YieldMax MSTR Short Option Income Strategy ETF (WNTR)

The YieldMax MSTR Short Option Income Strategy ETF is an actively managed fund from YieldMax that seeks to generate income while providing short, or inverse, exposure to the share price of Strategy Inc. (formerly MicroStrategy, ticker MSTR), the software company known for holding large amounts of bitcoin.

The fund creates its short exposure synthetically using options on MSTR and combines it with option-selling to collect premium income, while holding short-term U.S. Treasuries as collateral. It aims to benefit when MSTR shares decline, though gains are capped by the options structure and losses can occur when the stock rises.

The fund does not short the stock directly or hold bitcoin, and it pays frequent distributions.