YieldMax GME Option Income Strategy ETF (GMEY)

The YieldMax GME Option Income Strategy ETF (GMEY) is a single-stock ETF designed to generate income using an option strategy. It is characterized by a very high distribution yield but has experienced a significant share-price decline over the past year.

What this ETF is trying to do

GMEY is an option-income ETF. Instead of simply holding a stock, it uses options to try and create cash payments for investors. It focuses on a single-stock strategy to generate these distributions.

What the numbers show

The share price of GMEY has fallen significantly. The one-year price return is -50.55%, and the year-to-date (YTD) price return is -28.62%.

When looking at the total return—which includes both the share price and the distributions—the results are different. The one-year total return is -15.14%, and the YTD total return is 2.40%. This shows that while the share price dropped, the cash distributions helped offset some of those losses.

An estimated price from roughly one year ago was $51.07, compared to the current price of $25.26.

Income and distribution explanation

GMEY provides very frequent payouts, often occurring weekly (mostly on Thursdays). In the last 12 months, it has made 51 payouts.

The distribution yield is approximately 74.89%. While this number is very high, it is important to remember that a high yield alone can be misleading. It does not guarantee that the investor is making a profit, especially if the share price is falling at the same time.

Price and NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the data shows severe price erosion. GMEY has a severe erosion-risk flag and an erosion score of 10. This means the split-adjusted price trend and the erosion score triggered a warning about the significant drop in the fund's share price.

Pros

• High Cash Flow: The ETF provides very frequent distributions and a high distribution yield.

• Positive YTD Total Return: Despite a falling share price, the YTD total return is positive (2.40%).

Cons

• Significant Price Decline: The share price has dropped over 50% in the last year.

• Severe Risk Warning: The fund has a severe erosion-risk flag.

• Low Income Grade: It has an income rating grade of "F."

Beginner takeaway

GMEY is a high-risk tool used to generate cash. While it pays out money frequently, the value of the shares themselves has declined sharply. Investors in this ETF should understand that high distributions do not always protect the original amount of money invested.

Top Holdings

As of October 8, 2026, the fund's holdings include:

• FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX): 3.93%