Data as of .
TPAY vs ULTY: which paid, and which earned it?
TPAY and ULTY both write options for income.
What they hold in common
By the books each fund has filed, TPAY and ULTY hold 0% of their money in the same securities at the same weight.
| Only in TPAY | Only in ULTY |
|---|---|
| SPY 03/12/2027 33.67 C 61.75% | Advanced Micro Devices Inc 5.23% |
| SPY 04/16/2027 33.18 C 33.20% | MercadoLibre Inc 4.99% |
| SPYM 03/12/2027 3.33 C 5.05% | Lumentum Holdings Inc 4.75% |
| Strategy Inc 4.66% | |
| Comfort Systems USA Inc 4.61% | |
| Alphabet Inc 4.39% | |
| Lam Research Corp 4.34% | |
| Coherent Corp 4.30% |
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 dated Sep 18, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| TPAY | ULTY | TPAY | ULTY | TPAY | ULTY | |
| 3 months | +1.5% | −1.1% | 2.4% | 13.7% | −0.8 pts | −3.3 pts |
| 6 months | +17.3% | +14.0% | 5.3% | 30.1% | −0.7 pts | −4.0 pts |
| 1 year | not published | −7.8% | not published | 44.9% | not published | −24.3 pts |
| Since launch | +11.0% | +10.7% | 5.8% | 86.9% | −0.8 pts | −44.1 pts |
| TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF Option income on SPY, paying monthly | ULTY YieldMax(R) Ultra Option Income Strategy ETF Synthetic covered call on SPY, paying weekly | |
|---|---|---|
| Issuer | Roundhill | YieldMax |
| Strategy | option income | synthetic covered call |
| Benchmark | S&P 500 (SPY) | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | weekly |
| Payout rate, annualized | 9.5% | 59.8% |
| Expense ratio | 0.49% | 1.30% |
| Cash paid, 1 year | 5.8% (since launch on Feb 18, 2026) | 44.9% |
| Price change, 1 year | +4.9% | −54.1% |
| Total return, 1 year | +11.0% (since launch on Feb 18, 2026) | −7.8% |
| Benchmark return, 1 year | +11.8% | +16.6% |
| Ahead or behind | −0.8 pts | −24.3 pts |
| Return of capital, latest estimate | not published | 100% |
| Age | 212 days | 932 days |
| Net assets | $2m | $721m |
TPAY in plain words
Over the period since launch on Feb 18, 2026 to Sep 18, 2026, TPAY paid 5.8% of its starting value in cash distributions while its price rose 4.9%. With every distribution reinvested, the fund returned +11.0%. S&P 500 (SPY) returned +11.8% over the same days, so a holder was behind by 0.8 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 9.5%, paid monthly.
ULTY in plain words
Over the year to Sep 18, 2026, ULTY paid 44.9% of its starting value in cash distributions while its price fell 54.1%. With every distribution reinvested, the fund returned −7.8%. S&P 500 (SPY), used as a default proxy returned +16.6% over the same days, so a holder was behind by 24.3 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 59.8%, paid weekly. YieldMax estimates that 100% of the distribution paid Sep 17, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
Questions people ask
- Which is cheaper, TPAY or ULTY?
- TPAY charges 0.49% a year and ULTY charges 1.30%, so TPAY 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, TPAY against ULTY, data as of Sep 18, 2026. https://etfiq.com/compare/income/tpay-vs-ulty Free to use with attribution; the underlying files are at Open data.