Options for your income®
Distribution Rate* : 25.85%
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, 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.
Monthly income potential
The fund is designed to deliver consistent monthly income by selling options on leading global defence companies. This options-based approach seeks to harness market volatility to generate attractive, recurring cash flow for investors.
Diversified portfolio
NATY offers exposure to a carefully curated portfolio of innovative companies with exposure to NATO and NATO+ ally defence, aerospace, and cyber defence spending. Holdings are selected based on liquidity, volatility, and market potential, providing investors with diversified access to the evolving defence sector.
Upside participation
In addition to income generation, the fund aims to capture long-term capital appreciation through direct equity exposure to defence innovators. By combining income and growth potential, NATY offers a balanced strategy for forward-looking investors.
YieldMax® UCITS 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® UCITS 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 a UCITS framework.
YieldMax® Future of Defence Option Income UCITS ETF (NATY) is an actively managed fund that seeks to generate current income and capital appreciation through investments in a portfolios of companies with exposure to NATO and NATO+ ally defence, aerospace, and cyber defence spending.
The fund seeks to generate income primarily by selling options contracts on its portfolio holdings, with the goal of distributing income on a monthly basis. NATY also seeks capital appreciation through direct equity investments.
The fund manager evaluates potential holdings based on stock and options liquidity, price levels, and implied volatility, and regularly reviews the portfolio to determine whether to add or remove positions.
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.
Key Risks
When you invest in ETFs your capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. The value of equities and equity-related securities can be affected by daily stock and currency market movements. For a complete overview of all the risks, please refer to the “Risk Factors” in the Prospectus.
Source: HANetf, data as of [date]. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (Prospectus) before investing and should refer to the section of the Prospectus entitled Risk Factors for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
No. of holdings: 55
Defence-related equity exposure means investing in companies operating in areas such as aerospace, defence systems, cybersecurity, surveillance, communications, drones, naval systems or other security-related technologies. These companies are primarily driven by government defence budgets, procurement cycles, geopolitical developments and long-term security priorities. However, investors should recognise that defence equities remain equities, and performance is also shaped by valuations, earnings expectations, currency movements and broader market sentiment.
An option income strategy seeks to generate income by selling options, usually call options, on underlying equity holdings. The seller receives an option premium, which can support distributions or total return. However, selling call options can also limit upside if the underlying shares rise strongly above the option strike price. This creates a trade-off between income generation and full participation in equity-market gains.
Covered calls can change the return profile of defence equity exposure by adding option premium income while potentially capping part of the upside. If defence shares rise modestly or move sideways, option premiums may support returns. If the shares rise sharply, gains may be limited on the option-covered portion. If shares fall, the premium may provide only a partial offset and does not remove equity-market risk.
Volatility matters because option premiums are partly influenced by expected volatility. When expected volatility is higher, selling options may generate higher premiums. Defence-related equities can experience volatility around geopolitical events, budget announcements, earnings results or changes in investor sentiment. Higher option income should not be viewed as risk-free, because the same volatility can also lead to larger moves in the underlying shares.
Defence-related companies are primarily driven by government spending priorities, contract awards, order backlogs, technology demand, geopolitical risk and execution on large programmes. Margins, supply chains, regulation and export controls can also affect performance. It is worth noting that cyber defence, aerospace and advanced defence technology can have materially different drivers from traditional defence manufacturing. Investors should consider the mix of companies within an allocation rather than assuming all defence exposure behaves the same way.
Key risks include equity-market risk, sector concentration, capped upside, option strategy risk, geopolitical uncertainty, regulation, ethical concerns and currency risk. Defence companies may face project delays, budget changes, export restrictions or reputational issues. Option premiums are not guaranteed and distributions can vary over time. Investors should also understand that income generation does not mean capital is protected.
Yes, defence exposure can raise ESG and ethical considerations because companies may be involved in weapons systems, military procurement, surveillance technology or conflict-related activity. Views on defence investment vary considerably: some investors consider it integral to national security, while others apply exclusions on ethical grounds. Methodology is important because it determines whether controversial weapons, civilian firearms or other restricted activities are excluded from the investable universe. Investors should review the fund’s screening rules carefully to understand what is and is not excluded.
Investors should review the underlying holdings, option coverage, strike selection, distribution policy, concentration, ESG screens, costs and risk factors. It is also important to understand whether income is generated from dividends, option premiums or other sources. A high distribution rate should not be confused with a guaranteed return, as capital values can fall and distributions may change.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
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YieldMax® was founded by ETF industry veterans with decades of experience in income-focused investments, options strategies, portfolio management, fund risk management, and fund operations. Its mission is to create innovative and unique ETFs that solve problems for investors of all types.
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