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ULTY YieldMax(R) Ultra Option Income Strategy ETF

Synthetic covered call on SPY, paying weekly

Over the year to Sep 11, 2026, ULTY paid 46.9% in cash and still finished 23.3 points behind SPY.

YieldMax · Income ETFs · data as of

Key facts

46.9%Cash paid, 1 year, on its starting price
−5.8%Total return, 1 year
−23.3 ptsAgainst SPY
100.0%Return of capital, latest payout (YieldMax estimate)

Method

ETFIQ Return Stability Score

4.7160th of 161

ULTY paid 46.9% in cash. Its price fell 53.3%, so 100% of what you were paid came back out of your own capital.

Was the payout funded by returns, or by your own capital?

Against its benchmark
MLPD −38.1 ptsMDST −30.2 ptsSLTY −29.1 ptsBLOX −27.8 ptsEIPI −27.8 ptsYQQQ −27.6 ptsGDXY −22.0 ptsHIGH −20.8 ptsTOPW −18.6 ptsTDVI −18.3 ptsYMAX −18.1 ptsHISF −17.3 ptsACKY −17.2 ptsWEEI −16.9 ptsNDIV −16.6 ptsLQDW −16.2 ptsOARK −15.8 ptsFDND −15.5 ptsTCAL −15.0 ptsQRMI −14.8 ptsSDVD −14.8 ptsLFGY −14.5 ptsSLJY −14.5 ptsSCLZ −14.1 ptsYFYA −13.9 ptsQUSA −13.5 ptsHYGW −13.0 ptsJULH −13.0 ptsXLRI −13.0 ptsMAGY −12.9 ptsYYY −12.7 ptsXLKI −12.6 ptsJULJ −12.4 ptsLJUL −12.4 ptsJANJ −12.3 ptsLJAN −12.3 ptsFGSI −12.2 ptsLOCT −12.1 ptsRNTY −12.1 ptsAIPI −12.0 ptsIWMY −12.0 ptsOCTJ −11.9 ptsHIPS −11.7 ptsJUCY −11.6 ptsXLEI −11.6 ptsAPRJ −11.3 ptsLAPR −11.3 ptsXISE −11.3 ptsXIJN −11.1 ptsCVRD −11.0 ptsJANH −11.0 ptsAPRH −10.9 ptsXBTY −10.7 ptsXIDE −10.7 ptsOCTH −10.6 ptsJEPI −10.3 ptsXIMR −10.1 ptsSRHR −9.7 ptsXRMI −8.7 ptsVEGA −8.3 ptsBUYW −8.2 ptsIAUI −7.9 ptsBAGY −7.7 ptsXV −7.5 ptsKHPI −7.3 ptsYBTC −7.3 ptsFTHI −7.0 ptsYLDE −6.8 ptsIGLD −6.1 ptsQQQI −6.1 ptsRDVI −6.0 ptsSPIN −5.9 ptsFEPI −5.8 ptsIWMW −5.8 ptsTYLG −5.7 ptsBITY −5.6 ptsSPUT −5.4 ptsWTPI −5.2 ptsPAPI −4.7 ptsXLVI −4.7 ptsETCO −4.3 ptsJEPQ −4.1 ptsCAIE −4.0 ptsFTKI −3.9 ptsGPTY −3.7 ptsIQQQ −3.7 ptsGIAX −3.4 ptsBIGY −3.3 ptsISPY −3.1 ptsRYLD −3.1 ptsWEEL −2.9 ptsYMAG −2.9 ptsRDTY −2.6 ptsXLBI −2.5 ptsNBOS −1.8 ptsRYLG −1.8 ptsSPYI −1.7 ptsFTQI −1.6 ptsKNG −1.6 ptsTSPY −1.6 ptsTHTA −1.5 ptsQQQY −1.3 ptsRDTE −1.3 ptsDIVO −1.2 ptsSIXH −1.2 ptsXYLD −1.2 ptsDFII −1.1 ptsGPIQ −1.1 ptsQDTY −1.1 ptsXYLG −1.1 ptsXDTE −0.9 ptsQDTE −0.7 ptsQYLD −0.7 ptsXLII −0.7 ptsXPAY −0.7 ptsEGGY −0.6 ptsJOYT −0.6 ptsSDTY −0.6 ptsWDTE −0.4 ptsBTCC −0.3 ptsQYLG −0.3 ptsGPIX 0.0 ptsDJIA +0.1 ptsDYLG +0.3 ptsIWMI +0.3 ptsKGLD +0.3 ptsXLFI +0.3 ptsIVVW +0.4 ptsLTTI +0.5 ptsLQTI +0.6 ptsPBP +0.6 ptsHYTI +0.9 ptsTDAQ +0.9 ptsCSHI +1.3 ptsBALI +1.4 ptsYETH +1.5 ptsHYBL +1.6 ptsXLUI +1.6 ptsCHPY +1.9 ptsBTCI +2.1 ptsSOXY +2.3 ptsITWO +2.5 ptsDOGG +2.7 ptsCEPI +2.9 ptsXLYI +2.9 ptsYBIT +2.9 ptsTLTP +3.4 ptsDUBS +4.0 ptsSEPI +4.7 ptsXLCI +5.2 ptsIDVO +5.4 ptsTLTW +5.4 ptsBCCC +6.3 ptsOMAH +6.5 ptsIDUB +6.9 ptsXLSI +8.8 ptsUSOY +10.5 ptsBUCK +10.9 ptsKLIP +20.9 ptsNVYY +24.6 ptsULTY −23.3 ptsULTY −23.3 pts−38.1 pts+24.6 pts

