Which paid more, MSFO or YMAX?

Over the year to Oct 28, 2026, MSFO paid 26.1% of its starting price in cash and YMAX paid 36.1%, so YMAX 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 YMAX?

With every distribution reinvested, MSFO returned +0.2% and YMAX −4.0% over the year to Oct 28, 2026.

Which is cheaper, MSFO or YMAX?

MSFO charges 1.03% a year and YMAX charges 1.33%, so MSFO is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Income ETFs

MSFO vs YMAX: Dividend Yield & Total Return

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Over the year to Oct 28, 2026, YMAX paid 36.1% of its price in cash against MSFO’s 26.1%, though MSFO returned more with it reinvested.

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Net assets on Oct 27, 2026: $100m for YieldMax MSFT Option Income Strategy ETF and $352m for YieldMax Universe Fund of Option Income ETFs.

MSFO on its own →YMAX on its own →

At a glance

26.1%

MSFO cash paid, 1 year

36.1%

YMAX cash paid, 1 year

+0.2%

MSFO total return, 1 year

−4.0%

YMAX total return, 1 year

MSFO · 1 year to Oct 28, 2026 1.4 pts ahead of MSFT

MSFO

+0.2%

MSFT

−1.2%

1.4 pts ahead of MSFT

MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

MSFT

−1.2%

MSFO

+0.2%

1.4 pts ahead of MSFT

Total return, distributions reinvested

1.4 pts ahead of MSFT

MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

MSFT

−1.2%

MSFO

+0.2%

1.4 pts ahead of MSFT

26.1% of it arrived as cash. Total return, distributions reinvested. MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

YMAX · 1 year to Oct 28, 2026 14.9 pts behind its own holdings

YMAX

−4.0%

Own

+10.9%

14.9 pts behind its own holdings

YMAX over 1 year: paid 36.1%, price −42.4%, total −4.0%, its own holdings +10.9%, −14.9 pts. Data to Oct 28, 2026.

its own holdings

+10.9%

YMAX

−4.0%

14.9 pts behind its own holdings

Total return, distributions reinvested

14.9 pts behind its own holdings

YMAX over 1 year: paid 36.1%, price −42.4%, total −4.0%, its own holdings +10.9%, −14.9 pts. Data to Oct 28, 2026.

its own holdings

+10.9%

YMAX

−4.0%

14.9 pts behind its own holdings

36.1% of it arrived as cash. Both charts share one scale, with zero at the line. YMAX over 1 year: paid 36.1%, price −42.4%, total −4.0%, its own holdings +10.9%, −14.9 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

Pair scorecard

MSFO costs 0.30 points a year less; their one-year returns differ by 4.2 points; YMAX is 3.5 times larger.

Points (pts) are percentage points.

MSFO vs YMAX: Dividend Yield & Total Return
Measure	MSFO	YMAX
Paid and earned
Measure	MSFO	YMAX
Total return, 1 year	+0.2%	−4.0%
Price change, 1 year	fell 30.2%	fell 42.4%
Return of capital, issuer estimate	89% of the Oct 30, 2026 payment	35% of the Oct 29, 2026 payment
Against its benchmark
Measure	MSFO	YMAX
Benchmark	Microsoft (MSFT)	its own holdings
Cost and size
Measure	MSFO	YMAX
Expense ratio	1.03%	1.33%
Net assets, as of Oct 27, 2026	$100m	$352m
Holdings
Measure	MSFO	YMAX
Holdings in common	0%

ETFIQ Distribution Coverage Score · MSFO scores higher How much of what it paid out did its total return cover?

MSFO among the 74 income ETFs writing on a single company

IQ Income Score61.5MSFO16.2YMAX

How much of its payouts the fund's total return covered, ranked against 74 income ETFs writing on a single company and 164 income ETFs not writing on a single company. 100 is best. How it is computed

MSFO 61.5

0.7, the lowest in this set 99.3, the highest

YMAX among the 164 income ETFs not writing on a single company

YMAX 16.2

0.3, the lowest in this set 99.7, the highest

A percentile among the 74 income ETFs writing on a single company. YMAX is a percentile among the 164 income ETFs not writing on a single company, a different set, so the two marks are not on one scale. One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Holdings in common uses holdings dated Oct 28, 2026. Method

What they share

By the books each fund has filed, MSFO and YMAX hold 0% of their money in the same securities at the same weight. Holdings dated Oct 28, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first MSFO YMAX

Only in one fund ↓

Only in MSFO

United States Treasury Note/Bond 2.375% 05/15/2027 25.91%

United States Treasury Note/Bond 3.375% 09/15/2027 13.60%

MSFT 11/20/2026 480.01 C 11.13%

MSFT US 10/30/26 C535 1.14%

MSFT US 10/30/26 C530 0.73%

MSFT US 10/30/26 C532.5 0.70%

MSFT 11/20/2026 480.01 P -0.54%

MSFT US 10/30/26 C522.5 -1.01%

Only in YMAX

YieldMax AMD Option Income Strategy ETF 5.17%

YieldMaxTM PLTR Option Income Strategy ETF 5.06%

YieldMax MRNA Option Income Strategy ETF 4.93%

YieldMax AI Option Income Strategy ETF 4.75%

YieldMax MSFT Option Income Strategy ETF 4.53%

YieldMax SNOW Option Income Strategy ETF 4.53%

YieldMax COIN Option Income Strategy ETF 4.41%

YieldMax Bitcoin Option Income Strategy ETF 4.36%

Check overlap with more funds →

Side by side

MSFO YieldMax MSFT Option Income Strategy ETF · Synthetic covered call on MSFT, paying weekly YMAX YieldMax Universe Fund of Option Income ETFs · Synthetic covered call on its own holdings, paying weekly

Issuer YieldMax YieldMax

Strategy synthetic covered call synthetic covered call

Benchmark Microsoft (MSFT) YMAX's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Oct 26, 2026)

Pays weekly weekly

Payout rate, annualized 34.0% 39.9%

Expense ratio 1.03% 1.33%

Cash paid, 1 year 26.1% 36.1%

Price change, 1 year −30.2% −42.4%

Total return, 1 year +0.2% −4.0%

Benchmark return, 1 year −1.2% +10.9%

Ahead or behind +1.4 pts −14.9 pts

Return of capital, latest estimate 89% 35%

Age 3.2 years 2.8 years

Net assets, as of Oct 27, 2026 $100m $352m

As of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: MSFO vs YMAX: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	MSFO	YMAX	MSFO	YMAX	MSFO	YMAX
3 months	+31.5%	+10.0%	12.5%	10.6%	−4.8 pts	−18.4 pts
6 months	+20.2%	+10.4%	19.5%	22.3%	−5.4 pts	−15.1 pts
1 year	+0.2%	−4.0%	26.1%	36.1%	+1.5 pts	−14.9 pts
3 years	+57.1%	–	79.1%	–	−7.7 pts	–
Since launchNot the same days: MSFO Aug 2023 · YMAX Jan 2024	+64.8%	+43.9%	83.2%	93.4%	−3.4 pts	not measured

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Client brief · page 1 of 2 Report BR-2A6C6A8D26

MSFO and YMAX are built for the same job. How do they differ in cost, holdings and results?

Income paid. MSFO paid 26.1% and YMAX 36.1% (cash paid over 1 year, as a share of its price at the start), a gap of 10.0 points.
What each is measured against. MSFO is measured against Microsoft (MSFT) and YMAX against its own holdings.
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 28, 2026).

Data as of Oct 28, 2026.

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About each fund

MSFO

Over the year to Oct 28, 2026, MSFO paid 26.1% of its starting value in cash distributions while its price fell 30.2%. With every distribution reinvested, the fund returned +0.2%. Microsoft (MSFT) returned −1.2% over the same days, so a holder was ahead by 1.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 34.0%, paid weekly. YieldMax estimates that 89% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

YMAX

Over the year to Oct 28, 2026, YMAX paid 36.1% of its starting value in cash distributions while its price fell 42.4%. With every distribution reinvested, the fund returned −4.0%. YMAX's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Oct 26, 2026) returned +10.9% over the same days, so a holder was behind by 14.9 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 39.9%, paid weekly. YieldMax estimates that 35% of the distribution paid Oct 29, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which paid more, MSFO or YMAX?: Over the year to Oct 28, 2026, MSFO paid 26.1% of its starting price in cash and YMAX paid 36.1%, so YMAX 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 YMAX?: With every distribution reinvested, MSFO returned +0.2% and YMAX −4.0% over the year to Oct 28, 2026.
Which is cheaper, MSFO or YMAX?: MSFO charges 1.03% a year and YMAX charges 1.33%, so MSFO is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSFO vs ULTY MSFO vs XVMS MSFO vs CONY MSFO vs AMZY YMAX vs OARK YMAX vs TSLY YMAX vs MSTY YMAX vs NVDY

Where to next

MSFO on its own →YMAX on its own →MSFO dividend history →MSFO holdings →YMAX dividend history →YMAX holdings →Method →Standards and sources →

Sources and dates

MSFO and YMAX filings on SEC EDGAR ↗

MSFO prospectus with the expense ratio (SEC) ↗

MSFO 19a-1 distribution notice ↗

YieldMax page for MSFO ↗

YMAX prospectus with the expense ratio (SEC) ↗

YMAX 19a-1 distribution notice ↗

YieldMax page for YMAX ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, MSFO against YMAX, data as of Oct 28, 2026. https://etfiq.com/compare/income/msfo-vs-ymax

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