YieldMax Universe Fund's weekly payouts shrink due to high fees and hidden costs in its fund-of-funds structure.

YieldMax Universe Fund (YMAX) has seen its weekly distributions drop sharply from $0.7317 in May 2024 to $0.0709 in July 2026. This decline is largely due to its high 1.33% expense ratio and additional fees from underlying option-income ETFs it holds, creating a costly fund-of-funds structure. Investors also face overlapping holdings and return-of-capital distributions that erode net asset value, making the income less stable. Compared to lower-fee peers like JPMorgan Equity Premium Income ETF (JEPI), YMAX's performance and payout stability lag, prompting investors to reconsider if the higher costs are worth the thematic exposure and weekly income.