4% of the 161 sit at or below ULTY on this measure.

What happened to the principal
ETCO −75.0%XBTY −74.7%YETH −67.4%YBTC −61.4%BTCC −59.9%YBIT −58.9%BAGY −58.0%SLTY −54.4%NVYY −52.4%BITY −51.9%BCCC −49.4%BTCI −46.9%DFII −44.8%LFGY −43.0%YMAX −41.0%BLOX −38.8%TOPW −36.6%OARK −33.3%KLIP −32.8%GDXY −32.5%YMAG −27.1%YQQQ −26.3%MAGY −25.8%IWMY −23.1%CEPI −21.0%RDTY −19.9%RDTE −19.4%QDTE −18.5%EGGY −15.1%TLTP −14.5%XLYI −14.1%LTTI −13.8%ACKY −13.7%WDTE −13.7%QQQY −13.0%QDTY −12.8%XDTE −12.8%AIPI −12.2%QUSA −11.8%LQTI −10.4%TLTW −10.3%SDTY −9.9%GIAX −9.8%XLUI −9.5%HIGH −9.3%LQDW −9.3%TCAL −9.0%FEPI −8.5%XV −8.4%IGLD −8.1%XLRI −8.0%XLCI −7.9%FDND −7.6%YYY −7.5%XLSI −7.3%RNTY −6.5%HYTI −6.3%GPTY −6.0%OMAH −6.0%XLBI −5.7%HYGW −5.6%IWMW −5.3%HIPS −5.2%XPAY −4.9%HISF −4.7%QRMI −4.2%USOY −4.0%XLFI −3.8%FGSI −3.2%BUCK −2.5%HYBL −2.5%JUCY −2.3%XRMI −2.3%MLPD −1.7%CAIE −1.6%IAUI −1.6%YFYA −1.6%IVVW −1.4%CVRD −1.3%JEPI −1.1%KNG −0.9%XIJN −0.7%JULJ −0.6%WTPI −0.5%CSHI −0.4%JULH −0.3%LJUL −0.2%XISE 0.0%JANH +0.1%JANJ +0.1%LAPR +0.1%LOCT +0.1%LJAN +0.2%OCTJ +0.2%XLII +0.2%APRJ +0.3%OCTH +0.3%XIDE +0.3%XIMR +0.4%APRH +0.5%TSPY +0.6%KHPI +0.7%BIGY +0.8%WEEL +0.9%SRHR +1.0%FTHI +1.1%QQQI +1.5%XLVI +2.1%SPYI +2.6%QYLG +2.8%YLDE +2.8%BUYW +2.9%SDVD +3.0%XYLG +3.4%KGLD +3.8%THTA +3.9%DJIA +4.2%FTKI +4.3%SCLZ +4.4%PAPI +4.5%RYLD +4.7%XLKI +5.0%PBP +5.1%IWMI +5.3%DYLG +5.4%TDAQ +5.9%XYLD +5.9%JEPQ +6.0%SPIN +6.1%NBOS +6.5%SPUT +6.5%RYLG +7.1%GPIX +7.9%FTQI +8.0%DOGG +8.2%ISPY +8.4%QYLD +8.4%DIVO +8.9%MDST +9.3%VEGA +9.4%BALI +9.5%GPIQ +9.8%SLJY +11.0%RDVI +11.7%TDVI +11.7%IQQQ +12.3%SEPI +13.8%XLEI +13.8%SIXH +14.1%ITWO +14.3%EIPI +14.6%JOYT +16.1%IDVO +16.4%DUBS +18.9%WEEI +18.9%IDUB +19.0%TYLG +21.2%NDIV +22.9%CHPY +24.9%SOXY +68.6%ULTY −53.3%ULTY −53.3%−75.0%+68.6%

