YieldMax MARA Option Income Strategy ETF (MARO) is an actively managed exchange-traded fund that seeks to generate monthly current income through a synthetic covered call strategy on MARA Holdings, Inc., while providing capped exposure to the share price returns of MARA; the fund employs standardized exchange-traded and FLEX options, including the purchase and sale of at-the-money calls and puts for synthetic long exposure approximating 100% of MARA, the writing of short-term call options with strikes 0%-15% above MARA's share price to harvest option premiums, and collateral investments in short-term U.S. Treasury bills; it does not invest directly in MARA shares or entitle shareholders to MARA dividends.
Launched on December 10, 2024, and traded on the NYSE Arca, MARO forms part of the YieldMax ETFs suite of single-issuer option income strategies offered by Tidal ETF Trust II, advised by YieldMax ETFs (founded by ETF industry veterans) with sub-adviser ZEGA Financial, LLC, distributor Foreside Fund Services, LLC, and key service providers including U.S. Bank for administration, custody, and transfer agency, all primarily based in Milwaukee, Wisconsin, and other U.S. locations.
Recent distributions on MARO were announced as part of YieldMax's ongoing monthly payouts, with the June 18, 2025 distribution comprising 96.21% return of capital and 3.79% income; in November 2025, YieldMax launched the Performance & Distribution Target 25 ETF family as a strategic expansion to blend growth and income across reference stocks; earlier in December 2025, YieldMax implemented portfolio refinements to sister fund ULTY for enhanced stability, signaling broader operational adjustments in its option income lineup amid volatile equity markets.