Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
CHPY tops the group over the trailing twelve months with a 91.04% total return, against QDTY at 20.40%, ULTY at -7.77% and YMAX at -1.76%. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Apr 2025” measures every fund from April 3, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate, SEC yield and return of capital
Metric
CHPY
QDTY
ULTY
YMAX
Forward distribution rate
40.28%
28.72%
60.51%
41.05%
Trailing 12-month yield
40.16%
36.60%
98.42%
64.26%
30-day SEC yield
-0.38%
-0.94%
-0.75%
87.45%
Return of capital
99.88%
100.00%
100.00%
26.49%
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on QDTY vs QQQ.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks weekly income by holding a portfolio of U.S.-listed semiconductor equities and generating premium through an options overlay written on those holdings and on semiconductor ETFs.
Seeks weekly income through a synthetic covered call strategy that provides exposure to the price return of the Nasdaq-100 Index while selling call options on the index or on ETFs that track it.
Actively managed fund that seeks weekly income from a rotating basket of U.S.-listed securities, using traditional and synthetic covered calls designed to produce higher income when the underlying holdings are more volatile.
Fund of funds that seeks weekly income by investing its assets across the shares of the underlying YieldMax option income ETFs, or directly in the instruments those ETFs hold.
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. CHPY, QDTY, ULTY, and YMAX generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Daily leverage reset. ULTY targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on CHPY, QDTY, ULTY and YMAX.
CHPY (YieldMax Semiconductor Portfolio Option Income ETF), QDTY (YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF), ULTY (YieldMax Ultra Option Income Strategy ETF), YMAX (YieldMax Universe Fund of Option Income ETF) are dividend ETFs that take different approaches.
ULTY offers the highest reported yield at 60.51%, followed by YMAX at 41.05%, CHPY at 40.28%, QDTY at 28.72%.
CHPY is the cheapest with an expense ratio of 1.03%, compared to 1.17% for QDTY and 1.33% for YMAX and 1.40% for ULTY.
CHPY is the largest fund by assets ($1.30B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment: CHPY generates ~$77.46 cash per distribution, QDTY generates ~$55.23 cash per distribution, ULTY generates ~$116.37 cash per distribution, YMAX generates ~$78.94 cash per distribution at current distribution rates.
CHPY yield40.28%
QDTY yield28.72%
ULTY yield60.51%
YMAX yield41.05%
Cost & efficiency
Over 10 years on $10,000: CHPY costs ~$1,030, QDTY costs ~$1,170, ULTY costs ~$1,400, YMAX costs ~$1,330 in fees (simplified, not compounded).
CHPY ER1.03%
QDTY ER1.17%
ULTY ER1.40%
YMAX ER1.33%
Strategy & risk
CHPY tracks Basket (Semiconductor companies) with a covered call approach; QDTY tracks Nasdaq-100 with a covered call approach; ULTY is actively managed around Basket (High Volatility stocks) exposure with a covered call approach; YMAX tracks Basket (Yieldmax ETFs) with a covered call approach.
CHPY beta1.8613
QDTY beta1.146
ULTY beta1.3581
YMAX beta1.5515
Fund details
CHPY is managed by YieldMax (launched 04/02/2025) with $1.30B in assets. QDTY is managed by YieldMax (launched 02/12/2025) with $27.4M in assets. ULTY is managed by YieldMax (launched 02/28/2024) with $721M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $371M in assets.
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Frequently asked questions
Why can the headline distribution rate differ from the SEC yield?
CHPY distributes 40.28% with a 30-day SEC yield of -0.38% and return of capital 99.88%; QDTY distributes 28.72% with a 30-day SEC yield of -0.94% and return of capital 100.00%; ULTY distributes 60.51% with a 30-day SEC yield of -0.75% and return of capital 100.00%; YMAX distributes 41.05% with a 30-day SEC yield of 87.45% and return of capital 26.49%. The headline rate is not the same number as SEC yield, and return of capital is not the same as total return. Figures are as of September 2026.
Which of CHPY, QDTY, ULTY, and YMAX is best for dividend income?
It depends on your goals. ULTY currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.
What is the difference between CHPY, QDTY, ULTY, and YMAX?
CHPY (YieldMax Semiconductor Portfolio Option Income ETF) tracks Basket (Semiconductor companies) with a covered call approach, issued by YieldMax. QDTY (YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF) tracks Nasdaq-100 with a covered call approach, issued by YieldMax. ULTY (YieldMax Ultra Option Income Strategy ETF) is actively managed around Basket (High Volatility stocks) exposure with a covered call approach, issued by YieldMax. YMAX (YieldMax Universe Fund of Option Income ETF) tracks Basket (Yieldmax ETFs) with a covered call approach, issued by YieldMax.
Can I hold CHPY, QDTY, ULTY, and YMAX together?
Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which of CHPY, QDTY, ULTY and YMAX is safest?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CHPY scores 79, QDTY scores 75, YMAX scores 56, ULTY scores 51, so CHPY's payout currently looks the more resilient of the group. QDTY has also shown lower price volatility (beta 1.15 vs 1.86 for CHPY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has the lowest fees among CHPY, QDTY, ULTY, and YMAX?
CHPY has an expense ratio of 1.03%, QDTY has an expense ratio of 1.17%, ULTY has an expense ratio of 1.40%, YMAX has an expense ratio of 1.33%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 generate in each?
$10,000 in CHPY yields ~$77.46 cash per distribution ($4,028.00/year). $10,000 in QDTY yields ~$55.23 cash per distribution ($2,872.00/year). $10,000 in ULTY yields ~$116.37 cash per distribution ($6,051.00/year). $10,000 in YMAX yields ~$78.94 cash per distribution ($4,105.00/year).
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