YieldMax Universe Fund of Option Income ETFs
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 Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About YMAX
TheFund is an actively managed exchange-traded fund (“ETF”) that seeks current income. The Fund is a “fund of funds,”meaning that it primarily invests its assets in the shares of other ETFs, rather than in securities of individual companies. Inaddition, from time to time, the Fund may invest directly in the securities and financial instruments in which one or more UnderlyingYieldMax® ETF (defined below) invests. TheFund’s portfolio will be primarily composed of “YieldMax® ETFs,” which are all affiliated ETFsadvised by Tidal Investments LLC (the “Adviser”) (each, an “Underlying YieldMax® ETF”).Each Underlying YieldMax® ETF in which the Fund may invest has a primary investment objective to seek current income,and a secondary investment objective to seek exposure to (i) the share price of a particular operating company, (ii) the performanceof a portfolio of operating companies (such as a portfolio representing a particular economic sector, country, or other theme)),(iii) the performance of an index of operating companies, (iv) the share price of a particular ETF, (v) the share price of oneor more ETFs or U.S.-listed exchange-traded products (“ETPs”), or (vi) the performance of a portfolio consisting ofany combination of the foregoing (in each case, an “Underlying Reference Asset”). Because of the options strategiesemployed, an Underlying YieldMax® ETF participates partially in potential investment gains associated with itsUnderlying Reference Asset. WhyInvest in the Fund? ● The Fund seeks to generate weekly cash distributions, primarily through investments in the Underlying YieldMax® ETFs. ● Each Underlying YieldMax® ETF employs options strategies to generate options premiums and, for many Underlying YieldMax® ETFs, to provide exposure to performance of its Underlying Reference Asset; however, as a result of those options strategies, participation in potential investment gains is partial. Some Underlying YieldMax® ETFs may also invest directly in an Underlying Reference Asset and/or gain exposure to the Underlying Reference Asset through swap contracts. ● The Fund’s portfolio of Underlying YieldMax® ETFs is generally rebalanced monthly, though from time to time it may be rebalanced on a more frequent basis, and may be adjusted to include eligible new Underlying YieldMax® ETFs. The Fund is designed to broaden access and simplify ownership for shareholders, providing them with exposure to a broader range of YieldMax® ETF investment opportunities in a single Fund. Dueto the Underlying YieldMax® ETFs’ investment strategies, the Fund’s participation in any gains of anUnderlying Reference Asset is partial. However, the Fund is subject to all potential losses if the value of the UnderlyingReference Asset decreases, which may not be offset by distributions or options premiums received by the Fund. Whilethe Fund seeks to provide current income pursuant to its investment objective, a portion (sometimes significant) of the Fund’sdistributions may be classified as return of capital (“ROC”) for financial or tax reporting purposes. Generally speaking,ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal)rather than income or profit. Accordingly, such distributions do not necessarily reflect the Fund’s income or yield. Seethe prospectus section titled “Additional Information About the Funds” for more information about option premiumsand ROC. TheUnderlying YieldMax® ETFs EachUnderlying YieldMax® ETFs utilizes options strategies to generate options premiums, while also seeking to provideexposure to the Underlying Reference Asset (either synthetically through the use of derivatives or through direct investments).However, as a result of those options strategies, each Underlying YieldMax® ETF participates partially in potentialinvestment gains. Each Underlying YieldMax® ETF’s options contracts may provide: ● exposure to the performance of its Underlying Reference Asset, ● option premiums, and ● partial participation in gains, if any, of the performance of its Underlying Reference Asset. SomeUnderlying YieldMax® ETFs, such as those that seek exposure to a portfolio of operating companies, invest directlyin their Underlying Reference Asset instead of only using derivative instruments to gain exposure. Aninvestment in an Underlying YieldMax® ETF is not an investment in its Underlying Reference Asset. ● Each Underlying YieldMax® ETF’s strategy may capture only a portion of the potential gains if its Underlying Reference Asset increases in value. ● Each Underlying YieldMax® ETF’s strategy is subject to all potential losses if its Underlying Reference Asset decreases in value, which may not be offset by the options premiums it generates. ● Some YieldMax® ETFs may invest directly in their Underlying Reference Asset. ● Underlying YieldMax® ETF shareholders (including the Fund) are generally not entitled to any Underlying Reference Asset dividends, except with respect to those YieldMax® ETFs that invest directly in the Underlying Reference Asset. UnderlyingYieldMax® ETFs – Options Contracts TheYieldMax® ETFs engage in a variety of options strategies. ● In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset at a specified price (the “strike price”). ● If exercised, an option contract obligates the seller to deliver