ULTY: YIELDMAX(R) ULTRA OPTION INCOME STRATEGY ETF
Share-split context: A reverse split was recorded on Dec 1, 2025 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.
Understanding the YIELDMAX® Ultra Option Income Strategy ETF (ULTY)
The YIELDMAX® Ultra Option Income Strategy ETF (ULTY) is designed to generate high income for investors using an option-based strategy. It is characterized by very frequent cash distributions and a high distribution yield, though it has experienced significant share-price declines.
What this ETF is trying to do
ULTY is an option-income ETF. Instead of just holding stocks, it uses options to try and create cash flow. Its goal is to provide high levels of income to shareholders.
What the numbers show
The performance of ULTY differs greatly depending on whether you look at the share price alone or the total return.
• Price Return: This measures only the change in the share price. The one-year price return is -53.4%, and the year-to-date (YTD) price return is -31.34%.
• Total Return: This reflects the overall return, including distributions. The one-year total return is -6.27%, while the YTD total return is 13.21%.
The ETF has a history of a reverse split that occurred on December 1, 2025. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the per-share price. This mechanical increase does not restore lost investment value.
Income and Distribution Explanation
ULTY provides very frequent distributions, often occurring weekly (mostly on Wednesdays). Over the last 12 months, it has made 54 payouts.
The distribution yield is approximately 73.01%. It is important for beginners to know that a high yield alone can be misleading. A high distribution rate does not guarantee that the original investment (the principal) is being preserved.
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 a severe erosion-risk flag. This warning was triggered because of the split-adjusted price trend and an erosion score of 10, which is labeled as "Severe price erosion." This means the market price of the ETF has declined substantially.
Top Holdings
As of October 8, 2026, the fund holds 153 assets. The following are some of the Top Holdings (this is a partial list):
• Nebius Group NV: 5.59%
• AppLovin Corp: 5.54%
• Upstart Holdings Inc: 5.44%
• Rigetti Computing Inc: 5.4%
• IonQ Inc: 4.89%
Pros
• Very High Income: Provides frequent cash distributions.
• Positive YTD Total Return: Despite a falling share price, the total return for the year is positive (13.21%).
Cons
• Severe Price Decline: The share price has dropped significantly over the last year.
• High Risk: The fund has a "severe" price erosion label and a "D" income rating grade.
Beginner Takeaway
ULTY is a high-income tool that pays out cash very frequently. While the total return has been positive recently, the share price has fallen sharply. Investors should be aware that high distributions can exist even while the value of the shares declines.
Top Holdings
Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.
| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | NEBIUS GROUP NV SHS CLASS-A- | NBIS | 5.59% |
| 2 | APPLOVIN CORP ORDINARY SHARES CLASS A | APP | 5.54% |
| 3 | UPSTART HOLDINGS INC ORDINARY SHARES | UPST | 5.44% |
| 4 | RIGETTI COMPUTING INC | RGTI | 5.40% |
| 5 | IONQ INC CLASS A | IONQ | 4.89% |
| 6 | NUSCALE POWER CORP CLASS A | SMR | 4.78% |
| 7 | STRATEGY CLASS A | MSTR | 4.77% |
| 8 | n/a | COIN | 4.68% |
| 9 | MARA HOLDINGS INC | MARA | 4.63% |
| 10 | INNODATA INC | INOD | 4.27% |