Options for Your Income®
Distribution Rate* : 44.83%
Investment Manager
Source: Bloomberg/ HANetf. Data As of 15.10.2026 *PLEASE NOTE: The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying the Distribution per Security by thirteen (13), and dividing the resulting amount by the most recent estimated closing price of the Underlying Asset. The Distribution Rate represents a single distribution and does not represent total return.
YieldMax® Ultra Option Income Strategy ETC (ULTY) seeks to provide income by holding the US-listed Yieldmax® Ultra Option Income Strategy ETF (US ULTY), which generates its returns through a diversified portfolio of covered call strategies. US ULTY typically invests across 15 to 30 underlying securities, primarily selected based on implied volatility and liquidity characteristics.
By systematically selling call options, US ULTY seeks to capture option premium income while maintaining exposure to the share price performance of its underlying securities, subject to a cap on potential gains.
Explore how YieldMax ETFs aim to provide enhanced income potential through an options-based strategy. It outlines how these ETFs aim to generate monthly income through covered call strategies on well-known U.S. stocks.
*TER on cash holdings is zero
Key Risks
Investors’ capital is at risk and investors may not get back the amount originally invested and should obtain independent advice before making a decision. Any decision to invest should be based on the information contained in the relevant prospectus. ETC securities are structured as debt securities and not as shares (equity). The underlying asset’s strategy will cap its potential gains if the portfolio of securities underlying US ULTY increase in value. The underlying asset’s strategy is subject to all potential losses if the portfolio of securities underlying US ULTY decrease in value, which may not be offset by income received by the underlying asset. Distributions from the US ULTY to the ETC may be subject to US withholding tax (WHT). For a complete overview of all the risks, please refer to the “Risk Factors” in the Prospectus.
Monthly income potential
US ULTY is designed to deliver consistent monthly income by systematically selling call options on a diversified basket of securities which have comparatively high implied volatility. This options strategy seeks to harness market volatility to generate recurring cash flow for investors.
Diversified portfolio
US ULTY invests across 15 to 30 carefully selected underlying securities chosen for their liquidity, volatility, and market opportunity. This diversification helps balance income potential with disciplined risk management across sectors.
Upside participation
US ULTY aims to deliver attractive income while retaining exposure to the underlying securities’ performance, offering investors the opportunity to benefit from rising markets alongside consistent income potential.
YieldMax® ETFs are a family of actively managed exchange-traded funds designed to deliver attractive monthly income through option-income strategies. Each fund employs an actively managed options-based approach that seeks to harness market volatility by selling call options on select equities. This well-established income strategy enables investors to generate consistent cash flow, even from companies that pay little or no dividends. YieldMax® ETFs seek to capture option premium income while maintaining exposure to the underlying share price performance of high-quality stocks. In addition to providing monthly income potential, the funds aim to deliver long-term capital appreciation through strategic equity selection and disciplined risk management, offering investors an efficient, transparent way to access institutional-grade options strategies within an ETC framework.
Asset Entitlement Per Security
The ETC’s issuer (“HANetf Multi-Asset ETC Issuer plc”) received a single aggregate refund of the withholding tax (WHT) that was paid throughout 2025 post the finalization of Underlying Asset’s (here: the US ETFs) financial reporting. This refund was reinvested as capital by way of purchase of further units of the US ETF which comprises the Underlying Asset of the respective ETC. This resulted in an increase in each ETC’s net asset value (NAV).
Throughout the year, each ETC is subject to WHT on distributions received by the ETC issuer arising from its ownership of the Underlying Asset (here: MSTY US ETF or ULTY US ETF). In certain cases, a portion of those distributions may later be determined to be Return of Capital (ROC) for US tax purposes, making them not subject to WHT for non-US shareholders. When this occurs, the excess tax withheld may be refunded to the ETC issuer as the owner of the US ETFs (also: the Underlying Assets of the ETCs).
The ETC’s issuer does not know during the year whether it will receive a refund, or the amount of any refund, and thus cannot make any estimation of the amounts before receiving the refund. This is only determined in the following year after the relevant tax information becomes available to the ETC’s custodian.
If the ETC receives a refund, it is intended that the net proceeds will be reinvested via a purchase of the Underlying Asset in respect of the relevant ETC.
Under the applicable US tax treaty, 30% withholding tax must be applied at the source on distributions paid to the ETC issuer.
If part of the distributions received by the ETC issuer is later classified as ROC) under US tax rules, those amounts are accordingly not subject to withholding tax. As a result, the related tax withheld can be refunded back to the ETC issuer.
