Multi / Other Covered Call ETFs

The Multi / Other category groups covered call ETFs that do not fit cleanly into the equity index, sector, bond, commodity, crypto, or volatility categories tracked elsewhere on our dashboard. The three funds here — YMAX, YMAG, and ULTY — are all YieldMax products, but they represent meaningfully different structures. YMAX and YMAG are fund-of-funds that hold diversified baskets of other YieldMax single-stock and sector covered call ETFs, providing one-ticker access to a portfolio of options income strategies. ULTY is a distinct creature: an ultra-high-yield ETF that targets an extreme income level using a multi-strategy options approach across a diverse set of underlying positions. What unites all three is a focus on maximizing income distribution — often at the expense of NAV preservation — and a level of structural complexity that warrants careful evaluation before allocating. Current grades, NAV data, and income metrics for all three are on our free grading dashboard, updated every market day.

What Makes Multi / Other Covered Call ETFs Different

The fund-of-funds structure used by YMAX and YMAG is categorically different from the single-strategy funds in every other category on our dashboard. Rather than writing covered calls on an underlying equity or asset portfolio, these funds hold other ETFs — specifically other YieldMax ETFs — and receive the distributions from those underlying funds as income to pass through to their own shareholders. This creates a layered structure with two levels of fees, two levels of options mechanics, and income characteristics that reflect the blended aggregate of all the underlying funds rather than any single strategy. Understanding what the underlying funds actually hold is essential to understanding what you own in YMAX or YMAG.

ULTY's structure is different again — it is not primarily a fund-of-funds but rather a direct multi-strategy options income vehicle targeting an exceptionally high yield level across a diverse set of underlying exposures. Its approach to maximizing income is aggressive enough that NAV erosion has been a consistent feature of its track record. For income investors who evaluate yield in isolation from total return, ULTY is the most extreme example in our tracked universe of why yield and wealth generation are not the same thing.

Tax treatment across all three funds is ordinary income, reflecting the options premium income that flows through each structure. The layered fees in fund-of-funds structures compound the ordinary income tax impact, since each underlying fund's distributions are already net of its own expense ratio before being passed through to YMAX or YMAG shareholders.

Multi / Other Covered Call ETF Reviews

A Note on the Multi / Other Category

The funds in this category represent the furthest end of the income-maximization spectrum in the covered call ETF universe. YMAX and YMAG exist because there is genuine investor demand for a single-ticker vehicle that provides diversified exposure to the entire YieldMax options income family without requiring investors to build and manage their own portfolio of individual YieldMax ETFs. ULTY exists because there is investor demand for the highest possible yield from a covered call-adjacent structure regardless of the NAV consequences.

Whether these products serve investors well depends entirely on how they are used. For income investors who understand that extremely high yields are funded in part by returning capital rather than generating new wealth on top of a stable base, and who are using these funds as tactical income tools within a larger portfolio rather than as primary wealth-building vehicles, the Multi / Other category has a legitimate place. For investors who mistake a 50–100% annualized distribution rate for a 50–100% annual return on preserved capital, the same funds will disappoint significantly over multi-year holding periods. Track all three funds' live NAV trajectories alongside their cumulative distributions on our free dashboard for the complete picture.

Return to the ETF Fund Directory to browse other categories, or compare all Multi / Other funds side by side on our free grading dashboard.

⚠️ Tax Note: Tax treatment shown is general guidance only and may vary year to year. Fund-of-funds structures may carry layered fees and complex tax treatment. Consult a tax professional for your situation.

⚠️ Disclaimer: CoveredCallETFHQ is for informational purposes only and does not constitute financial advice. All data sourced from Yahoo Finance. Grades and scores reflect our proprietary methodology and should not be used as the sole basis for investment decisions. Past performance does not guarantee future results. Always consult a qualified financial advisor before investing.