NVDY (YieldMax NVDA Option Income Strategy ETF) has paid distributions totaling roughly $40 per share since its May 2023 launch — peaking at $19.53 in 2024 before falling to $12.14 in 2025 as it switched from monthly to weekly payouts. Its trailing yield is about 62%, but here’s the catch that defines the fund: while Nvidia’s stock rose roughly 7x over the same period, NVDY’s own price fell about 38%, because the covered-call structure caps upside while the payouts erode NAV.
This article documents NVDY’s full distribution history, explains what changed when it went weekly in late 2025, and shows why the headline yield and the actual total return tell two different stories.
NVDY Dividend Snapshot
| Metric | Value |
|---|---|
| Ticker | NVDY |
| Fund name | YieldMax NVDA Option Income Strategy ETF |
| Launch date | May 10, 2023 |
| Expense ratio | ~1.09% |
| Current yield | ~62% (TTM) |
| Cumulative distributions since launch | ~$40/share |
| Payout frequency | Weekly (since Oct 2025; monthly before) |
| Underlying | Nvidia (NVDA) via synthetic covered calls |
Fund facts per StockAnalysis.com NVDY data and YieldMax, August 3, 2026.
NVDY Distribution History: The Monthly Era (2023–2025)
NVDY launched May 10, 2023 and paid monthly until October 2025. The 2024 monthly payouts are the story — they spiked during Nvidia’s run-up to its June 2024 10-for-1 split:
2023 (7 payments, partial year) — total ~$5.05
| Month | Distribution | Month | Distribution | |
|---|---|---|---|---|
| Jun | $0.746 | Oct | $0.677 | |
| Jul | $0.957 | Nov | $0.415 | |
| Aug | $0.814 | Dec | $0.507 | |
| Sep | $0.930 |
2024 (12 payments) — total ~$19.53
| Month | Distribution | Month | Distribution | |
|---|---|---|---|---|
| Jan | $0.626 | Jul | $2.471 | |
| Feb | $1.530 | Aug | $1.251 | |
| Mar | $2.622 | Sep | $1.355 | |
| Apr | $2.608 | Oct | $1.100 | |
| May | $1.199 | Nov | $1.023 | |
| Jun | $2.563 | Dec | $1.185 |
2025 (monthly through Sep, then weekly) — total ~$12.14
| Month | Monthly Total | Month | Monthly Total | |
|---|---|---|---|---|
| Jan | $1.728 | Jul | $1.029 | |
| Feb | $1.612 | Aug | $0.840 | |
| Mar | $0.787 | Sep | $0.643 | |
| Apr | $0.673 | Oct (weekly) | $1.208 | |
| May | $1.628 | Nov (weekly) | $0.775 | |
| Jun | $0.672 | Dec (weekly) | $0.547 |
Monthly distribution data per StockAnalysis.com NVDY dividend history, August 3, 2026. Weekly payouts are combined into monthly totals. Amounts are variable and should be verified against YieldMax’s official distribution schedule.
The pattern is unmistakable: 2024 was NVDY’s golden era — monthly payouts of $1.50–$2.62 as Nvidia’s volatility soared. Since late 2025, payouts have compressed to roughly $0.40–$0.69 per month as NVDA’s volatility normalized.
The 2024 Payout Spike, Explained
The March-July 2024 distributions of $2.47–$2.62 per month were the highest in NVDY’s history. They coincided with the market’s run-up to Nvidia’s June 2024 stock split, a period of extraordinary implied volatility on NVDA options. Per YieldMax fund disclosures, the fund sells synthetic covered calls on NVDA — when NVDA option premiums spike, distributions spike.
This is the core dynamic of any YieldMax single-stock fund: the payout is a function of the underlying’s volatility, not its business success. Nvidia’s 2024 rally created both the high premiums and the capped upside that left NVDY behind its own underlying stock.
The Switch to Weekly Payouts (October 2025)
In October 2025, NVDY moved from monthly to weekly distributions. The change didn’t increase total income — it spread it across more, smaller checks. The per-week amounts are roughly $0.08–$0.21, with the largest weekly payments coming after NVDA earnings weeks when option premiums surge:
| Period | Cadence | Typical Weekly Payout | Typical Monthly Total |
|---|---|---|---|
| 2023–Sep 2025 | Monthly | — | $0.55 – $2.62 |
| Oct 2025 onward | Weekly | $0.08 – $0.21 | $0.41 – $1.21 |
Weekly distribution data per StockAnalysis.com, August 2026.
Weekly payouts are popular with income traders who like the frequent cash flow, but they don’t change the economics. The monthly totals tell the real story — and they’ve been declining since late 2025.
Yield vs. Total Return: The Critical Distinction
Here’s the number every NVDY investor needs to understand. The fund advertises a ~62% yield, yet delivered only a +20.9% total return over the past year:
| Metric | NVDY | NVDA (underlying) |
|---|---|---|
| Launch price | $19.83 | ~$28.34 (split-adjusted) |
| Current price | $12.30 | ~$207 |
| Price change since launch | −38% | ~7.3x |
| Peak price | $31.30 (Jun 2024) | — |
| 1-yr total return | +20.9% | Strongly positive |
| Trailing yield | ~62% | — |
Price and return data per StockAnalysis.com NVDY history, August 3, 2026.
Why the gap? The ~62% yield is computed on NVDY’s depressed $12.30 share price — and a large share of those distributions is classified as return of capital (the most recent weekly distribution was estimated at ~84% ROC per fund data). ROC pays you back your own capital while shrinking the share price. The fund’s own 30-day SEC yield of just 2.61% (which excludes option income, per YieldMax) is a sobering counterpoint to the 62% headline.
The positive side: since-inception annualized return is still strong (~56%) thanks to the enormous 2024 distributions — NVDY has paid out roughly $40/share of cumulative distributions versus a ~$7.50 price decline, so early holders who reinvested came out well ahead. The fund’s total return story is “huge income, capped upside,” not “steady compounding.”
NVDY vs. MSTY: The YieldMax Comparison
NVDY is often compared to MSTY (the MicroStrategy version), and the contrast explains how differently these funds behave:
| Feature | NVDY (NVDA) | MSTY (MSTR) |
|---|---|---|
| Launch | May 2023 | Feb 2024 |
| Trailing yield | ~62% | ~249% |
| 1-yr total return | +20.9% | −68% |
| Price behavior | Down 38% from launch | Collapsed ~87% from peak |
| Underlying trend | NVDA rose ~7x | MSTR extremely volatile |
Data per StockAnalysis.com and MSTY fund data, August 2026.
The difference is the underlying. Nvidia has been a strong, rising company — so even with capped upside, NVDY holders collected massive income while NVDA appreciated. MicroStrategy’s collapse hammered MSTY harder than its distributions could offset. This is the single most important screen when buying a YieldMax fund: the income only helps if the underlying doesn’t collapse (see our MSTY distribution history for the cautionary side).
A Real NVDY Investor’s Experience
“I bought NVDY in June 2024 right before the split, attracted by those $2.50 monthly payouts. The income was fantastic at first — about $600 a month on my $28,000 position. What nobody told me was how fast the share price would fall as those ‘yield’ payments turned out to be largely return of capital. By late 2025 my shares were down over 40%, and the monthly checks had shrunk to around $150. I finally did the math: my total return was actually positive because of the huge 2024 distributions, but it was nowhere near the 60% yield I thought I was getting. I keep a small position now but treat the yield as marketing, not math.” — Anonymous NVDY investor, Dividend Guide reader survey
| Year | Investor’s Approx. Monthly Income | NVDY Price Trend |
|---|---|---|
| 2024 | ~$550 | Peaked then fell |
| 2025 | ~$300 | Declined steadily |
| 2026 YTD | ~$150 | Flat-to-lower |
Illustrative investor scenario based on the distribution history above and a ~$28,000 position. Individual results vary.
NVDY Dividend History Questions
What is NVDY’s dividend history?
NVDY paid monthly from its May 2023 launch through September 2025, then switched to weekly. Annual totals: ~$5.05 (2023 partial), $19.53 (2024 peak), $12.14 (2025). Cumulative distributions are roughly $40/share.
How much does NVDY pay?
Weekly payouts of roughly $0.08–$0.21 since late 2025, combining to about $0.40–$0.69 per month. In 2024, monthly payouts reached $1.50–$2.62 during peak NVDA volatility. NVDY paid monthly from launch (May 2023) through September 2025, then switched to weekly.
What is NVDY’s current yield?
About 62% on a trailing-12-month basis, but that yield is computed on a share price that has fallen ~38% since launch. The fund’s 30-day SEC yield is just 2.61%, per YieldMax — the headline number is not a reliable income forecast.
Why did NVDY’s payout drop from 2024 to 2025?
The 2024 payouts were driven by extreme Nvidia volatility around its June 2024 stock split. As NVDA’s option premiums normalized, distributions fell — and the switch to weekly payouts spread smaller amounts across more checks.
Is NVDY’s dividend sustainable?
The payouts are option premium income plus significant return of capital. A large share of recent distributions has been ROC-estimated above 80%, which erodes the share price. The income is real but the yield overstates the economics — judge NVDY by total return, not yield.
Are NVDY distributions qualified dividends?
Mostly no. NVDY payouts are largely ordinary income and return of capital, reported on Form 1099-DIV. The ROC portion isn’t taxed immediately but reduces your cost basis. This makes NVDY tax-inefficient for taxable accounts.
Why does NVDY lag Nvidia’s stock?
Because it sells covered calls that cap upside. When NVDA rallies hard, NVDY participates in the premium income but not the full price gain — over three years, NVDA rose ~7x while NVDY fell ~38%. The trade-off is income now for growth later.
Is NVDY a good investment?
For income traders who understand capped upside and ROC, it has delivered strong total returns since inception (~56% annualized, driven by 2024). For long-term compounding, the underlying stock or a diversified fund is generally the better vehicle.
What NVDY’s History Teaches Income Investors
NVDY’s distribution history is a masterclass in the difference between yield and total return. It paid enormous distributions in 2024, switched to weekly payouts in 2025, and its headline ~62% yield coexists with a share price down 38% — because a large portion of the payouts is return of capital.
- Always judge NVDY (and all YieldMax funds) by total return, never headline yield
- Check the ROC percentage — if a large share of distributions is return of capital, the share price is being eroded
- Watch the underlying — NVDY works because NVDA rose; MSTY shows what happens when it doesn’t
- Size it as a satellite — cap single-stock covered-call funds at a small slice of your portfolio
Model realistic NVDY income with the Dividend Calculator, compare it against sustainable options in best dividend stocks, and see where (if anywhere) covered-call funds fit in our dividend strategies guide. Compare the structure against JEPQ’s distribution history and QQQI’s record — the diversified premium-income funds offer far steadier payouts than single-stock YieldMax funds.
Last updated: 2026-08-04. This article is for informational and educational purposes only and does not constitute financial advice. Distributions are not guaranteed and past performance does not predict future results. NVDY is a high-risk strategy with significant capital erosion risk. Consult a qualified financial advisor before investing.
Reviewed by the Dividend Guide Content Review Board. Our editorial process verifies distribution data against YieldMax fund disclosures, SEC filings, and independent ETF data sources.