shares (for a sold or “short” call) or buy shares (for a sold or “short” put) of the underlying asset at a specified price (the “strike price”). ● Options contracts must be exercised or traded to close within a specified time frame, or they expire. EachYieldMax® ETF’s options contracts are based on the value of the relevant Underlying Reference Asset (whichmay be a security, a portfolio of securities, or an index). Depending on the terms of the option contract, this gives the YieldMax®ETF the right or obligation to receive or deliver (i) shares of the Underlying Reference Asset, or (ii) where the UnderlyingReference Asset is an index or a portfolio of securities, the applicable cash settlement amount (or other settlement amount) basedon the value of such index or portfolio, in each case in exchange for the stated strike price, depending on whether the optioncontract is a call option or a put option and whether the YieldMax® ETF purchases or sells the option contract.Examples of options strategies utilized by the YieldMax® ETFs include the following: ● A “synthetic covered call” strategy whereby the Underlying YieldMax® ETF writes (sells) call option contracts on the Underlying Reference Asset to generate options premiums, while also using options to gain synthetic exposure to the Underlying Reference Asset. ● A “synthetic covered call” strategy, similar to the example above, but designed to provide for a set annual distribution rate. ● A“covered call spread” strategy , which is a type of selling credit spread. The Underlying YieldMax® ETFuses this strategy to earn premium by selling a call option while buying another at a higher strike, with both profit and loss capped. ● A “combination options” strategy, whereby the Underlying YieldMax® ETF uses a variety of different options strategies to generate options premiums. See“Additional Information About the Funds” below for a more detailed description of the YieldMax® ETFsoptions strategies. EachUnderlying YieldMax® ETF’s performance will differ from that of its Underlying Reference Asset’s performance.The performance differences will depend on, among other things, the value of its Underlying Reference Asset, changes in the valueof the Underlying Reference Asset options contracts that Underlying YieldMax® ETF has purchased and sold, and changesin the value of the U.S. Treasuries. TaxLoss Harvesting Ifa specific Underlying YieldMax® ETF has recently incurred substantial losses, the Fund may choose to redeem (orotherwise exit) its investment in that particular ETF in order to seek to capitalize on tax loss harvesting (a strategy that seeksto minimize the Fund’s capital gains). In that case, the Adviser will use the proceeds from such redemption and invest themin the same strategies as that of the redeemed Underlying YieldMax® ETF. This approach aims to achieve returnsakin to those of the redeemed Underlying YieldMax® ETF in which the Fund was invested. The strategy will be employedfor a minimum of 31 days to adhere to applicable tax rules. This strategy will not be utilized for Underlying YieldMax®ETFs that invest directly in the Underlying Reference Asset. PortfolioConstruction Theportfolio will generally consist of between 15 to 35 Underlying YieldMax® ETFs, reflecting those with thehighest relative performance over a recent period . Among those Underlying YieldMax® ETFs selected for the portfolio,weighting is based on the relative performance of each, with Underlying YieldMax® ETFs with higher performance receivinglarger weightings than those with lower performance. When multiple Underlying YieldMax® ETFs with the same or similarUnderlying Reference Asset are eligible for inclusion, the Adviser may select just one of these Underlying YieldMax®ETF or, alternatively, may allocate a portion of the portfolio to each. The Adviser will generally reallocate the Fund’s portfolioon a monthly basis, including any eligible new Underlying YieldMax® ETF(s) that qualify for inclusion, but excludingany Underlying YieldMax® ETF for which the tax loss harvesting strategy is currently being used. For a new UnderlyingYieldMax® ETF to be eligible for inclusion in the Fund’s portfolio, it must have commenced operations and havemade an initial distribution. The Fund will not invest in Underlying YieldMax® ETFs that operate as a fund-of-funds ETFs,though certain Underlying YieldMax® ETFs may hold minimal positions of other pooled investment vehicles, such as otherETFs. TheFund is classified as “non-diversified” under the 1940 Act. Noneof the Fund, the Trust, the Adviser or their respective affiliates makes any representation to you as to the performance of anyUnderlying Reference Asset. THEFUND, TRUST AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER(S).
YMAX News
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- YieldMax ETFs Announces Weekly Distributions for Group 1 ETFs
- After Comparing Every Weekly Income ETF These 3 Pay You Every Single Friday
- How Yieldmax Universe Fund Of Option Income Etfs (YMAX) Affects Rotational Strategy Timing
- YMAX’s 1.33% Fee Is Just the Start: How a Fund-of-Funds Structure Is Quietly Stacking Costs on Top of Costs
- YMAX’s 1.33% Fee Is Just the Start: How a Fund-of-Funds Structure Is Quietly Stacking Costs on Top of Costs
- How Yieldmax Universe Fund Of Option Income Etfs (YMAX) Affects Rotational Strategy Timing
Data for YMAX 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.