ULTY Dividend History & Distribution Analysis
YieldMax Ultra Option Income Strategy ETF - Complete Payout Data 2024-2026
ULTY Distribution Strategy Explained
The YieldMax Ultra Option Income Strategy ETF (ULTY) employs a multi-asset covered call strategy that differentiates it from single-stock focused funds like MSTY. Instead of targeting one company, ULTY dynamically allocates across a basket of high-volatility stocks, writing covered calls to harvest maximum option premiums.
This approach allows ULTY to capitalize on volatility spikes across multiple sectors simultaneously. When meme stocks surge, AI companies crater, or biotech names experience clinical trial results, ULTY positions itself to collect premium from whichever names exhibit the highest implied volatility.
⚠️ Critical Understanding Required
ULTY's 134% yield is not sustainable income. The 7,003% payout ratio means distributions consist primarily of return of capital - essentially giving you your own money back while the share price declines. This is a momentum income play, not a long-term wealth builder.
Complete Distribution History
The story of ULTY distributions is one of dramatic decline. What began as $8-10 monthly payouts in 2024 has collapsed to $0.40-0.50 weekly distributions by 2026. While the per-share amounts may seem small, weekly distributions still add up to significant annual income - but at the cost of severe NAV erosion.
| Date | Distribution | Frequency | Annualized |
|---|---|---|---|
| 2026-03-25 | $0.432 | Weekly | $22.46 |
| 2026-03-18 | $0.407 | Weekly | $21.16 |
| 2026-03-11 | $0.416 | Weekly | $21.63 |
| 2026-03-04 | $0.480 | Weekly | $24.96 |
| 2026-02-25 | $0.475 | Weekly | $24.70 |
| 2026-02-18 | $0.436 | Weekly | $22.67 |
| 2026-02-11 | $0.451 | Weekly | $23.45 |
| 2026-02-04 | $0.454 | Weekly | $23.61 |
| 2026-01-28 | $0.502 | Weekly | $26.10 |
| 2026-01-21 | $0.505 | Weekly | $26.26 |
| 2026-01-14 | $0.519 | Weekly | $26.99 |
| 2026-01-07 | $0.471 | Weekly | $24.49 |
| 2025-12-31 | $0.487 | Weekly | $25.31 |
| 2025-12-24 | $0.571 | Weekly | $29.69 |
| 2025-12-17 | $0.492 | Weekly | $25.58 |
| 2025-12-10 | $0.546 | Weekly | $28.39 |
| 2025-12-03 | $0.588 | Weekly | $30.58 |
| 2025-11-26 | $0.594 | Weekly | $30.89 |
| 2025-11-19 | $0.642 | Weekly | $33.38 |
| 2025-11-12 | $0.626 | Weekly | $32.55 |
| 2025-11-05 | $0.788 | Weekly | $40.98 |
| 2025-10-29 | $0.848 | Weekly | $44.10 |
| 2025-10-22 | $0.903 | Weekly | $46.96 |
| 2025-10-15 | $0.908 | Weekly | $47.22 |
| 2025-10-08 | $0.904 | Weekly | $47.01 |
| 2025-10-01 | $0.913 | Weekly | $47.48 |
| 2025-03-31 | $0.986 | Weekly | $51.27 |
| 2025-03-24 | $0.977 | Weekly | $50.80 |
| 2025-03-17 | $1.025 | Weekly | $53.30 |
| 2025-03-10 | $4.653 | Weekly | $241.96 |
| 2025-02-28 | $5.369 | Monthly | $64.43 |
| 2025-01-31 | $5.715 | Monthly | $68.58 |
| 2024-12-31 | $7.092 | Monthly | $85.10 |
| 2024-11-30 | $8.313 | Monthly | $99.76 |
| 2024-10-31 | $8.267 | Monthly | $99.20 |
| 2024-09-30 | $9.825 | Monthly | $117.90 |
| 2024-08-31 | $9.200 | Monthly | $110.40 |
| 2024-07-31 | $8.850 | Monthly | $106.20 |
| 2024-06-30 | $9.100 | Monthly | $109.20 |
| 2024-05-31 | $9.450 | Monthly | $113.40 |
| 2024-04-30 | $8.750 | Monthly | $105.00 |
| 2024-03-31 | $9.320 | Monthly | $111.84 |
Distribution Trend Visualization
ULTY Income Calculator
Calculate your projected income based on current ULTY distribution rates. Remember: this calculator shows gross income before taxes and doesn't account for NAV erosion.