The Issuer cannot return or pay any proceeds to the ETC before the Issuer receives the relevant proceeds into its bank account. It cannot be estimated prior to receipt. Any NAV increase will benefit the Holders of the ETC at the time of the NAV increase (as it will comprise part of the calculation of the Asset Entitlement in respect of such ETC).
A refund may arise in any year where distributions received by the ETC issuer are ultimately determined to include ROC amounts, but no assurance is given as to whether any such refund will arise in the future, or the amount of any such refund.
The YieldMax® ETCs (the “ETCs”, and each an “ETC”) are a family of exchange-traded products, each of which hold their corresponding YieldMax® U.S.-listed ETF as their the “Underlying Asset” and a “U.S. ETF”, which is a NYSE-listed U.S. 40 Act ETF.
It is important to understand that ETCs are a different structure to UCITS ETFs. YieldMax® has both types of ETPs. The YieldMax® UCITS ETFs will have different characteristics to ETCs including tax treatment.
a. Purpose & Summary
This section explains the impact of U.S. withholding tax (“U.S. WHT”) on YieldMax® ETCs issued by HANetf Multi-Asset ETC Issuer plc (the “ETC Issuer”). Each of the ETCs provides access to a U.S.-listed YieldMax® ETF. As such, the ETC Issuer receives distributions from the U.S. ETF in respect of the number of U.S. ETF shares it owns.
For avoidance of doubt, this section focuses exclusively on the U.S. WHT treatment of distributions from the U.S. ETF to the ETC Issuer.
b. What is U.S. Withholding Tax
U.S. WHT is a tax deducted at source by the U.S. government on income distributions to non-U.S. investors residing outside of the U.S. In general, any distribution by a U.S. ETF to a non-U.S. investor is subject to U.S. WHT at a standard rate of 30%. This standard rate may differ if a tax treaty between the U.S. and the U.S. ETF investor’s country of domicile is in place.
For the ETCs, the worst-case scenario is that up to 30% U.S. WHT could be applied to the distributions paid from the U.S. ETF to the ETC Issuer, on the basis that the ETC Issuer is a Jersey domiciled entity. Jersey does not have a tax treaty in place with the U.S.
HANetf and YieldMax® are investigating whether the Issuer can get a more favourable treatment for such distributions. However, ETC investors should continue to assume a 30% U.S. WHT rate applies to any distributions from the U.S. ETF to the ETCs.
The decision and amount to invest in any product should take into consideration your specific circumstances after seeking independent investment, tax and legal advice.
c. Structure Overview & U.S. WHT Implications
d. Summary of Tax Flow
Each of the ETCs provides direct exposure to a U.S.-listed ETF by physically holding a set quantity of it. Despite the different prices between each ETC and each U.S. ETF, the ETCs are always 100% backed by the U.S. ETFs they hold, plus any cash entitlement.
This quantity – the ‘entitlement per security’ – is a fixed amount of the U.S.-listed ETF units that each ETC holds in custody, plus any cash entitlement.
For example, the YieldMax® MSTR Option Income Strategy ETC (“MSTY ETC”) was launched with an initial entitlement of 1.5x, meaning each ETC security issued holds (i.e., is backed by) 1.50 the number of U.S.-listed MSTY ETF shares. The entitlement reduces on a daily basis by the Total Expense Ratio (“TER”), please see herein for an explanation of the impact of the Total Expense Ratio on the entitlement.
As a result, the MSTY ETC trades at a higher price than the U.S.-listed ETF it holds – simply because you’re getting proportionately more exposure per ETC unit.
Here is an illustrative example calculation:
*Please see the Distribution FAQs.
The ETCs are USD denominated products, meaning their currency matches that of the respective underlying U.S.-listed ETF. The ETCs perform no FX risk management or hedging.
Any non-USD tickers (e.g. GBP, EUR) are converted from USD to their currency at spot. The market maker quotes the ETCs in different currencies depending on the respective listings. They will include the FX conversion when an investor buys or sells. The investor is exposed to USD movements during the holding period. Please see the calculation above for further details.
The entitlement per security describes the number of U.S.-listed ETF shares held for the ETC that holds it. Using the MSTY ETC as an example, at inception, this value was set to 1.5. The latest entitlement is available on the ETC Issuer’s website which is updated daily.
On a daily basis, the entitlement is reduced by the Total Expense Ratio (“TER”) of the ETC (here: 0.59% per annum).
