Data as of . Every figure is the income desk's own, on published data.
MSFO vs ULTY
What they hold in common
By the books each fund has filed, MSFO and ULTY hold 0% of their money in the same securities at the same weight.
| Only in MSFO | Only in ULTY |
|---|---|
| TREASURY BILL 32.44% | Alphabet Inc 5.66% |
| TREASURY BILL 31.42% | Analog Devices Inc 5.47% |
| TREASURY BILL 14.95% | Amazon.com Inc 5.16% |
| TREASURY BILL 12.47% | Lam Research Corp 4.99% |
| TREASURY BILL 8.72% | Ciena Corp 4.95% |
| Quanta Services Inc 4.95% | |
| Lumentum Holdings Inc 4.86% | |
| NVIDIA Corp 4.80% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings as filed for Apr 30, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| MSFO | ULTY | MSFO | ULTY | MSFO | ULTY | |
| 3 months | +16.0% | +2.9% | 11.2% | 14.5% | −4.2 pts | −1.8 pts |
| 6 months | +18.9% | +12.9% | 20.6% | 29.9% | −3.8 pts | −2.3 pts |
| 1 year | +0.3% | −2.9% | 27.9% | 48.3% | +1.1 pts | −22.8 pts |
| 3 years | +51.3% | n/a | 78.8% | n/a | −2.1 pts | n/a |
| Since launch | +55.5% | +10.0% | 81.0% | 86.5% | −2.8 pts | −46.2 pts |
| MSFO YieldMax(R) MSFT Option Income Strategy ETF | ULTY YieldMax(R) Ultra Option Income Strategy ETF | |
|---|---|---|
| Issuer | YieldMax | YieldMax |
| Strategy | synthetic covered call | synthetic covered call |
| Benchmark | Microsoft (MSFT) | S&P 500 (SPY), used as a default proxy |
| Pays | weekly | weekly |
| Payout rate, annualised | 41.2% | 60.4% |
| Expense ratio | 1.03% | 1.30% |
| Cash paid, 1 year | 27.9% | 48.3% |
| Price change, 1 year | −30.3% | −52.1% |
| Total return, 1 year | +0.3% | −2.9% |
| Benchmark return, 1 year | −0.8% | +20.0% |
| Ahead or behind | +1.1 pts | −22.8 pts |
| Return of capital, latest estimate | 95% | 100% |
| Age | 1106 days | 918 days |
MSFO in plain words
Over the year to Sep 4, 2026, MSFO paid 27.9% of its starting value in cash distributions while its price fell 30.3%. With every distribution reinvested, the fund returned +0.3%. Microsoft (MSFT) returned −0.8% over the same days, so a holder was ahead by 1.1 pts. At its price on Sep 4, 2026 the latest distribution annualises to 41.2%, paid weekly. YieldMax estimates that 95% of the distribution paid Sep 4, 2026 was a return of capital (19a-1 notice, estimated, a tax characterisation rather than a measure of erosion).
ULTY in plain words
Over the year to Sep 4, 2026, ULTY paid 48.3% of its starting value in cash distributions while its price fell 52.1%. With every distribution reinvested, the fund returned −2.9%. S&P 500 (SPY), used as a default proxy returned +20.0% over the same days, so a holder was behind by 22.8 pts. At its price on Sep 4, 2026 the latest distribution annualises to 60.4%, paid weekly. YieldMax estimates that 100% of the distribution paid Sep 3, 2026 was a return of capital (19a-1 notice, estimated, a tax characterisation rather than a measure of erosion).
Questions people ask
- Which paid more, MSFO or ULTY?
- Over the year to Sep 4, 2026, MSFO paid 27.9% of its starting price in cash and ULTY paid 48.3%, so ULTY paid more. Cash paid is not the same as money made: the price change matters too.
- Which returned more once distributions are counted, MSFO or ULTY?
- With every distribution reinvested, MSFO returned +0.3% and ULTY returned −2.9% over the year to Sep 4, 2026, so MSFO returned more.
- Which is cheaper, MSFO or ULTY?
- MSFO charges 1.03% a year and ULTY charges 1.30%, so MSFO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MSFO against ULTY, data as of Sep 4, 2026. https://etfiq.com/compare/income/MSFO-ULTY.html Free to use with attribution; the underlying files are at Open data.