YieldMax lists an SK hynix options ETF that does not own the shares
VanEck's all-in-one fund nets 0.26% with a 2% bitcoin target, and AllianceBernstein charges 0.25% to tilt large U.S. stocks, more than J.P. Morgan.
Key takeaways
YieldMax listed an options fund on Tuesday that does not buy shares of SK hynix. The chipmaker reported operating profit up 632% from a year earlier that evening in the U.S. VanEck listed a fund on Tuesday, and AllianceBernstein listed one on Monday.
It does not own the SK hynix shares
YieldMax listed the YieldMax SKHY Option Income Strategy ETF, YSKH, on Nasdaq on Tuesday. It seeks weekly income from options on the American depositary receipts, or ADRs, of South Korea's SK hynix.
It does not buy those receipts. The receipts themselves trade on Nasdaq under the ticker SKHY.
The fund uses options to take an exposure similar to owning the receipts, then sells calls. Selling the calls gives up some of a rally in exchange for the premium. It can also buy a second call at a higher strike, which keeps a bit more of the upside and cuts the income.
YSKH is cash and options, not the receipts
Total annual expenses in the prospectus dated Oct. 8 are 1.01%: a 0.99% management fee plus an estimated 0.02% in other costs. There is no waiver.
The management fee matches the YieldMax NVDA Option Income Strategy ETF, NVDY, whose March 2, 2026, summary prospectus shows a 1.09% total. That fund may hold the shares. This one will not buy the receipts.
The prospectus says a portion of the distributions, sometimes a large one, may be a return of capital, a shareholder's own money coming back rather than income. YieldMax said in Tuesday's announcement that it expects to announce the first distribution on Nov. 11. It has not declared one.
The other U.S. ETFs tied to these receipts are closing, and they are not income funds. The Tradr 2X Long SK hynix Daily ETF, SKHA, and the Tradr 2X Short SK hynix Daily ETF, SKHN, stop trading on Nov. 5. An Oct. 20 supplement says the trust plans to liquidate them on or about Nov. 12.
SK hynix reported third-quarter operating profit of 83.3 trillion won, up 632% from a year earlier. The company dated the release Wednesday in Seoul, which was Tuesday evening in New York, and said the figures are preliminary and may still change in the audit. By 11:56 a.m. ET on Wednesday, the ADR was up 12.2%.
The new fund gives up some of a rally like Wednesday's in exchange for option premium.
More than a stock-and-bond fund, less than another mix
VanEck listed the VanEck Wealth Builder ETF, WBMO, on Tuesday as an all-in-one fund. It is actively managed and holds other exchange-traded products, its own and other firms', for stocks, bonds and real assets. Bitcoin exposure comes through a bitcoin exchange-traded product, not the coins.
An S&P 500 fund is WBMO's largest sleeve
VanEck reported net assets of $251,640 as of Monday, the day before listing. The fund is still very small.
VanEck dates the Wealth Builder models to July 1, 2024. They have been available to advisers since then. The new fund puts that approach into one share.
"The traditional 60/40 portfolio was built for a different investment landscape," David Schassler, portfolio manager and head of multi-asset solutions, said in Tuesday's launch announcement.
In an explanation published the same day, VanEck set bitcoin at a 2% target, inside a range of 1% to 5%, and real assets such as gold, natural resources and infrastructure at 7.5%, inside a range of 4% to 12%. The Oct. 14 prospectus does not lock in those percentages. The adviser sets the mix, and the fund can hold digital-asset products.
That prospectus lists a 0.15% management fee and 0.18% in fees from the funds the portfolio holds, for total annual expenses of 0.33%. After a 0.07% offset, the net expense ratio is 0.26%.
VanEck waives its management fee by whatever it and its affiliates already collect as a management fee from those underlying funds, so an investor is not charged a second management fee on funds VanEck or an affiliate already runs. The prospectus puts no end date on the offset.
Two funds already offer a finished mix of other funds. The iShares Core 60/40 Balanced Allocation ETF, AOR, tracks an index of stock and bond funds, the plain version of the mix Schassler named. iShares states a net expense ratio of 0.15% in the current prospectus, from a 0.20% gross.
The Cambria Global Asset Allocation ETF, GAA, targets approximately 45% in stocks, 45% in bonds and 10% in other assets, such as commodities and currencies. Its Sept. 1 summary prospectus puts total expenses at 0.32%, all of it the cost of those funds.
WBMO, at 0.26% net, costs more than AOR and less than GAA. Neither of those states a bitcoin target. VanEck's is 2%.
More expensive than J.P. Morgan, cheaper than T. Rowe Price
A research fund uses a firm's analysts to overweight and underweight large U.S. stocks, while trying to keep the portfolio close to the S&P 500. AllianceBernstein listed the AB US Research Advanced ETF, RADD, on Nasdaq on Monday to do that.
The prospectus, dated Aug. 3 and revised Monday, starts with overweight positions from AllianceBernstein's value, core and growth strategies, then scores expected returns on quality, profitability, value and momentum. Individual weights are generally kept inside ranges of S&P 500 weights, with limits on sectors and factors, so the fund is built to stay near the index's shape. It is also non-diversified, which means it can still put more in fewer companies than a diversified fund would. It expects to own mostly companies with market capitalizations of at least $2 billion, its current definition of a large company, and it may own smaller ones.
The fee is 0.25%. The adviser pays the fund's ordinary operating costs, and the prospectus shows no waiver, so 0.25% is the total annual expense.
J.P. Morgan's JPMorgan U.S. Research Enhanced Large Cap ETF, JUSA, launched March 13, 2025, buys large U.S. companies in the S&P 500's size range and keeps sector and risk exposures close to that benchmark. Its Sept. 30 fact sheet shows a gross expense ratio of 0.18% and a net of 0.12%, with the waiver through Oct. 31, 2027. J.P. Morgan says it expects to charge 0.18% after that. The fact sheet lists fund assets of $721 million.
The T. Rowe Price U.S. Equity Research ETF, TSPA, launched June 8, 2021, weights each sector about the same as the S&P 500 and keeps its style mix close to that index. Its Sept. 30 fact sheet shows an expense ratio of 0.34%.
RADD, at 0.25%, costs more than JUSA charges now, and more than J.P. Morgan expects to charge once the waiver ends. It costs less than TSPA.
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