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MRNYYieldMax MRNA Option Income Strategy ETF

Get income2y track recordRanked #1,082 of 1,622 in this goal

Seeks current income while providing exposure to the share price of Moderna, Inc.

By YieldMax ETFs · Launched 2023

Annual Cost

1.00%

#4,954 of 5,562 · expensive

Fund Size

$83M

#3,110 of 5,562 · mid-size

Dividend YieldGoal

101.62%

Track Record

2 years

#3,253 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$18,547+85.5%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Focus

Single Stock

What it actually holds

By weight

Concentration

Top 10 holdings = 80.4% of fundconcentrated

TREASURY BILL
15.3%
TREASURY BILL
10.9%
TREASURY BILL
10.2%
First American Government Obli
10.1%
TREASURY BILL
10.0%
TREASURY BILL
9.4%
TREASURY BILL
6.2%
N/AMRNA 3 C47
6.0%
N/AMRNA 2 C47
2.0%
N/AMRNA 2 C49
0.3%

Asset allocation

Cash
80.1%
Bonds
25.3%
Other
3.5%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
50.8%High

Year-on-year price swings

Max drawdown
-82.1%Severe

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks current income while providing exposure to the share price of Moderna, Inc.
Strategy
Actively managed ETF employing synthetic covered call strategies to generate options premiums and provide indirect exposure to Moderna's share price. The Fund may also invest directly in Moderna shares and aims to capture a portion of potential gains while limiting downside risk.
Inception date
October 23, 2023
Fund family
YieldMax ETFs

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Critical

Covered call ETF — yield ≠ total return

The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.

Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Why we flagged this: strategy=option_income + option_income_strategy

Single stock
Warning

Single-stock wrapper — fees without diversification

This fund wraps exposure to a single company, usually with an option overlay. You pay fund-level fees (typically 0.50–1.00% depending on the issuer) plus the wrapper's option-overlay mechanics for exposure you could get more cheaply by holding the underlying stock directly. The income is generated by capping upside.

Source: Israelov & Nielsen, 'Covered Calls Uncovered' (Financial Analysts Journal 2015)

Why we flagged this: strategy=option_income + single_stock_wrapper

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-19