YieldMax Ultra Short Option Income Strategy ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SLTY
The Fund is an actively managed exchange-tradedfund (“ETF”) that seeks current income while providing direct and indirect inverse exposure to the share priceof a group of equity securities, subject to participation in a portion of potential investment gains. The Fund’s strategyinvolves: (i) constructing a short portfolio of U.S.-listed equity securities (each, an “Underlying Security”) or derivativesthat provide short exposure to those Underlying Securities (the “Equity Strategy”) and (2) generating options premiumsthrough an options portfolio (the “Options Strategies”), which involve using options contracts on Underlying Securities.The Fund may also maintain an allocation to cash or U.S. Treasuries. Equity Strategy The Fund’s investment adviser, selectsthe Underlying Securities to which the Fund will gain short exposure. The Underlying Securities primarily include U.S.-listed equitysecurities of operating companies and shares of ETFs. Additionally, they may include other types of U.S. listed exchange-tradedproducts (e.g., closed-end funds and commodity pools). The Adviser selects the Underlying Securitiesby analyzing, among other things, the levels of implied volatility (a measure of the market’s expectation for future pricefluctuations) of the Underlying Security’s listed options prices. Implied volatility is integral to the Fund’s strategy,as it indicates the expected price fluctuations of a security, guiding the Adviser’s selection of suitable Underlying Securities.Generally, the Adviser will seek to gain short exposure to Underlying Securities with higher implied volatility relative to thebroad market, industry or sector peers, or the historical averages for the Underlying Security. Higher implied volatility typicallycorrelates with increased options premiums, allowing the Fund to generate options premiums from its portfolio of Options Strategies.The Adviser also analyzes significant upcoming events related to, where applicable, the issuers of the Underlying Securities (e.g.,earnings releases), as well as the trading volumes of such securities and their related options contracts. The Fund is generallyunconstrained and therefore, the Underlying Securities can be of any market capitalization size and represent any industry sector. The Adviser selects Underlying Securitiesbased on a frequent and quantitative screening process. This method evaluates various factors such as the implied volatility ofthe Underlying Security and the trading volume and liquidity of both the Underlying Security and options on the Underlying Security.Furthermore, the Adviser’s screening process also identifies the industry sectors of potential Underlying Securities as partof its risk management process as described below. The Fund’s allocation to particularUnderlying Securities is primarily driven by implied volatility levels. The Adviser strategically identifies Underlying Securitiesin periods of likely higher volatility (e.g., ahead of significant events, like earnings releases). The Adviser will typicallyselect between fifteen and thirty Underlying Securities to which the Fund will gain short exposure and will implement the OptionsStrategies on the Underlying Securities. However, when the Adviser deems it appropriate, it may choose as few as five UnderlyingSecurities. The Fund may also allocate up to 50% of its net assets in lower-volatility, large-cap equities to seek to provide greaternet asset value stability. The Fund will also hold short-term U.S. Treasury securities. As part of its risk management process,to seek to lower risk and enhance returns, where possible, the Fund will gain short exposure to Underlying Securities, includingETFs and exchange-traded products (ETPs), across various sectors and industries, reducing the impact of sector-specific events.While the Fund intends to have exposure to multiple sectors, it may gain short exposure to Underlying Securities attributable toa particular sector in amounts greater than 25% of the Fund’s total assets when the Adviser’s selection process indicatesthat such sector exposure would be appropriate for the Fund. The Fund does not currently intend to invest in any particular sector.The Fund will not invest more than 25% of its net assets in any particular “industry” as that term is used in the 1940Act. The Fund may gain short exposure to UnderlyingSecurities directly or “synthetically.” To invest synthetically, the Fund will use options contracts on UnderlyingSecurities (considered indirect or synthetic short holdings of the Underlying Securities) to gain exposure to the inverse (opposite)share price performance of the Underlying Securities. The allocation between direct and indirect (synthetic) short holdings variesbased on strategic decisions and market conditions as assessed by the Adviser. ● Direct: The Fund may short Underlying Securities when the Adviser determines a direct short is more cost-effective. ● Synthetic: To achieve a synthetic short exposure to an Underlying Security, the Fund will buy that Underlying Security’s put options and, simultaneously, sell that Underlying Security’s call options to try to replicate the inverse price movements of owning that Underlying Security. The put options purchased by the Fund and the call options sold by the Fund will generally have one-month to six-month terms and strike prices that are approximately equal to the then-current share price of the relevant Underlying Security at the time the options contracts are purchased and sold, respectively. The combination of the long put options and sold call options provides the Fund with investment exposure equal to approximately -100% of the relevant Underlying Securities for the duration of the applicable options exposure. Options Strategies – SeekingPremiums & Growth The Fund seeks to generate options premiumsand growth by using Options Strategies on the shorted Underlying Securities. In particular, the Fund will receive options premiumswhen it writes (sells) an option. By selling options, the Fund earns premiums from buyers who pay for the right to buy or sellthe underlying asset at a predetermined price. The amount of premium the Fund receives is influenced by market volatility, as highervolatility (larger price swings) generally results in higher premiums. Therefore, the Adviser analyzes market conditions to determinethe