YieldMax™ Universe Fund of Option Income ETFs
The Fund is a “fund of funds,” meaning that it will primarily invest its assets in certain YieldMax™ ETFs. The Fund’s portfolio will be reallocated on a monthly basis so that each YieldMax™ ETF held in the Fund’s portfolio, including any eligible new YieldMax™ ETF that is added to the portfolio, is equally weighted.
Investing in the fund involves a high degree of risk. Due to the investment strategies of the Underlying YieldMax™ ETFs, the Fund’s indirect exposure to gains, if any, of the share price returns of the Underlying Securities is capped. However, the Fund is subject to all potential losses if the shares of the Underlying Securities decrease in value, which may not be offset by income received by the Fund.
THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER.
Distribution Rate*:
30-Day SEC Yield**:
Distribution Details
For YieldMax™ ETFs Distribution Schedules, click here.
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*The Distribution Rate is the annual yield an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. The 30-Day SEC Yield represents net investment income,which excludes option income, earned by such ETF over the 30-Day period ended at the most recent month-end, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.Distributions are not guaranteed.
**The Distribution Rate and 30-Day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future. Additional fund risks can be found below.
Fund Overview
The YieldMax™ Universe Fund of Option Income ETFs (YMAX) is an actively managed exchange-traded fund that seeks to generate 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™ ETFs (defined below) invests.
The Fund’s portfolio will be primarily composed of “YieldMax™ ETFs,” (each, an “Underlying YieldMax™ ETF”). Each of the Underlying YieldMax™ ETFs in which the Fund may invest has a primary investment objective to seek current income, and a secondary investment objective to seek exposure to (i) the share price of the common stock of a particular operating company or (ii) the share price of a particular ETF (in either case, an “Underlying Security,”) subject to a limit on potential investment gains.
Due to the investment strategies of the Underlying YieldMax™ ETFs, the Fund’s indirect exposure to gains, if any, of the share price returns of the Underlying Securities is capped. However, the Fund is subject to all potential losses if the shares of the Underlying Securities decrease in value, which may not be offset by income received by the Fund.
Investment Objective
The Fund’s primary investment objective is to seek current income.
Fund Information
* The Fund has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.
**The 30-Day SEC Yield represents net investment income earned by the Fund over the 30-day period ended on the date indicated by the Yield, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period. Theunsubsidized30-DaySEC Yielddoes not reflect any fee waivers/reimbursem*nts/limits in effect.
Fund Data & Pricing
***Median30-DaySpread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10-second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Performance
Month-End
Quarter-End
Month-End
Quarter-End
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The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (866) 864-3968.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded. The fund intends to pay out dividends and interest income, if any, monthly. There is no guarantee these distributions will be made.
Holdings
Top 10 Holdings
Holdings subject to change.
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Literature
Prospectus
Summary Prospectus
SAI
Fiscal Q1 Holdings
Purchase Information
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The YieldMax™ Universe Fund of Option Income ETFs is available through various channels including via phone (866) 864-3968, broker-dealers, investment advisers, and other financial services firms, including:
This Fund is not affiliated with these financial service firms.
Their listing should not be viewed as a recommendation or endorsem*nt.
Risk Information
Before investing, carefully consider the Fund’s investment objectives, risks, charges, and expenses. This information, along with other details, is available in the prospectus. Please read the prospectuses carefully before making any investment.
Investments involve risk. Principal loss is possible.
THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING ISSUER.
Underlying Security Risk:
Each Underlying YieldMax™ ETF invests in options contracts based on the value of its Underlying Security. This subjects each Underlying YieldMax™ ETF to certain risks as if it owned shares of its Underlying Security, even though it does not. As a result, each Underlying YieldMax™ ETF is subject to the risks associated with the industry of the corresponding Underlying Issuer.
Derivatives Risk:
Derivatives are financial instruments deriving value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates, or indexes. Each Underlying YieldMax™ ETF’s investments in derivatives may pose risks beyond those associated with directly investing in securities or other ordinary investments. Risks include market-related factors, imperfect correlation with underlying investments or Underlying YieldMax™ ETF’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions. The Underlying YieldMax™ ETFs’ investment strategies are options-based, and option prices are influenced by various factors.
Distribution Risk:
Each Underlying YieldMax™ ETF aims to provide monthly income, but there is no guarantee of distribution in any given month. Monthly distributions may consist of capital returns, potentially reducing each Underlying YieldMax™ ETF’s NAV and trading price over time. This could lead to significant losses for investors, especially as returns exclude dividends paid by the Underlying Security, resulting in lesser income compared to a direct investment in the Underlying Security.
NAV Erosion Risk Due to Distributions:
When an Underlying YieldMax™ ETF makes a distribution, its NAV typically drops by the distribution amount on the related ex-dividend date. Repetitive distributions may significantly erode an Underlying YieldMax™ ETF’s NAV and trading price over time, potentially resulting in notable losses for investors.
Call Writing Strategy Risk:
The continuous application of each Underlying YieldMax™ ETF’s call writing strategy impacts its ability to participate in positive price returns of its Underlying Security. This affects returns during the term of sold call options and over longer time frames. An Underlying YieldMax™ ETF’s participation in its Underlying Security’s positive price returns and its own returns will depend not only on the Underlying Security’s price but also on the path the Underlying Security’s price takes over time. Certain price trajectories of the Underlying Security could lead to suboptimal outcomes for the Underlying YieldMax™ ETF.
Single Issuer Risk:
Each Underlying YieldMax™ ETF, focusing on an individual security (Underlying Security), may experience more volatility compared to traditional pooled investments or the market generally due to issuer-specific attributes. Its performance may deviate from that of diversified investments or the overall market, making it potentially more susceptible to the specific performance and risks associated with the Underlying Security.
High Portfolio Turnover Risk:
Each Underlying YieldMax™ ETF may actively and frequently trade all or a significant portion of its holdings. A high portfolio turnover rate increases transaction costs, potentially raising the Underlying YieldMax™ ETF’s expenses.
New Fund Risk:
The Fund is a recently organized management investment company with no operating history. Prospective investors do not have a track record or history on which to base their investment decisions.
Launch & Structure Partner: Tidal ETF Services
The Funds are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with YieldMax or Tidal.
