Data as of Nov 4, 2026.
TPAY vs ULTY: Dividend Yield & Total Return
TPAY and ULTY both write options for income.
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Net assets: $2.1m on Nov 4, 2026 for Roundhill S&P 500 Target 10 Managed Distribution ETF, and $576m on Nov 3, 2026 for YieldMax Ultra Option Income Strategy ETF.
1 pt behind VOO
TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.
VOO
+12.6%
TPAY
+11.6%
6.6% as cash
1 pt behind VOO
Total return, distributions reinvested
1 pt behind VOO
TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.
VOO
+12.6%
TPAY
+11.6%
1 pt behind VOO
6.6% of it arrived as cash. Total return, distributions reinvested. TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.4.4 pts ahead of its own holdings
ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
its own holdings
−16.8%
ULTY
−12.4%
4.4 pts ahead of its own holdings
Total return, distributions reinvested
4.4 pts ahead of its own holdings
ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
its own holdings
−16.8%
ULTY
−12.4%
46.0% of it arrived as cash. Both charts share one scale, with zero at the line. ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
TPAY costs 0.81 points a year less; ULTY is far larger, $576m against $2.1m.
Points (pts) are percentage points.
| Measure | TPAY | ULTY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | not published | −12.4% |
| Price change | rose 4.6% (since Feb 18, 2026) | fell 55.5% (1 year) |
| Return of capital, issuer estimate | 100% of the Oct 15, 2026 payment | 100% of the Nov 5, 2026 payment |
| Against its benchmark | ||
| Benchmark | Vanguard S&P 500 ETF, measured through VOO | its own holdings |
| Against its benchmark, same days | behind by 1.0 pts | ahead by 4.4 pts |
| Cost and size | ||
| Expense ratio | 0.49% | 1.30% |
| Net assets, as of Nov 3, 2026 | $2.1m | $576m |
| Holdings | ||
| Holdings in common | 0% | |
What they share
By the books each fund has filed, TPAY and ULTY hold 0% of their money in the same securities at the same weight. Holdings dated Nov 4, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 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
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | TPAY | ULTY | TPAY | ULTY | TPAY | ULTY |
| 3 months | −0.8% | −8.3% | 2.3% | 14.3% | −0.7 pts | +3.4 pts |
| 6 months | +4.2% | −9.9% | 4.7% | 26.6% | −0.8 pts | +1.6 pts |
| 1 year | – | −12.4% | – | 46.0% | – | +4.4 pts |
| Since launchNot the same days: TPAY Feb 2026 · ULTY Feb 2024 | +11.6% | −1.9% | 6.6% | 87.9% | −1.1 pts | not measured |
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TPAY
Over the period from its first trade on Feb 18, 2026 to Nov 4, 2026, TPAY paid 6.6% of its starting value in cash distributions while its price rose 4.6%. With every distribution reinvested, the fund returned +11.6%. Vanguard S&P 500 ETF (VOO) returned +12.6% over the same days, so a holder was behind by 1.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.5%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
ULTY
Over the year to Nov 4, 2026, ULTY paid 46.0% of its starting value in cash distributions while its price fell 55.5%. With every distribution reinvested, the fund returned −12.4%. ULTY's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Nov 2, 2026) returned −16.8% over the same days, so a holder was ahead by 4.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 60.9%, paid weekly. YieldMax estimates that 100% of the distribution paid Nov 5, 2026 was a return of capital (its 19a-1 notice).
Questions people ask
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How this is computed
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, TPAY against ULTY, data as of Nov 4, 2026. https://etfiq.com/compare/income/tpay-vs-ulty
ETFIQ. (Nov 4, 2026). TPAY against ULTY. Retrieved from https://etfiq.com/compare/income/tpay-vs-ulty
[TPAY against ULTY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/tpay-vs-ulty)
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