ULTY NAV Erosion
Heavy erosionYieldMax Ultra Option Income Strategy ETF: share price against distributions paid since Feb 2024. Data as of Nov 6, 2026.
ULTY closed at $20.57 on Nov 6, 2026, down 89.4% from $193.50 in Feb 2024. That works out to -56.6% a year. Over the same stretch the fund paid $160.80 per share in 101 distributions, so a holder since Feb 2024 is behind by $12.13 per share before tax, counting price and payouts together with nothing reinvested.
A price decline of 56.6% a year against a 104.5% trailing distribution yield is heavy NAV erosion. A large part of the payout has been the fund handing back its own asset base, and because each distribution is a percentage of a shrinking price, the dollar payouts fall with it. The cash paid out has not made up for the price lost.
Key numbers
Price since Feb 2024
-89.4%
$193.50 to $20.57
Price change per year
-56.6%
2.7 years of history
Distributions paid
$160.80
101 payouts per share
Net per share
-$12.13
-6.3% of the starting price, before tax
Trailing yield
104.5%
$21.50 a share over 12 months, weekly
- ULTY share price
- Share price + distributions paid
Month-end closing prices from 2024-02-29 to 2026-11-06, split-adjusted but not dividend-adjusted. The dashed line is the starting price. The upper line adds every distribution paid per share, with nothing reinvested and before tax.
Fitted to the trailing 12mo window the calculator uses, the price is falling at 44.2% a year compared with -56.6% a year since Feb 2024, so the erosion is running slower than its long-run pace. The fit explains 70% of the moves, which makes this a steady trend.
Over the past twelve months alone the price is down 55.0% while the fund paid $21.50 per share on a weekly schedule, which is 104.5% of today's price.
| Year | Start | End | Price change | Distributions | Distribution % | Net |
|---|---|---|---|---|---|---|
| 2026* | $37.33 | $20.57 | -44.9% | $16.95 | 45.4% | +0.5% |
| 2025 | $89.70 | $37.33 | -58.4% | $52.61 | 58.7% | +0.3% |
| 2024* | $193.50 | $89.70 | -53.6% | $91.24 | 47.2% | -6.5% |
* Partial year: the fund's first year on file or the current year to date.
- Prices are closing prices adjusted for share splits, not for dividends. Dividend-adjusted series net the distributions out of the price and make erosion disappear; this page keeps the two apart on purpose.
- After a reverse split, earlier prices and payouts are restated in today's share units, so a fund that launched at $20 and later did a 1-for-5 reverse split shows a $100 starting price and five times its original payouts. Price and distributions stay in the same units, so the net figure is unaffected.
- Distributions are counted as cash received per share, never reinvested, and before tax. Net per share is simply the price change plus that cash.
- Part of an option-income fund's payout can be return of capital, which lowers your cost basis instead of being taxed as income in the year paid. The fund's 19a notices say how much.
- A falling price shrinks every future payout, because each distribution is set as a percentage of the current price. That is why the trend matters more than the quoted yield.
Does ULTY have NAV erosion?
Yes. ULTY's share price is down 89.4% since Feb 2024, about -56.6% a year, while it paid $160.80 per share in distributions. That is heavy erosion: part of each payout has been the fund's own asset base.
How much has ULTY's share price changed since Feb 2024?
From $193.50 on Feb 29, 2024 to $20.57 on Nov 6, 2026, a change of -89.4% (-56.6% a year). These are closing prices adjusted for share splits but not for dividends, so the decline from distributions stays visible instead of being netted out. For a fund that has done a reverse split, early prices and payouts are stated in today's share units.
Has ULTY paid out more than it lost in price?
No. Distributions of $160.80 per share are smaller than the $172.93 price decline, leaving a holder since Feb 2024 behind by $12.13 per share before tax (-6.3% of the starting price), with nothing reinvested.
What is ULTY's distribution yield?
$21.50 per share over the trailing twelve months, paid weekly, which is 104.5% of the $20.57 share price. A high yield on a falling price is the signature of NAV erosion, so read the yield together with the price change above.
Is ULTY's NAV erosion getting worse?
The trailing twelve-month fit has the price falling at 44.2% a year, slower than the 56.6% a year pace since Feb 2024. The erosion is slowing down.
Model ULTY at your tax rate
The calculator loads ULTY's live price and yield, fits the decay, and shows the year your after-tax income stops covering the price loss.
More on ULTY
Educational, not investment advice. Prices and distributions come from Dividend Wealth's market data and can lag the fund's own figures by a day. Past price behaviour does not predict future distributions.