timing and type of Options Strategies to employ. By strategically entering and exiting options positions, the Adviser seeksto enhance the Fund’s potential to generate options premiums. Depending on the Adviser’s outlook, the Adviser willselect one Options Strategy or a combination of Options Strategies that it believes will best generate premiums while generallyalso attempting to benefit from downside participation, meaning the opportunity for the Fund to gain if the value of the shortedassets decline. In some instances, the aim is to generate additional gains if the Underlying Security decreases in value, while,in other cases, the aim is to limit losses if the Underlying Security increases in value. The Adviser considers both market conditionsand the performance of the Underlying Securities when selecting Options Strategies. In some instances, the aim is to generate additionalgains if the Underlying Security decreases in value, while, in other cases, the aim is to limit losses if the Underlying Securityincreases in value. The Adviser may implement the selected strategy by increasing the Fund’s short exposure to an UnderlyingSecurity to seek increased gains or by using hedging techniques to seek to limit the Fund’s potential losses. Further, depending on the Adviser’sassessment of one or more of the Underlying Securities’ options contracts (e.g., they are insufficiently liquid or too costly),the Fund may employ Options Strategies using an ETF, instead of options on the Underlying Securities themselves. Each such ETFwould otherwise qualify as an Underlying Security. The Fund’s use of Options Strategies with Underlying Securities and ETFswill always be covered (e.g., the Fund may do call or put spreads). The Fund’s Options Strategies are applied consistently,whether the Underlying Security is held directly or through synthetic exposure, and regardless of whether the Underlying Securityis an equity security, an ETF, or another type of ETP. The Fund’s outcomes may vary dependingon the Options Strategies used and the purpose for which they are employed, including seeking additional exposure (leverage) orproviding upside protection (hedging). For example: ● When writing covered puts (selling put options on securities the Fund has already shorted), the Fund might limit its potential for capital appreciation in exchange for options premiums. ● When selling credit put spreads (writing a put option at one strike price and buying another put option at a lower strike price), the Fund limits the potential loss compared to selling an option outright by capping it at the difference between the strike prices minus the net premium received. ● When selling diagonal put spreads (selling a put option with a nearer expiration date and buying a put option with a later expiration date at a different strike price), the Fund aims to benefit from the time decay (see below) of the nearer-term option. ○ Time decay is the reduction in an option’s value as the time to its expiration date approaches. An option’s decay accelerates as its expiration date gets closer because there is less time for an investor to earn a profit from that option. ● When selling cash-secured calls (selling call options while holding enough cash to margin the short security at the strike price if assigned), the Fund generates options premiums. ● When selling calendar put spreads (selling a short-term option and buying a longer-term option at the same strike price), the Fund aims to benefit from the faster time decay of the short-term option. ● When applying debit spreads as a supplemental options strategy (buying call or put spreads), the Fund may aim to use them strategically with the other Options Strategies to offset margin requirements and enhance overall options premiums potential, to hedge its short position during periods of elevated uncertainty, or to “leg into” debit spreads by entering the spread in stages. These Options Strategies impact therisk-return profile of the Fund, potentially affecting volatility, options premiums generation, downside capture (opportunity toprofit from declining asset values), capital preservation (protecting value), and the degree of leverage or hedging embedded inthe Fund’s portfolio. See the prospectus section titled “Additional Information About the Fund” for examplesof the options strategies that the Fund may utilize, together with a description of each options strategy. Distributions may include a significantportion classified as return of capital (“ROC”). ROC generally represents a return of a shareholder’s investedcapital rather than traditional income such as dividends or interest. See the prospectus section titled “Additional InformationAbout the Fund” for more information about option premiums and ROC. US Treasuries In addition, the Fund may hold cash orshort-term U.S. Treasury securities. These securities serve a dual purpose: (1) providing collateral for the Options Strategiesand for the short positions, and (2) contributing to the Fund’s income generation. Why invest in the Fund? ● The Fund seeks to participate in some of the potential gains experienced by decreases in the share prices of the Underlying Securities. ● The Fund seeks to generate cash distributions on a weekly basis, which is not dependent on the value of the Underlying Securities. Fund Distributions The Fund seeks to provide weekly distributions.The Fund seeks to generate such distributions in the following ways: ● The Fund seeks to generate options premiums from engaging in the Options Strategies. ● Investing in short-term U.S. Treasury securities. The income generated by these securities will be influenced by interest rates at the time of investment. The Fund may also invest in pooled vehicles (e.g., mutual funds and ETFs) that invest in U.S Treasuries. ● The Fund seeks to distribute any gains it earns from decreases in the share prices of the Underlying Securities when the Fund’s options positions are periodically closed out. The Fund is classified as “non-diversified”under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis. The Fund will employ its investment strategyregardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensivepositions during such periods. There is no guarantee that the Fund’sinvestment strategy will be properly implemented, and an investor may lose some or all of its investment.
Data for SLTY is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.