5.3% of the 161 sit at or below ULTY on this measure.

Weighted evenly, those two positions are what the score combines, across the 161 income ETFs writing on an index or proxy. Neither spread above is the score: a fund can sit further right on one and score lower. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

What the score is computed from
What it measuresThis fundIts percentileWeight
against its benchmark−23.3 pts450%
what happened to the principal−53.3%5.350%

All income ETFs ranked by this score · How it is computed

67th of 68 income ETFs writing on SPY, by return against it 32nd of 354 income ETFs by net assets

What a holder got

ULTY against SPYULTY returned −5.8% with distributions reinvested against +17.5% for S&P 500 (SPY), used as a default proxy, a gap of −23.3 pts. Of that, 46.9% arrived as cash rather than price.−5.8%ULTY total return+17.5%S&P 500 (SPY), used as a default proxy

Over the year to Sep 11, 2026, ULTY returned −5.8% with distributions reinvested and S&P 500 (SPY), used as a default proxy returned +17.5%, so a holder came out behind it by 23.3 points. The lighter segment is the 46.9% that arrived as cash rather than as price.

Method

Period by period

ULTY over each window to Sep 11, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowCash paidPriceTotal returnSPYAhead or behind
3 months14.2%−14.6%−0.3%+3.3%−3.6 pts
6 months29.8%−19.4%+11.2%+16.0%−4.8 pts
1 year46.9%−53.3%−5.8%+17.5%−23.3 pts
Since launch86.7%−86.7%+9.0%+55.0%−45.9 pts

Method

When ULTY pays

ULTY pays weekly. The last distribution was $0.3044 a share, which went ex on Sep 9, 2026, with payment about 1 day later. The issuer has set the next ex-date at Sep 16, 2026, payable Sep 17, 2026, but has not declared the amount.

Expected distributions for ULTY. Where the basis is a projection, ETFIQ has carried the fund’s own spacing forward from its last ex-date and held the amount at the last one paid; neither is an issuer statement. Source: ETFIQ.
Ex-datePay dateAmountBasis
Sep 16, 2026Sep 17, 2026$0.3044Date set by the issuer, amount not yet declared
Sep 23, 2026Sep 24, 2026$0.3044Date set by the issuer, amount not yet declared
Sep 30, 2026Oct 1, 2026$0.3044Date set by the issuer, amount not yet declared
Oct 7, 2026Oct 8, 2026$0.3044Date set by the issuer, amount not yet declared
Oct 14, 2026Oct 15, 2026$0.3044Date set by the issuer, amount not yet declared
Oct 21, 2026Oct 22, 2026$0.3044Date set by the issuer, amount not yet declared
Every distribution ETFIQ holds for ULTY (13, most recent first)
Cash distributions per share for ULTY. Source: ETFIQ from Tiingo end-of-day distributions.
Ex-dateAmount
Sep 9, 2026$0.3044
Sep 2, 2026$0.3048
Aug 26, 2026$0.3076
Aug 19, 2026$0.3197
Aug 12, 2026$0.3179
Aug 5, 2026$0.3082
Jul 29, 2026$0.3096
Jul 22, 2026$0.3176
Jul 15, 2026$0.3302
Jul 8, 2026$0.3384
Jul 1, 2026$0.3411
Jun 24, 2026$0.3817
Jun 17, 2026$0.3899

