■ ETF · August 17, 2026
YieldMax Launches YSPC ETF for SpaceX Option Income
YieldMax's new YSPC ETF generates income from SpaceX options, with a 1.01% expense ratio and no distributions yet.
Fund Overview
YieldMax has introduced the YieldMax SPCX Option Income Strategy ETF (YSPC), which began trading on NYSE Arca in mid-July 2026. The fund is issued through Tidal Trust II, with Tidal Investments LLC as adviser. It aims to provide current income and secondary exposure to SpaceX Class A common stock (SPCX), with a cap on participation in gains.
The expense ratio is 1.01% (gross and net), amounting to $101 per $10,000 invested. This fee is consistent with other YieldMax single-stock income funds but higher than typical index ETFs. The fund is actively managed, using an options overlay strategy rather than directly holding SpaceX shares.
Strategy and Mechanics
YSPC commits at least 80% of net assets (plus borrowings) to securities and financial instruments providing indirect exposure to SPCX, with notional value of options contracts counting toward this test. The fund typically sells call options against synthetic long positions, collecting premiums that become distributable income. However, this strategy caps upside if SPCX rallies, while downside risk remains largely intact.
SpaceX, with a market capitalization of roughly $928.7 billion, operates in launch services, Starlink satellite broadband, and artificial intelligence (after the early-2026 xAI acquisition). It pays no dividend, so all YSPC income derives from option premiums.
Performance and Risks
YSPC has not yet paid any distributions, so its actual yield is unknown. In its first five trading days (July 15-21), shares fell from $49.96 to $46.16, a decline of 7.61%. SPCX itself dropped 33.22% over the past month, from $185 on June 18 to $123.54 on July 21. Because the option strategy caps gains but not losses, sustained declines in SPCX can erode the fund's net asset value even while distributions are paid, potentially returning principal as income.
New ETFs often start with small assets and wider bid-ask spreads, and some close if they fail to gather assets. The fund's total net assets were not disclosed in the prospectus.
What It Means for Income Investors
YSPC offers a novel way to generate income from SpaceX's volatility, but its high fee and lack of track record warrant caution. The fund's performance will depend on SPCX price movements and the effectiveness of its options strategy.
Reporting based on: Yahoo Finance. Figures verified against market data where available.