YieldMax Ultra Option Income Strategy ETF
ULTY
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 11755 Wilshire Blvd, Suite 2400 Los Angeles CA United States of America 90025
- IPO Date
- Feb 29, 2024
- Website
- yieldmaxetfs.com
- Similar Companies
- Business
- YieldMax Ultra Option Income Strategy ETF (ULTY), launched on February 28, 2024, is an actively managed exchange-traded fund issued by Tidal Trust II and advised by Tidal Investments LLC with sub-advisory services from ZEGA Financial, LLC; the fund, headquartered in Milwaukee, Wisconsin, seeks current monthly income as its primary objective and secondary exposure to the share price performance of select U.S.-listed securities, subject to caps on potential gains. ULTY constructs an equity portfolio of typically 15 to 30 underlying securities—including U.S.-listed stocks of operating companies, exchange-traded funds (ETFs), closed-end funds, and other exchange-traded products (ETPs)—selected based on high implied volatility in their listed options, trading volumes, liquidity, upcoming events such as earnings releases, and sector diversification for risk management; the fund invests directly in these underlying securities or synthetically via purchased call options paired with sold put options to replicate exposure, while allocating no more than 10% of assets to cash or short-term U.S. Treasury securities for collateral and supplemental income. Income generation occurs primarily through covered options strategies on these holdings, such as writing (selling) call options to collect premiums, cash-secured put selling, call/put spreads on substitute ETFs when direct options lack liquidity, targeted hedging to limit downside, and leveraged options for upside capture; premiums from sold options, dividends from direct equity holdings, and Treasury yields support monthly or more frequent distributions, though amounts fluctuate with market volatility and may include return of capital, eroding net asset value (NAV) over time; the fund exhibits high portfolio turnover (717% for the period ended October 31, 2024) and a total annual operating expense ratio of 1.30% after fee waivers through February 28, 2026. In December 2025, YieldMax announced strategic portfolio enhancements, expanding exposure to lower-volatility large-cap stocks alongside high-volatility equities for improved NAV stability, broader sector and asset class diversification, and refined options strategies emphasizing hedging against downturns and leveraged positions for rallies, aiming to balance premium generation with reduced drawdowns and more predictable distributions at potentially moderated levels. ULTY underwent a 1-for-10 reverse stock split effective after market close on November 28, 2025, with split-adjusted trading commencing December 1, 2025, to address NAV erosion from high distributions and share price declines since inception; the fund trades on NYSE Arca, targets income-seeking investors across U.S. markets without geographic constraints beyond U.S.-listed assets, and remains non-diversified under the 1940 Act with unconstrained market capitalization exposure.