Every income ETF going ex-dividend in the next fortnight

Method

In plain words

Since it launched on Feb 29, 2024, ULTY has returned +9.0% with distributions reinvested, against +55.0% for S&P 500 (SPY), used as a default proxy, and has paid out 86.7% of its starting value in cash along the way. It pays weekly, and at its current price the latest distribution annualizes to 61.5%. YieldMax estimates that 100% of the distribution paid Sep 10, 2026 was a return of capital. That is the issuer’s own Rule 19a-1 estimate and a tax characterization, made before the fund year closes: it says the payment included money the fund gave back rather than earned, not that the fund is eroding.

ULTY (YieldMax(R) Ultra Option Income Strategy ETF), income ETFs fields as of Sep 11, 2026. Source: ETFIQ.
Strategysynthetic covered call
BenchmarkS&P 500 (SPY), used as a default proxy (proxy)
Paysweekly
Net assets (issuer page, as of Sep 11, 2026)$735m
Latest payout, annualized (ETFIQ)61.5%
Expense ratio (485BPOS XBRL, Feb 24, 2026)1.30%
Cash paid, last 12 months, over today’s price (ETFIQ)100.5%
LaunchedFeb 29, 2024
Return of capital, latest distribution (YieldMax 19a-1 estimate)100.0%
Paysweekly
Typical gap between ex-dates7 days
Typical wait from ex-date to payment1 day
Last paid, per share$0.3044 ex Sep 9, 2026
Sum of the last 12 distributions$3.8812

Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed

Questions people ask

How much has ULTY paid over the last year?
Over the year to Sep 11, 2026, ULTY paid 46.9% of its starting price in cash distributions, while the price fell 53.3%.
Is ULTY ahead of SPY?
Over the year to Sep 11, 2026, with every distribution reinvested, ULTY returned −5.8% against +17.5% for S&P 500 (SPY), used as a default proxy, so a holder was behind it by 23.3 points.
How often does ULTY pay, and how much?
ULTY pays weekly. The latest distribution annualizes to 61.5% at its price on Sep 11, 2026, which is not a promise; the next one can differ.
Is the ULTY distribution return of capital?
YieldMax estimates 100% of the distribution paid Sep 10, 2026 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion.
When does ULTY next pay a distribution?
ULTY pays weekly. The last distribution went ex on Sep 9, 2026 at $0.3044 a share. The issuer has set the next ex-date at Sep 16, 2026 but not the amount.
What does ULTY cost?
The prospectus expense ratio is 1.30% a year.

The words on this page

Total return
What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.

Every term used here, defined in full on the income ETFs vocabulary page.

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.

Compare ULTY

Also against QYLD, XYLD, RYLD, DIVO, GPIX, GPIQ, TSLY, NVDY, MSTY, CONY, YMAX, FEPI, XDTE, QDTE, AIPI, BALI, ISPY, AMZY, APLY, GOOY, MSFO, OARK, SDTY, IVV, QQQ, SCHD, SPY, VOO, VTI, VYM.

Funds near this one

Put this on your own page

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ULTY payout bar, ETFIQ

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<p><a href="https://etfiq.com/funds/ulty">ULTY payout bar, updated daily by ETFIQ</a></p>

Where ULTY is written about

ULTY, Income ETFs, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
Use this data, or open the live card

Open ULTY live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, ULTY, income ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/ulty Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources