What Is AMZY? YieldMax AMZN Option Income Strategy ETF
Short answer
AMZY is a YieldMax option-income ETF that sells call options on Amazon (AMZN) to pay very large monthly distributions, recently running around 30% to 38% annualized. It is not leverage. The high payout comes at a cost: it caps Amazon's upside, tends to erode the fund's NAV over time, and a large share of recent distributions has been return of capital rather than actual income.
AMZY is issued by YieldMax (Tidal Investments / Tidal Trust II) and tracks synthetic covered-call income on Amazon (AMZN). It charges a 1.01% expense ratio, holds approximately approximately $280 million (as of late 2025) in assets under management, yields about Headline distribution rate has run very high, roughly 30% to 38% on an annualized basis depending on the month (about 31.8% as of late June 2026). This is a distribution rate, not a traditional dividend yield. It reflects monthly option-premium payouts annualized off a falling share price, and a large share of recent distributions has been return of capital (about 89% of the June 2026 payout was estimated return of capital, with only about 11% income). The 30-day SEC yield was far lower, around 2.6%., and launched in October 2, 2023.
What is AMZY?
AMZY is a YieldMax option-income ETF that sells call options on Amazon (AMZN) to pay very large monthly distributions, recently running around 30% to 38% annualized. It is not leverage. The high payout comes at a cost: it caps Amazon's upside, tends to erode the fund's NAV over time, and a large share of recent distributions has been return of capital rather than actual income.
AMZY is issued by YieldMax (Tidal Investments / Tidal Trust II) and tracks synthetic covered-call income on Amazon (AMZN), so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
AMZY holdings: what's actually inside
AMZY is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of AMZY | |
|---|---|---|---|---|
| 1 | AMZN | Amazon | synthetic exposure via options |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
The bottom line on AMZY
AMZY can deliver a very high monthly income stream from Amazon, but that headline rate is misleading on its own. The covered-call strategy caps upside when Amazon rises, leaves most downside when it falls, and has eroded NAV since inception, with total return lagging simply owning AMZN. Recent distributions have been largely return of capital, meaning much of the payout is your own principal coming back. It may suit tactical, income-focused investors who understand the trade-offs, but it is not a substitute for owning Amazon stock for long-term growth.
More on AMZY
Whether AMZY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is AMZY a buy?
AMZY yields Headline distribution rate has run very high, roughly 30% to 38% on an annualized basis depending on the month (about 31.8% as of late June 2026). This is a distribution rate, not a traditional dividend yield. It reflects monthly option-premium payouts annualized off a falling share price, and a large share of recent distributions has been return of capital (about 89% of the June 2026 payout was estimated return of capital, with only about 11% income). The 30-day SEC yield was far lower, around 2.6%. as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see AMZY dividend: yield and schedule.
Build a portfolio around AMZY with Walnut
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FAQ
What is AMZY?
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AMZY is the YieldMax AMZN Option Income Strategy ETF, an actively managed single-stock option-income fund. It holds synthetic exposure to Amazon (AMZN) and sells call options against it to generate high monthly distributions. It is a covered-call income strategy, not a leveraged fund, and it trades on NYSE Arca.
What is AMZY's expense ratio?
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AMZY has an expense ratio of about 1.01%. That is high compared with plain index ETFs and reflects the cost of running an actively managed options strategy. The fee is charged on top of the structural drag from the covered-call approach.
How does AMZY generate its high yield?
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AMZY sells call options tied to Amazon (AMZN) and collects the option premiums. Those premiums are paid out to shareholders as monthly distributions. When Amazon is volatile, option premiums are larger, which can push the headline distribution rate into the 30% to 38% annualized range. The payout comes from option income and, frequently, return of capital, not from Amazon's dividends.
Is AMZY's distribution sustainable?
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The headline distribution rate should be treated with caution. It is annualized from monthly payouts measured against a share price that has been falling, and a large portion of recent distributions has been return of capital (about 89% of the June 2026 payout), which is effectively returning your own principal. Paying out option premium each month while capping upside tends to erode the fund's net asset value over time, so the high rate is not a reliable indicator of sustainable income.
Does AMZY cap my upside?
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Yes. Because AMZY sells call options on Amazon, it gives up much of the gain when Amazon rallies strongly, since the calls it sold limit how much the fund can rise. At the same time, the fund still participates in most of the downside when Amazon falls. This asymmetry is the core trade-off of the covered-call strategy and is a key reason its total return has lagged simply holding AMZN.
Is AMZY a good investment?
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It depends on your goal, and Walnut is informational, not investment advice. AMZY may appeal to tactical investors who specifically want a high monthly income stream from Amazon and accept the trade-offs. The important caveat: it caps upside, can erode NAV over time, often pays distributions as return of capital, and has historically delivered lower total return than owning Amazon stock outright. It is generally not a substitute for AMZN for long-term growth investors.
How is AMZY different from owning Amazon stock?
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Owning AMZN gives you full participation in Amazon's price gains and losses with no large income payout. AMZY instead trades away much of the upside for high monthly distributions generated by selling options. Since inception, Amazon has substantially outperformed AMZY on total return, and AMZY's share price has declined even as it paid large distributions.
How often does AMZY pay distributions?
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AMZY pays distributions monthly. The amount varies from month to month because it depends on the option premiums the fund can collect, which rise and fall with Amazon's volatility. The dollar payout per share has generally trended lower over time as the fund's net asset value has eroded.
How do I compare AMZY to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. AMZY's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against YieldMax (Tidal Investments / Tidal Trust II)'s fund page or your broker before investing.