YieldMax Universe Fund of Option Income ETFs

Frequently Asked Questions About YMAX

What does YMAX invest in?

YMAX, officially known as the YieldMax Universe Fund of Option Income ETFs, is a dynamically managed exchange-traded fund whose primary objective is to generate consistent income for investors. Structured as a "fund of funds," it achieves this by allocating capital across the entire spectrum of YieldMax's specialized option income ETFs. Each of these constituent YieldMax ETFs, in turn, is designed to produce income streams while simultaneously providing market exposure to the value of a distinct underlying asset, such as a specific company's stock or another exchange-traded fund.

What is the expense ratio of YMAX?

YieldMax Universe Fund of Option Income ETFs (YMAX) charges an expense ratio of 1.33%. This is the annual fee deducted from fund assets to cover management and operations.

What is YMAX's distribution yield?

YMAX's trailing-twelve-month yield is 61.76%, calculated from the sum of distributions over the past year divided by the current price. A rate this high reflects large option-premium distributions against a NAV that has declined over the same period. Part of each payout may be return of capital rather than earned income.

How does YMAX's covered-call strategy work?

YMAX sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside. When the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is YMAX?

YieldMax Universe Fund of Option Income ETFs (YMAX) manages $362.4M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is YMAX actively managed or an index fund?

YMAX's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.