ETF Evaluator:
YieldMax Universe Fund Of Option Inc ETF ()
Follow This ETF
(as of Nov 13)
Best Performing in Derivative Income - Diversified Over the Last Year
| 24.9% | Federated Hermes Enhanced Income ETF (PAYR) |
| 21.1% | Amplify COWS Covered Call ETF (HCOW) |
| 20.5% | Parametric Equity Premium Income ETF (PAPI) |
| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
Risk
Index
Risk
Index
ETF Details
YieldMax Universe Fund Of Option Inc ETF Overview
YieldMax Universe Fund Of Option Inc ETF (YMAX) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). YieldMax ETFs launched the ETF in 2024.
The investment seeks current income.
The fund is a “fund of funds,” meaning that it primarily invests its assets in the shares of other ETFs, rather than in securities of individual companies. In addition, from time to time, the fund may invest directly in the securities and financial instruments in which one or more Underlying YieldMax™ ETF invests. The fund is non-diversified.
About YieldMax Universe Fund Of Option Inc ETF (YMAX)
There are 3 members of the management team with an average tenure of 1.38 years: Andrew (Andy) Hicks (2026), Qiao Duan (2024) and Kimberly Chan (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. YieldMax Universe Fund Of Option Inc ETF has 30 securities in its portfolio. The top 10 holdings constitute 46.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
YieldMax Universe Fund Of Option Inc ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. YieldMax Universe Fund Of Option Inc ETF has 8.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.0% There is 8.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 67.0% (67.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). YieldMax Universe Fund Of Option Inc ETF has 4.6% of the portfolio in cash.
Assets Under Management
The fund has $335 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
YMAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The YieldMax Universe Fund Of Option Inc ETF expense ratio is high compared to funds in the Derivative Income - Diversified category. YieldMax Universe Fund Of Option Inc ETF has an expense ratio of 1.33%, which is 82% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. YieldMax Universe Fund Of Option Inc ETF has a portfolio turnover rate of 76%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, YieldMax Universe Fund Of Option Inc ETF returned -6.1%, which earned it a grade of F, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
YieldMax Universe Fund Of Option Inc ETF has a trailing yield of 39.95%, which is above the 6.26% category average.
The fund normally distributes its income weekly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
YieldMax Universe Fund Of Option Inc ETF Grades
Year to date, the ETF has returned 1.4%, 7.5 percentage points worse than the category, which translates into a grade of F. The fund has returned -7.6% over the past year (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about YieldMax Universe Fund Of Option Inc ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
YMAX Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| YMAX Return (NAV) | -6.1% | 3.4% | -7.6% | na | na | na |
| YMAX Return (Price) | -6.1% | 3.2% | -7.7% | na | na | na |
| NAV +/- Price Return | 0.057% | 0.195% | 0.106% | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| YMAX Grade (NAV) | F | A | F | na | na | na |
| +/- Category (NAV) | -4.1% | 2.5% | -17.7% | na | na | na |
| YMAX Tax-Cost Ratio | na | na | 11.7% | na | na | na |
YMAX Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| YMAX Return (NAV) | 1.4% | 6.4% | na | na | na | na | na | na | na | na | na |
| YMAX Return (Price) | 1.4% | 6.2% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.024% | -0.041% | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| YMAX Grade (NAV) | F | F | na | na | na | na | na | na | na | na | na |
| +/- Category | -7.5% | -7.4% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 40.0% |
| Total Assets: | $ 336 Mil |
| Share Class Assets: | $ 336 Mil |
| Turnover: | 76.0% |
| Expense Ratio: | 1.33% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Weekly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Duan Qiao (2024), Chan Kimberly (2026), Hicks Andrew (Andy) (2026) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 46.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 8.0% |
Portfolio Allocation |
|
| Domestic Stock: | 12.0% |
| Foreign Stock: | 8.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 67.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 8.3% |
| Cash: | 4.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | YieldMax ETFs |
| Phone Number: | 866-864-3968 |
| Website: | |
| Inception Date: | January 16, 2024 |
Expenses and Fees
| Expense Ratio (%): | 1.33% (Rating: High) |
| Category Average Expense Ratio (%): | 0.73% |
