCI OPTION INCOME STRATEGY ETF | 3.5 % |
| YIELDMAX AMD OPTION INCOME STRATEGY ETF | 3.4 % |
| YIELDMAX GOOGL OPTION INCOME STRATEGY ETF | 3.4 % |
| YIELDMAX INNOVATION OPTION INCOME STRATEGY ET | 3.4 % |
| YIELDMAX BITCOIN OPTION INCOME STRATEGY ETF | 3.4 % |
| YIELDMAX MRNA OPTION INCOME STRATEGY ETF | 3.4 % |
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 | -18.8% | -29.5% | -- | -- | -- | -- | -- | -22.5% |
| Dividend Yield | 27.4% | 49.1% | -- | -- | -- | -- | -- | 46.7% |
| Total Returns | 8.5% | 19.6% | -- | -- | -- | -- | -- | 24.3% | Ann. Volatility | 31.5% | 26.3% | -- | -- | -- | -- | -- | 23.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.18 | 73% |
| MSCI EAFE | 0.34 | 6% |
| MSCI Emg Mkts | 0.33 | 3% |
Liquidity Measures
| Avg. volume (000) | 2,834 |
| ADV traded (mns) | $39 |
| Turnover | 4.0% |
| Avg. Bid/Ask (% of price) | 0.08% |
Technical Indicators
| Recent close | $13.93 |
| 30d moving avg. | $13.24 |
| Annualized volatility | 17.3% |
| Relative strength (RSI) | 68 |
| Short interest | 13.9% |
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 |
| YMAX (128 bp) Percentile rank | 93 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| YMAX | 128.0 | 7.5 | 135.5 |
| Peer Avg. | 94.4 | 32.9 | 127.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .