Calgary, October 14, 2025 – On October 13, 2025, YieldMax made a number of trades in its Ultra Option Income Strategy ETF (ULTY) following market turmoil from Trump’s latest tariff announcements on China. The spotlight is on ULTY’s adjustments to its put positions on Coinbase Global (COIN), MP Materials (MP), and NuScale Power (SMR) where earlier put positions have been closed and new ones opened with new strike prices. Most notably, COIN had fallen below ULTY’s original protective put and led the fund to exercise its option while instating a new protective put at a lower strike prices. MP and SMR, on the other hand, both saw its positions adjusted upward as share prices continue to rise.
Table of Contents
ULTY Option Trades – October 13, 2025
Bought-to-close (“BC”) Options
| Ticker/Options Chain | Call/Put | Expiry Date | Strike Price | Quantity | Execute Price | Premium Earnings/(Cost) |
|---|---|---|---|---|---|---|
| COIN | Call | 25/10/17 | 400.00 | 2525 | 0.88 | (222200) |
| CRWV | Call | 25/10/17 | 157.50 | 6868 | 0.93 | (638724) |
| FIG | Call | 25/10/17 | 75.00 | 13000 | 0.58 | (754000) |
| HOOD | Call | 25/10/17 | 157.50 | 7000 | 0.27 | (189000) |
| MP | Call | 25/10/17 | 86.00 | 8000 | 12.13 | (9704000) |
| MSTR | Call | 25/10/17 | 342.50 | 1450 | 1.04 | (150800) |
| SMR | Call | 25/10/17 | 40.50 | 15000 | 5.84 | (8760000) |
| SMR | Put | 25/10/17 | 30.00 | 15000 | 0.15 | (225000) |
Sold-to-close (“S”) Options
| Ticker/Options Chain | Call/Put | Expiry Date | Strike Price | Quantity | Execute Price | Premium Earnings/(Cost) |
|---|---|---|---|---|---|---|
| COIN | Put | 25/10/17 | 365.00 | 2525 | 19.25 | 4860625 |
| MP | Put | 25/10/17 | 80.00 | 8000 | 0.58 | 464000 |
| SMR | Put | 25/10/17 | 35.00 | 15000 | 0.28 | 420000 |
New Short Positions (“SS”)
| Ticker/Options Chain | Call/Put | Expiry Date | Strike Price | Quantity | Execute Price | Premium Earnings/(Cost) |
|---|---|---|---|---|---|---|
| COIN | Call | 25/10/17 | 370.00 | 2525 | 4.1 | 1035250 |
| CRWV | Call | 25/10/17 | 149.00 | 6868 | 2.26 | 1552168 |
| FIG | Call | 25/10/17 | 70.00 | 13000 | 1.09 | 1417000 |
| HOOD | Call | 25/10/17 | 147.00 | 7000 | 1.45 | 1015000 |
| MP | Call | 25/10/17 | 100.00 | 8000 | 4.34 | 3472000 |
| MSTR | Call | 25/10/17 | 330.00 | 1450 | 2.69 | 390050 |
| SMR | Call | 25/10/17 | 46.00 | 15000 | 2.4 | 3600000 |
New Long Positions (“B”)
| Ticker/Options Chain | Call/Put | Expiry Date | Strike Price | Quantity | Execute Price | Premium Earnings/(Cost) |
|---|---|---|---|---|---|---|
| COIN | Put | 25/10/17 | 330.00 | 2525 | 4 | (1010000) |
| MP | Put | 25/10/17 | 90.00 | 8000 | 2.46 | (1968000) |
| SMR | Put | 25/10/17 | 42.00 | 15000 | 1.31 | (1965000) |
ULTY Options Trade Analysis
For a little brief context, ULTY is an ETF that chooses various assets with high volatilities and runs primarily collar option strategies on those assets. This is where the ETF will buy out-of-the-money (“OTM”) protective puts and sell call options for a net profit while minimizing downside risk. I have previously written an article linked below that readers unfamiliar with ULTY can read to get a general overview of what the fund does:
ULTY: How YieldMax Reduced NAV Erosion While Sustaining 80%+ Yields
Knowing this, we can get the general understanding of ULTY’s trades on October 13, 2025.
First, we can take a look at ULTY’s bought-to-close trades or otherwise referred to as BC. These are generally options ULTY had previously sold to generate option premiums for distributions and are now being closed to not get assigned.
Most of ULTY’s positions have been closed out-of-the-money (“OTM”) as indicated by the low execute prices on most of the assets, suggesting a profitable trade. A few assets in MP and SMR, however, have risen in value past ULTY’s strike prices and is costing the fund more money to close out those positions.
In replacement of these closed out positions, ULTY has sold seven new calls as seen in the SS section and generated approximately $12.48M. This equates to approximately 0.36% of NAV and annualizes to an approximately 19.09% yield if this trade is done every week.
Of course, ULTY’s distributions will have to include other trades done and its payouts are not limited to the option premiums from these seven calls.
Finally, the highlight of today’s trades come from ULTY’s adjustments in its COIN, MP, and SMR protective put positions. Given how ULTY’s original COIN protective put expired in-the-money (“ITM”), ULTY has sold out of its old put and bought a new put at a lower strike price.
On the other hand, SMR and MP’s significant gains in the past two weeks has led ULTY to sell its original put positions and adjust the strike prices higher for more downside protection.
Related Analysis On ULTY ETF
- “ULTY And SLTY: The Gambler’s Income ETF Has A Twin” – Jack Bowman | September 26, 2025
- “Why I Like ULTY But Not Over 50% Yielding YMAX” – Kevin Shan | September 25, 2025
- “ULTY: NAV Decay Remains A Big Challenge” – The Asian Investor | September 19, 2025
ULTY Performance Snapshot
- Last Close Price: $5.37
- Annualized Yield (TTM): 112.16
- Last Dividend: $0.0904 on October 10, 2025
- AUM: $3.40 billion
*At the time of writing: October 14, 2025. Source: Seeking Alpha
ULTY Options Data Source
Options activity data sourced from the YieldMax ETFs intraday CSV file as of October 13, 2025, 9 PM EST. We download data directly from the YieldMax ULTY website page.
Financial and Affiliate Disclosures
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Options and securities trading carry a high risk of loss and are not suitable for all investors.
At the time of publication, the author does not hold positions in any of the securities mentioned.
Market data and yields are subject to change without notice. Some links on this site may be affiliate links, meaning we may earn a commission if you purchase through them, at no extra cost to you.
Author: Kevin Shan
Publisher: Guru Audit
Location: Calgary, Alberta, Canada