JPMO
YieldMax JPM Option Income Strategy ETF
JPMO seeks to provide current income and capped gains on the JPMorgan Chase & Co. stock (JPM) through a synthetic covered call strategy, collateralized by cash and US Treasurys. The actively managed fund uses both standardized exchange-traded and FLEX options.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
48.8 M
ASSETS UNDER MGMT
99 bp
EXPENSES
Fund Basics
| Fund sponsor | Tidal Investments LLC |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Sep 11, 2023 |
| Assets (mns) | $49 |
| Expense ratio | 99 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| UNITED STATES TREASURY BILL 08/14/2025 | 20.5 % |
| UNITED STATES TREASURY NOTE/BOND 3% 07/15/202 | 18.2 % |
| UNITED STATES TREASURY NOTE/BOND 3.875% 01/15 | 18.2 % |
| UNITED STATES TREASURY BILL 05/15/2025 | 14.2 % |
| UNITED STATES TREASURY NOTE/BOND 4.25% 10/15/ | 13.9 % |
| UNITED STATES TREASURY BILL 06/12/2025 | 10.4 % |
| JPM US 05/16/25 C230 | 4.1 % |
| CASH & OTHER | 3.9 % |
| JPMORGAN CLL OPT 04/25 245 | 0.1 % |
| JPM US 04/25/25 C250 | 0.0 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 0.7% | -14.1% | -- | -- | -- | -- | -- | -6.1% |
| Dividend Yield | -10.3% | 1.0% | -- | -- | -- | -- | -- | 5.5% |
| Total Returns | -9.6% | -13.1% | -- | -- | -- | -- | -- | -0.6% | Ann. Volatility | 18.1% | 18.6% | -- | -- | -- | -- | -- | 16.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.15 | 66% |
| MSCI EAFE | 0.56 | 16% |
| MSCI Emg Mkts | -0.11 | 0% |
Liquidity Measures
| Avg. volume (000) | 56 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.48% |
| ADV of underlying (mns) | $0 |
Technical Indicators
| Recent close | $15.50 |
| 30d moving avg. | $15.82 |
| Annualized volatility | 16.8% |
| Relative strength (RSI) | 44 |
| Short interest (ETF) | 0.6% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| JPMO (99 bp) Percentile rank | 67 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| JPMO | 99.0 | 47.6 | 146.6 |
| Peer Avg. | 90.6 | 32.4 | 123.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .