- CUSIP
- 88636J477
- Issuer
- YieldMax
- Inception Date
- Jul 9, 2024
- Category
- Derivative Income, Inverse Equities
- Leveraged
- -1x
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $32M
Share Price Chart
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Performance
FIAT Performance Chart
YieldMax Short COIN Option Income Strategy ETF (FIAT) is up 10.4% since the beginning of the year. FIAT is currently trading at $21 per share.
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Returns By Period
YieldMax Short COIN Option Income Strategy ETF (FIAT) has returned 10.40% so far this year and 40.11% over the past 12 months.
YieldMax Short COIN Option Income Strategy ETF
- 1D
- 2.78%
- 1M
- -7.86%
- 6M
- 19.78%
- YTD
- 10.40%
- 1Y
- 40.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.45%
- 1M
- 1.63%
- 6M
- 8.05%
- YTD
- 9.62%
- 1Y
- 20.45%
- 3Y*
- 19.48%
- 5Y*
- 11.67%
- 10Y*
- 13.42%
FIAT Monthly Returns History
Based on dividend-adjusted daily data since Jul 10, 2024, FIAT's average daily return is -0.03%, while the average monthly return is -0.60%.
Historically, 44% of months were positive and 56% were negative. The best month was Feb 2025 with a return of +20.0%, while the worst month was Nov 2024 at -42.3%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FIAT closed higher 54% of trading days. The best single day was Mar 10, 2025 with a return of +12.4%, while the worst single day was Nov 6, 2024 at -28.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 11.02% | 4.60% | -3.22% | -7.95% | -0.92% | 19.90% | -10.16% | 10.40% | |||||
| 2025 | -10.79% | 20.03% | 19.98% | -13.88% | -19.06% | -31.48% | -8.02% | 14.27% | -8.61% | -4.18% | 15.03% | 16.72% | -24.17% |
| 2024 | 1.06% | 15.77% | -1.55% | -3.90% | -42.32% | 12.70% | -28.04% |
Benchmark Metrics
YieldMax Short COIN Option Income Strategy ETF has an annualized alpha of 27.47%, beta of -1.89, and R2 of 0.27 versus S&P 500 Index. Calculated based on daily prices since July 10, 2024.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -562.01%), but participation in market rallies was also limited (-124.38%) - a profile typical of counter-cyclical assets.
- Beta of -1.89 may look defensive, but with R2 of 0.27 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.27 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 27.47%
- Beta
- -1.89
- R²
- 0.27
- Upside Capture
- -124.38%
- Downside Capture
- -562.01%
Expense Ratio
FIAT has a high expense ratio of 0.99%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FIAT ranks 25 for risk / return — below 25% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FIAT | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.30 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 2.26 | -1.08 |
| Martin ratioReturn relative to average drawdown | 2.54 | 9.82 | -7.28 |
Dividends
Dividend History
YieldMax Short COIN Option Income Strategy ETF provided a 105.84% dividend yield over the last twelve months, with an annual payout of $21.93 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $21.93 | $49.82 | $66.23 |
Dividend yield | 105.84% | 178.11% | 70.99% |
Monthly Dividends
The table displays the monthly dividend distributions for YieldMax Short COIN Option Income Strategy ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $1.51 | $2.33 | $1.31 | $1.87 | $1.17 | $1.38 | $0.46 | $10.03 | |||||
| 2025 | $6.53 | $5.50 | $6.83 | $9.24 | $8.29 | $1.54 | $1.38 | $2.69 | $1.90 | $2.00 | $2.42 | $1.52 | $49.82 |
| 2024 | $18.92 | $18.71 | $14.51 | $7.26 | $6.82 | $66.23 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the YieldMax Short COIN Option Income Strategy ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the YieldMax Short COIN Option Income Strategy ETF was 70.50%, occurring on Jul 18, 2025. The portfolio has not yet recovered.
The current YieldMax Short COIN Option Income Strategy ETF drawdown is 52.42%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 bear market2025 | -70.50%Jul 2025 | 10mo 12d | — | 1y 10moSep 2024 - now |
2024 correction2024 | -15.42%Jul 2024 | 10d | 10d | 20dJul 2024 - Aug 2024 |
2024 pullback2024 | -5.43%Aug 2024 | 10d | 5d | 15dAug 2024 - Aug 2024 |
2024 pullback2024 | -0.64%Aug 2024 | 1d | 3d | 4dAug 2024 - Aug 2024 |
Drawdown Indicators
| FIAT | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.50% | -56.78% | -13.72% |
Max Drawdown (1Y)Largest decline over 1 year | -34.22% | -9.10% | -25.12% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -52.42% | -1.39% | -51.03% |
Average DrawdownAverage peak-to-trough decline | -45.48% | -10.71% | -34.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.85% | 2.09% | +13.76% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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