AMZY ETF Explained: Returns, Expense Ratio, Holdings and Alternative ETFs
AMZY, the YieldMax AMZN Option Income ETF, runs a synthetic covered call strategy on Amazon and uses option premiums to fund its distributions. It is a high-yield income product, and the capped upside, fluctuating principal and management fee burden are the key points to review before investing.
SubscribeWhat Is the YieldMax AMZN Option Income ETF?
This is an actively managed ETF that runs a synthetic covered call strategy on Amazon (AMZN). It uses the premiums received from selling call options to fund its distributions, and it does not hold the stock directly. Instead, it builds indirect exposure through options and US Treasuries.
It suits income-focused investors who want to receive regular cash flow tied to Amazon and are willing to accept capped upside.
It is an ETF managed by YieldMax under an active management approach.
How Does the YieldMax AMZN Option Income ETF Invest?
| Item | Details |
|---|---|
| Underlying asset | Amazon (AMZN) |
| Management style | Active (synthetic covered call) |
| Rebalancing cycle | Rolled over at each option expiration |
| Distribution frequency | Primarily monthly |
| Manager | YieldMax |
| Total expense ratio | 1.09% |
Rather than buying Amazon shares directly, the fund builds indirect exposure through a synthetic position and then sells call options to collect option premiums. It holds cash and short-term US Treasuries as collateral, and it uses the premiums it collects to fund regular distributions, creating an income stream.
- Aims for high distributions based on option premiums
- Synthetic exposure structure without holding the stock
YieldMax AMZN Option Income ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $213.4M, and the total expense ratio is 1.09% per year.
Because a covered call structure converts a large portion of the underlying asset's gains into distributions, the fund puts regular cash flow ahead of price appreciation.
YieldMax AMZN Option Income ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe distribution stream varies with Amazon's volatility and the level of option premiums. When the underlying asset is weak, there may be periods in which distributions do not fully offset price losses. Total return may also trail the underlying asset somewhat because of option friction.
Against a backdrop of demand for high-yield income, investor interest has continued across the YieldMax family of single-stock option ETFs. However, because distributions depend on option premiums, fund flows tend to react sensitively to the market volatility environment.
YieldMax AMZN Option Income ETF Pros and Cons
Its strength is the pursuit of regular, high distributions, but capped upside, fluctuating principal and the management fee burden are drawbacks that should be weighed in balance.
💪 Key Strengths
⚠️ Points of Caution
YieldMax AMZN Option Income ETF Alternative ETFs and Related Products
The NVDY, TSLY and MSTY shown in the table are all single-stock option income ETFs managed by YieldMax. Only the underlying asset differs, and they share the same strategic framework of a synthetic covered call. If you want to diversify across multiple stocks, you can also consider YMAX, which bundles YieldMax option income ETFs, and if you want premium income across big tech broadly, FEPI is another option.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 NVDY | YieldMax NVDA Option Income Strategy ETF | $11.20 | -4.0% | $1.3B | 1.09% | 54.7% | -33.3% |
 MSTY | YieldMax MSTR Option Income Strategy ETF | $12.86 | -8.1% | $1.0B | 1.03% | 144.84% | -74.9% |
 FEPI | REX FANG & Innovation Equity Premium Income ETF | $38.58 | -5.2% | $717.2M | 0.65% | 26.68% | -19.5% |
 TSLY | YieldMax TSLA Option Income Strategy ETF | $22.53 | -0.7% | $668.6M | 1.07% | 74.08% | -45.3% |
 AMDY | Yieldmax AMD Option Income Strategy ETF | $40.77 | -8.6% | $481.9M | 1.00% | 78.82% | -16.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 0.76% | $111.61 | -2.0% | $3.2B | 23.9 | 0.22% |
 BNO | United States Brent Oil Fund LP | 0.10% | $71.39 | +0.9% | $0.0M | - | - |
 UAMY | United States Antimony Corp | 0.10% | $2.98 | -5.7% | $446.0M | - | - |
 FAF | First American Financial Corp | 0.05% | $63.82 | +0.2% | $6.5B | 9.0 | 3.64% |
YieldMax AMZN Option Income ETF Investor Checkpoints
Here are the points to review before investing in AMZY. Behind the high distribution rate lie structural traits of capped upside and fluctuating principal, so it is necessary to check the distribution stream, costs and even currency effects in advance.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Management fee | Check the cost of the active option strategy | Somewhat high |
| 📈 Capped upside | Understand the limited participation when the underlying asset rallies | Structural trait |
| 💸 Distribution variability | Review distributions that depend on option premiums | May vary |
| 💱 Exchange rate | Impact on returns converted to Korean won | No currency hedge |
The fund remains fully exposed to downside risk in the underlying asset, Amazon, while its participation in gains is limited. Because distributions depend on option premiums, both the distribution level and the principal can swing depending on the volatility environment.
It suits income investors who prioritize regular cash flow and are willing to accept capped upside and fluctuating principal. Investors seeking long-term capital gains from Amazon may find the underlying stock or a broad core ETF a better fit.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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