This matches exactly market practice for other ETCs such as all gold ETCs currently listed in Europe, which – same to this ETC – disclose their daily entitlement on their product website.
The entitlement reduces over time by the TER. However:
Please also refer to the Base Prospectus, section “3. Economic Overview of the Securities” for further details and the calculation of the entitlement.
No, the entitlement is not leverage. If an investor purchases $100 of any of the ETCs, they’ll receive $100 exposure to the respective Underlying Asset/ U.S. ETF, plus any cash entitlement.
For example, the MSTY ETC launched with an entitlement per security of 1.5x. If the entitlement were leverage, the investor purchasing $100 of the ETC would receive exposure to $150 of the U.S. ETF, plus any cash entitlement. This is not the case.
ETCs can only distribute as regularly as 4-weekly.
If the U.S. ETF distributes at the same frequency of the ETC that holds it, then they will be aligned.
If the U.S. ETF distributes more regularly, e.g. weekly, the ETC that holds it pays distributions every 4 weeks. In this instance, each week the ETC collects the Underlying Asset’s weekly distributions as cash and then pays the total amount to ETC holders at the end of the monthly cycle. The accumulation of cash within the ETC is shown in a separate “Cash Entitlement”, which will increase with each weekly distribution before resetting to zero when the ETC distributes the total cash holding. You can find out more about this in the Distribution FAQs.
Here are important dates to know for the distribution process:
You can find the up-to-date schedules on the websites for each of the ETCs.
Distributions are generally paid in the base currency of the ETP, which may not match the listing currency of the share class you hold. Whether you receive the payment in the original currency or your local currency depends on your broker’s specific conversion processes and FX arrangements.
If you have received a distribution in an unexpected currency, please contact your broker in the first instance. You can also reach out to us at info@hanetf.com, and we will be pleased to help review the matter or assist in escalating it with your broker.YieldMax® ETFs is a leader in option-based income ETFs in the United States, with a suite of 50 ETFs that have accrued over USD 14 billion in assets under management. YieldMax® ETFs cover a broad range of underlying assets and options-based income strategies. The YieldMax® ETFs trading and portfolio management team has 20 professionals possessing decades of option trading expertise.
YieldMax® ETFs recently partnered with HANetf to bring its innovative income-focused investment strategies to Europe.
YieldMax® ETFs is a leader in option-based income ETFs in the United States, with a suite of 50 ETFs that have accrued over USD 14 billion in assets under management. YieldMax® ETFs cover a broad range of underlying assets and options-based income strategies. The YieldMax® ETFs trading and portfolio management team has 20 professionals possessing decades of option trading expertise.
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
YieldMax | Options For Your Income
November 2025 |
About Investment Manager
YieldMax® ETFs is a leader in options-based income ETFs in the United States, with a suite of over 40 ETFs that have accrued over USD 9 billion in assets under management. YieldMax® ETFs cover a broad range of underlying asset’s and option-based income strategies. The YieldMax® ETFs trading and portfolio management team, in parternship with Tidal Investments, has 18 professionals possessing decades of option trading expertise.
Select Your Country
Select Your Investor Type
Choose a brokerage
Interactive Broker
You are now leaving HANetf's website and accessing a third-party website. HANetf may provide access to information, products, or services offered on websites that are owned or operated by other companies ("third-party websites"). We provide this access through the use of hyperlinks that automatically move you from a HANetf website to the third-party site.
While we do our best to provide you with helpful, trustworthy resources, HANetf cannot endorse, approve, or guarantee information, products, services, or recommendations provided at a third-party website. Since we may not always know when information on a linked site changes, HANetf is not responsible for the content or accuracy of any third-party website. HANetf shall not be responsible for any loss or damage of any sort resulting from the use of a link on its websites nor will it be liable for any failure of products or services advertised or provided on these linked sites.
HANetf offers you links on an "as is" basis. When you visit a third-party website by using a link on a HANetf site, you will no longer be protected by the HANetf privacy policy or security practices. The data collection, use, and protection practices of the linked site may differ from the practices of HANetf sites. You should familiarize yourself with the privacy policy and security practices of the linked website. Those are the policies and practices that will apply to your use of the linked website, not the HANetf policies and practices.
Here are some tips to help you tell if you have left a HANetf website:
Important Notice: HANetf is a provider of Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). We do not sell investment products directly to individual investors. Our funds are available through regulated investment platforms and brokers. Our only official website is www.hanetf.com. Any other domain is not affiliated with or authorised by HANetf in any way. If you suspect fraudulent activity, please contact your local financial regulator and/or the police and report the website or individual involved.