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

The YieldMax Universe Fund of Option Income ETFs (YMAX) is an actively managed fund of funds that seeks current income. It primarily invests in shares of other YieldMax ETFs, which are all affiliated funds advised by Tidal Investments LLC. From time to time, YMAX may also invest directly in the securities and financial instruments that its underlying funds hold.¹

YMAX seeks to generate weekly cash distributions, primarily through its investments in the underlying YieldMax ETFs. Each of those funds employs options strategies to generate option premiums, and many also seek long or short exposure to a reference asset such as a single company's stock, a portfolio of companies, an index, or another ETF.¹

Some underlying funds run a synthetic covered call, selling call options on their reference asset for premium while using other options to create exposure to that asset. Others use a covered call spread, selling one call and buying another at a higher strike price, which caps both profit and loss. Still others combine several options strategies to generate premiums.¹

YMAX's prospectus says the portfolio will generally reflect the underlying funds with the highest relative performance over a recent period, and the stronger performers receive larger weightings. YieldMax calls this a positive momentum methodology and says YMAX adjusts allocations dynamically, with the goal of emphasizing funds that are better positioned for prevailing market conditions.^1,2

The adviser generally reallocates monthly and may rebalance more often. A new YieldMax ETF qualifies only after it has commenced operations and made an initial distribution. When several eligible funds share the same or a similar reference asset, the adviser may pick one or split the allocation. It avoids holding a long fund and a short fund on the same single asset at the same time. YMAX will not invest in YieldMax funds that are themselves funds of funds.¹

YMAX's total annual operating expenses are 1.33%, made up of a 0.29% management fee and 1.04% in acquired fund fees and expenses, the indirect costs of investing in the underlying YieldMax ETFs. The adviser pays all of YMAX's expenses except items the prospectus lists, including advisory fees, acquired fund fees and expenses, taxes, brokerage commissions, 12b-1 distribution fees, litigation expenses, and other non-routine or extraordinary expenses.¹

Dividend Stacker's record of YMAX's past payments starts with an ex-dividend date of February 15, 2024. In 2025, the fund made 53 distributions totaling $7.85 per share. The smallest single payment that year was $0.0821 and the largest was $0.2405.³

YMAX's results are likely to be directly related to the performance of the YieldMax funds it holds. Owning YMAX also costs more than holding the same underlying funds directly. When YMAX uses options strategies directly, it is directly subject to all of the risks the prospectus lists for the underlying funds.¹

Because of the underlying funds' options strategies, YMAX participates only partially in gains of their reference assets. It remains subject to all potential losses if a reference asset falls (for long exposure) or rises (for short exposure), and those losses may not be offset by the distributions or option premiums it receives.¹

The underlying funds' distributions carry no guarantee and may vary significantly. An underlying fund's net asset value typically drops by the distribution amount on the ex-dividend date. Over time, repeated payments may significantly erode an underlying fund's net asset value and trading price, potentially resulting in notable losses for YMAX.¹

The prospectus warns that an underlying fund focused on an individual security may be more volatile than traditional pooled investments or the market generally, and its performance may deviate from that of diversified investments. Several reference assets are technology companies or rely on the technology sector, so events affecting that sector could hurt the underlying funds and YMAX.¹

YMAX is classified as non-diversified, and stronger recent performers receive larger weightings, so a decline in one heavily weighted fund could cause YMAX's value to fall further than it would in a more diversified portfolio.¹

Because each underlying fund's options focus on a single security, the prospectus says its counterparty risk with clearing members is magnified and its options are more exposed to illiquidity, particularly during market turmoil.¹