Overview
Microsoft's volatility converted to weekly income — a synthetic options position on MSFT with calls sold against it, paying one of the highest distribution rates listed.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST | US Treasury Notes 2.38% | 29.5% |
| UST | US Treasury Bills | 28.2% |
| UST | US Treasury Bills (2nd) | 20.1% |
| OPT | MSFT synthetic long call | 19.5% |
| UST | US Treasury Bills (3rd) | 7.7% |
| CASH | US Dollars | 3.1% |
| OPT | MSFT written calls (weekly) | 0.9% |
| CASH | Other assets | 0.2% |
Fund Details
Investment Thesis
The YieldMax trade in its purest form: you never own Microsoft, just an options structure that harvests its implied volatility and mails it out weekly — a 37% trailing distribution rate. The arithmetic is explicit: capped upside, full downside, income that cannibalizes capital in flat markets (+5.5% total return against that headline yield tells the story). For income-first holders who understand they're selling MSFT's upside for cash flow, it does what it says weekly.
Who It's For
Income maximalists who knowingly trade Microsoft's upside for extreme weekly distributions — total return watched, headline yield understood as mechanics, not magic.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | -- | -- |
| 2023 | $22.35 | -- |
| 2024 | $18.18 | -18.7% |
| 2025 | $15.45 | -15.0% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | -- |
| 2021 | -- |
| 2022 | -- |
| 2023 | 35.65% |
| 2024 | 35.65% |
| 2025 | 36.13% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | -- | -- |
| 2023 | $0.1B | -- |
| 2024 | $0.1B | +0.0% |
| 2025 | $0.1B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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