NAV Erosion & Return of Capital Analysis
Understanding ULTY requires grasping the concept of return of capital (ROC). With a payout ratio of 7,003%, the vast majority of distributions aren't true income - they're your own investment being returned to you while the share price declines.
The ROC Reality
- Payout Ratio: 7,003% means paying out 70x more than earnings
- Source of Distributions: Primarily option premiums + liquidating assets
- Tax Impact: ROC reduces cost basis, potentially creating larger capital gains later
- NAV Decay: Share price erosion typically exceeds distribution income over time
Example Scenario:
Buy 100 shares at $30 = $3,000 investment
Receive $40.20/share annually = $4,020 income
Share price drops to $20 by year-end
Net result: +$4,020 cash, -$1,000 value = $3,020 gain (0.67% return)
ULTY vs MSTY vs TSLY Comparison
| Fund | Strategy | Current Yield | Distribution | Risk Level |
|---|---|---|---|---|
| ULTY | Multi-asset covered calls | 134.01% | Weekly | Extreme |
| MSTY | Microsoft covered calls | 50-60% | Monthly | High |
| TSLY | Tesla covered calls | 40-50% | Monthly | High |
ULTY's Advantage: Highest current yield, diversified volatility exposure
ULTY's Risk: Most severe NAV decay, unsustainable distribution pattern
Related Tools & Analysis
MSTY Dividend History
Complete MSTY distribution data and Microsoft covered call strategy analysis
TSLY Dividend Calculator
Tesla covered call ETF distribution tracker and income projections
High-Yield ETF Comparison
Compare ULTY against other ultra-high yield covered call strategies
Frequently Asked Questions
What is ULTY dividend history?
ULTY dividend history shows a dramatic decline from $8-10 monthly distributions in 2024 to $0.40-0.50 weekly distributions in 2026. The YieldMax Ultra Option Income Strategy ETF started with massive payouts but has experienced significant NAV erosion and declining distributions as market volatility patterns shifted and the fund's assets were depleted through excessive distributions.
How much is the current ULTY dividend?
The current ULTY dividend is $0.432 per share weekly (as of March 25, 2026), yielding 134.01% annually at the current $30 share price. This translates to approximately $22.46 in annualized income per share, though the distribution amount fluctuates based on market volatility and option premiums collected by the fund.
Why is ULTY yield so high at 134%?
ULTY's 134% yield is artificially high due to a 7,003% payout ratio, meaning the fund pays out far more than it earns. Most distributions are return of capital rather than actual income, effectively returning investors' own money while the share price declines. This creates the illusion of massive income while eroding principal.
Is ULTY dividend sustainable long-term?
No, ULTY dividend is not sustainable long-term. The extreme payout ratio of 7,003% indicates distributions far exceed earnings, requiring constant liquidation of assets to fund payments. The distribution decline from $8-10 monthly to $0.43 weekly demonstrates this unsustainability, and continued NAV erosion will eventually force further distribution cuts.
How does ULTY compare to MSTY?
ULTY vs MSTY: ULTY uses a multi-asset covered call strategy on various volatile stocks with 134% current yield, while MSTY focuses specifically on Microsoft with 50-60% yield. ULTY offers higher current income but faces greater NAV decay risk due to its broader volatility exposure and higher distribution rate.
What is ULTY's payout ratio and what does it mean?
ULTY's payout ratio is 7,003%, meaning the fund pays out 70 times more than it earns. This extreme ratio indicates that distributions consist primarily of return of capital - essentially giving investors their own money back while the underlying share value declines. It's a red flag for unsustainable income generation.
How often does ULTY pay dividends?
ULTY pays dividends weekly as of 2026, transitioning from monthly payments in 2024-2025. While the frequency increased, the total amount per distribution decreased significantly. Weekly payments provide more consistent cash flow but at much lower per-payment amounts compared to the historic monthly distributions.
What causes ULTY distribution amounts to vary?
ULTY distribution amounts vary based on market volatility and option premiums collected. When underlying stocks experience high volatility, call options become more expensive, allowing the fund to collect higher premiums. During calm market periods, option premiums decline, reducing distributable income and forcing lower payouts or asset liquidation.