YieldMax™ today announced monthly distributions on the following
YieldMax™ ETFs:
ETFTicker1 |
ETF Name |
Distributionper Share |
Distribution Rate2 |
30-Day SEC Yield3 |
Ex-Date & Record Date* |
PaymentDate |
YMAX |
YieldMax™ Universe Fund of Option Income ETFs |
$0.7300 |
42.62% |
58.84% |
6/14/2024 |
6/17/2024 |
YMAG |
YieldMax™ Magnificent 7 Fund of Option Income ETFs |
$0.6773 |
38.65% |
48.06% |
6/14/2024 |
6/17/2024 |
ULTY |
YieldMax™ Ultra Option Income Strategy ETF |
$1.1337 |
90.36% |
0.00% |
6/14/2024 |
6/17/2024 |
* Starting on May 28, 2024, the settlement cycle for ETF trades
changed from “T+2” to “T+1”. This change makes the Ex-Date fall on
the same day as the Record Date.
1 YMAX and YMAG each have 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. ULTY has a gross expense ratio of
1.24%, but the investment adviser has agreed to a 0.10% fee waiver
through at least February 28, 2025.
2 The Distribution Rate shown is as of close on June 12, 2024.
The Distribution Rate is the annual yield an investor would receive
if the most recent 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. Distributions
may also include a combination of ordinary dividends, capital gain,
and return of investor capital, which may decrease an ETF’s NAV and
trading price over time. As a result, an investor may suffer
significant losses to their investment. These Distribution Rates
may be caused by unusually favorable market conditions and 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.
3 The 30-Day SEC Yield represents net investment income,
which excludes option income, earned by such ETF
over the 30-Day period ended May 31, 2024, expressed as an annual
percentage rate based on such ETF’s share price at the end of the
30-Day period. As of May 31, 2024, the ULTY
subsidized and unsubsidized 30-Day SEC Yields were 0.00% and 0.00%,
respectively. The subsidized yield reflects fee waivers in effect
while the unsubsidized yield does not adjust for any fee waivers in
effect.Each Fund has a limited operating history and while
each Fund's objective is to provide current income, there is no
guarantee the Fund will make a distribution. Distributions are
likely to vary greatly in amount.
Standardized Performance
For YMAX, click here. For YMAG, click here. For ULTY, click
here.
Prospectus
Click here.
Before investing you should carefully consider the
Fund’s investment objectives, risks, charges and expenses. This and
other information are in the prospectus. Please read the
prospectuses carefully before you invest.
The performance data quoted above 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
above. Performance current to the most recent month-end can be
obtained by calling (833)
378-0717.
Distributions are not guaranteed. The
Distribution Rate and 30-Day SEC Yield are 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.
Tidal Financial Group is the adviser for all YieldMax™ ETFs and
ZEGA Financial is their sub-adviser.
Risk Information
Before investing you should carefully consider the
Fund’s investment objectives, risks, charges and expenses. This and
other information are in the prospectus. Please read the
prospectuses carefully before you invest.
Risk Disclosures (the following risks are applicable to
all YieldMax ETFs shown in the table above)
Investing involves 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 that are based on the value of its Underlying
Security. This subjects each Underlying YieldMax™ ETF to certain of
the same 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 that derive 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 in
addition to, and greater than, those associated with directly
investing in securities or other ordinary investments, including
risk related to the market, 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. The prices
of options are volatile and are influenced by, among other things,
actual and anticipated changes in the value of the underlying
instrument, including the anticipated volatility, which are
affected by fiscal and monetary policies and by national and
international policies, changes in the actual or implied volatility
or the reference asset, the time remaining until the expiration of
the option contract and economic events. Distribution
Risk. Each Underlying YieldMax™ ETF aims to provide
monthly income, although there's no guarantee of distribution in
any given month, and the distribution amounts may vary
significantly. Monthly distributions may consist of capital
returns, reducing each Underlying YieldMax™ ETF's NAV and trading
price over time, thus potentially leading to significant losses for
investors (including the Fund), especially as an Underlying
YieldMax™ ETF's returns exclude any dividends paid by the
Underlying Security, which may result 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. The repetitive
payment of distributions may significantly erode an Underlying
YieldMax™ ETF’s NAV and trading price over time, potentially
resulting in notable losses for investors (including the Fund).
Call Writing Strategy Risk. The continuous
application of each Underlying YieldMax™ ETF's call writing
strategy impacts its ability to participate in the positive price
returns of its Underlying Security, which in turn affects each
Underlying YieldMax™ ETF’s returns both during the term of the 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, illustrating that 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 the Underlying
YieldMax™ ETF’s holdings. A high portfolio turnover rate increases
transaction costs, which may increase the Underlying YieldMax™
ETF’s expenses. Counterparty Risk. Each Underlying
YieldMax™ ETF faces counterparty risk through its investments in
options contracts, held via clearing members due to its
non-membership in clearing houses, with the risk exacerbated if a
clearing member defaults or if limited clearing members are willing
to transact on its behalf. This risk is also magnified as the
Underlying YieldMax™ ETF primarily focuses on options contracts on
a single security, potentially leading to losses or hindrance in
implementing its investment strategy if adverse situations with
clearing members arise. Price Participation Risk.
Each Underlying YieldMax™ ETF employs a strategy of selling call
option contracts, limiting its participation in the value increase
of the Underlying Security during the call period. Should an
Underlying Security’s value increase beyond the sold call options'
strike price, the Underlying YieldMax™ ETF may not experience the
same extent of increase, potentially underperforming the Underlying
Security and experiencing a NAV decrease, especially given its full
exposure to any value decrease of the Underlying Security over the
call period. New Fund Risk. The Fund is a recently
organized management investment company with no operating history.
As a result, prospective investors do not have a track record or
history on which to base their investment decisions.
Non-Diversification Risk. Because the Fund is
“non-diversified,” it may invest a greater percentage of its assets
in the securities of a single issuer or a smaller number of issuers
than if it was a diversified fund. As a result, a decline in the
value of an investment in a single issuer or a smaller number of
issuers could cause the Fund’s overall value to decline to a
greater degree than if the Fund held a more diversified
portfolio.
YieldMax™ ETFs are distributed by Foreside Fund Services, LLC.
Foreside is not affiliated with Tidal Financial Group, YieldMax™
ETFs or ZEGA Financial.
© 2024 YieldMax™ ETFs
Contact Gavin Filmore at gfilmore@tidalfg.com for more information.
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