AMDY Dividend: Next Ex-Date, History & Total Return

The YieldMax AMD Option Income Strategy ETF (AMDY) is an actively managed fund whose primary objective is current income, with a secondary aim of exposure to the share price of Advanced Micro Devices, Inc. (AMD), subject to a limit on gains. AMDY does not buy AMD stock. Instead it pairs bought AMD call options with sold AMD put options to get indirect exposure equal to approximately 100% of AMD. Those options generally have one-month to six-month terms and strikes near AMD's share price.¹

AMDY then sells AMD call options against that position, generally expiring in one month or less, with strikes approximately 0%-15% above AMD's share price when sold. The prospectus calls this a synthetic covered call because the fund writes the calls without owning AMD shares. Buyers of those calls pay the fund a premium. The prospectus says the size of the premium depends largely on swings in AMD's stock price, and interest rates can also affect it.¹

Short-term U.S. Treasuries serve as collateral for the options and generate income. AMDY will seek to provide weekly cash distributions, and YieldMax lists it among its weekly payer ETFs.^1,2

YieldMax's fund page says AMDY is designed to generate weekly income by selling call spreads on AMD. The prospectus treats this credit call spread as one of two approaches: the fund sells a call and buys a higher-strike call with the same expiration date, which can potentially offset losses on the sold call if AMD rises above its strike. The adviser will primarily use spreads when it believes AMD's share price is likely to rise significantly in the short term, such as after a substantial selloff.^1,3

All of AMDY's options are based on the value of one company. The prospectus describes AMD as a global semiconductor company listed on The NASDAQ Global Select Market, and says the fund's exposure is concentrated in AMD's assigned industry, semiconductors and semiconductor equipment. Measured by notional value, the options and Treasuries give indirect exposure to AMD equal to at least 95% of the fund's total assets.¹

Dividend Stacker's record of AMDY's past payments starts with an ex-date of November 8, 2023. Its per-share amounts are split-adjusted: payments made before a split are restated in current share units, so they can differ from the amounts the fund announced at the time. The record's split-adjusted largest payments for 2024 and 2025, for example, are larger than any per-share amount YieldMax's own distribution table lists for those years.^3,4

In split-adjusted terms, the record shows 12 distributions in 2024 totaling $55.59 per share, with the smallest at $1.52 and the largest at $8.37. For 2025 it shows 21 distributions totaling $30.70 per share, down 44.8% from 2024, with the smallest at $0.3035 and the largest at $4.75.⁴

The prospectus says there is no assurance AMDY will make a distribution in any given week, and amounts will likely vary greatly from one distribution to the next. Distributions may consist of return of capital, which the prospectus describes as a return of the original investment rather than income or profit, and which would decrease the fund's NAV and trading price over time. Repeated distributions may significantly erode NAV and trading price, and an investor may suffer significant losses.¹

The value of AMDY's options is substantially influenced by the value of AMD, so the company's own risks reach the fund. The prospectus notes that AMD's guidance has in the past been inaccurate in certain respects, and says AMD's stock could decline significantly if its guidance proves inaccurate.¹

AMD's share price may also be highly volatile, and the prospectus points to short sellers and the disproportionate public attention the company draws. If AMD trading is halted, trading in AMDY shares may be affected, temporarily or indefinitely.¹

Competitive pressures may weigh on semiconductor companies, and as product cycles shorten and manufacturing capacity increases, they may face increasingly aggressive pricing. The prospectus calls the sector highly cyclical and says its stock prices have been, and likely will continue to be, extremely volatile.¹

AMDY has full exposure to AMD's declines but limited participation in its gains. The prospectus gives an example: if the fund sold 7% out-of-the-money one-month calls every month, then over 5 months it should not be expected to participate fully in the first 35% of AMD's gains. It may even lose money over that period, even if AMD rose at least that much, if AMD gained less than 7% in any one month. Spreads reduce the net premium and may still cap gains if AMD rises rapidly.¹

Because AMDY seeks to hold options on a single stock, fewer clearing members may be willing to trade with it, which heightens the risk tied to a clearing member's default. If it cannot find one, it may be unable to carry out its strategy. The same focus increases the risk that its options may be difficult to sell, particularly during market turmoil.¹