YieldMax Universe Fund

YMAX • ARCA

YieldMax Universe Fund is an exchange-traded fund on ARCA. As of Q3 2025, 57 institutional investors hold shares in this ETF, with total holdings valued at $28.7M. ZEGA Investments, LLC is the largest holder with a position valued at $2.6M.

Overview

Overview of institutional ownership in YMAX as of Q3 2025

All Institutions

Institutions: 57
Value Held: $28.7M
Shares Held: 2.2M
Avg Position: $504.0K
Median Position: $162.0K

Hedge Funds

Hedge Funds: 3
Value Held: $2.4M
Shares Held: 185.4K
Avg Position: $791.5K
Median Position: $859.6K

Biggest Investors

Institutions with the largest positions in YMAX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
ZEGA Investments, LLC RIA/Wealth	John Alexander Pestrichelli CEO	$2.6M 0.61% of portfolio	205.1K shares	Q4 2024 Held for 11 months	$433.7M
Federation des caisses Desjardins du Quebec Fund of Funds	Neil David Blundell CIO	$2.6M 0.01% of portfolio	205.1K shares	Q2 2025 Held for 5 months	$25.4B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$2.4M 0.00% of portfolio	190.8K shares	Q3 2025 Held for 2 months	$67.9B
J JANE STREET GROUP, LLC Institution	-	$2.4M 0.00% of portfolio	189.5K shares	Q3 2025 Held for 2 months	$84.1B
ODonnell Financial Services, LLC RIA/Wealth	Gregory Charles O'Donnell Managing Partner	$2.0M 0.73% of portfolio	156.2K shares	Q3 2024 Held for 1y 2m	$275.7M
G GROUP ONE TRADING, L.P. Institution	-	$1.3M 0.04% of portfolio	102.4K shares	Q4 2024 Held for 11 months	$3.3B
S SG Americas Securities, LLC Institution	-	$1.3M 0.01% of portfolio	100.0K shares	Q3 2025 Held for 2 months	$25.5B
MANCHESTER FINANCIAL INC RIA/Wealth	Robert James Katch President	$1.3M 0.25% of portfolio	98.3K shares	Q1 2025 Held for 8 months	$495.4M
WINNOW WEALTH LLC RIA/Wealth	Phillip Chad Castle President	$1.2M 0.95% of portfolio	91.6K shares	Q1 2025 Held for 8 months	$124.9M
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$1.2M 0.00% of portfolio	92.4K shares	Q4 2024 Held for 11 months	$75.8B

Net Capital Flow

Institutional buying and selling activity for YMAX in Q3 2025

Traded: +$8.6M
Buyers: 41
Sellers: 18
Total Bought: +$13.4M
Total Sold: −$4.8M
Avg Position: $442.0K

Biggest Buyers

Institution	Net Bought	Current Position
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$2.4M +190.8K shares	$2.4M 190.8K shares
J JANE STREET GROUP, LLC Institution	+$2.4M +189.5K shares	$2.4M 189.5K shares
Federation des caisses Desjardins du Quebec Fund of Funds	+$1.3M +102.6K shares	$2.6M 205.1K shares
S SG Americas Securities, LLC Institution	+$1.3M +100.0K shares	$1.3M 100.0K shares
WINNOW WEALTH LLC RIA/Wealth	+$1.2M +91.6K shares	$1.2M 91.6K shares
H HRT FINANCIAL LLC Institution	+$1.1M +87.4K shares	$1.1M 87.4K shares
MANCHESTER FINANCIAL INC RIA/Wealth	+$774.0K +60.4K shares	$1.3M 98.3K shares
Authentikos Wealth Advisory, LLC RIA/Wealth	+$396.5K +31.0K shares	$966.1K 75.4K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$394.9K +30.8K shares	$859.6K 67.1K shares
Legacy Wealth Management, LLC / MS RIA/Wealth	+$294.2K +23.0K shares	$294.2K 23.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$2.9M −223.1K shares	$1.2M 92.4K shares
O OLD MISSION CAPITAL LLC Institution	−$896.8K −70.0K shares	$648.1K 50.6K shares
ZEGA Investments, LLC RIA/Wealth	−$283.4K −22.1K shares	$2.6M 205.1K shares
V Virtue Capital Management, LLC RIA/Wealth	−$164.2K −11.9K shares	Sold Off 0 shares
X XTX Topco Ltd Institution	−$153.0K −11.1K shares	Sold Off 0 shares
INTEGRITY ALLIANCE, LLC. RIA/Wealth	−$146.1K −10.6K shares	Sold Off 0 shares
CENTAURUS FINANCIAL, INC. RIA/Wealth	−$108.3K −7.9K shares	Sold Off 0 shares
S SIMPLEX TRADING, LLC Institution	−$50.7K −4.0K shares	$111.6K 8.7K shares
B Beacon Capital Management, LLC RIA/Wealth	−$45.9K −3.3K shares	Sold Off 0 shares
Wealth Watch Advisors, INC RIA/Wealth	−$25.8K −2.0K shares	$537.8K 42.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited YMAX in Q3 2025

New Positions: 11
New Value: $2.2M
Exited Positions: 8
Exited Value: $623.9K

New Positions

Institution	Position Value
S SG Americas Securities, LLC Institution	$1.3M 100.0K shares
Legacy Wealth Management, LLC / MS RIA/Wealth	$294.2K 23.0K shares
T TWO SIGMA SECURITIES, LLC Institution	$174.9K 13.7K shares
KESTRA PRIVATE WEALTH SERVICES, LLC RIA/Wealth	$169.6K 13.2K shares
Independent Wealth Network Inc. RIA/Wealth	$162.0K 12.6K shares
STANCE CAPITAL LLC Long Only Manager	$55.9K 4.4K shares
Larson Financial Group LLC RIA/Wealth	$36.9K 2.9K shares
IFP Advisors, Inc RIA/Wealth	$12.0K 935.0 shares
HOLLENCREST SECURITIES LLC RIA/Wealth	$256.0 20.0 shares
New Millennium Group LLC RIA/Wealth	$179.0 14.0 shares

Exited Positions

Institution	Previous Position
V Virtue Capital Management, LLC RIA/Wealth	$164.2K 11.9K shares
X XTX Topco Ltd Institution	$153.0K 11.1K shares
INTEGRITY ALLIANCE, LLC. RIA/Wealth	$146.1K 10.6K shares
CENTAURUS FINANCIAL, INC. RIA/Wealth	$108.3K 7.9K shares
B Beacon Capital Management, LLC RIA/Wealth	$45.9K 3.3K shares
Ameritas Advisory Services, LLC RIA/Wealth	$4.0K 292.0 shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$1.4K 100.0 shares
Frazier Financial Advisors, LLC RIA/Wealth	$964.0 70.0 shares

Options Activity

Institutions with the largest Call and Put options positions in YMAX as of Q3 2025

Call Positions: 2
Call Value: $1.8M
Put Positions: 2
Put Value: $1.4M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.8M 1.4K contracts
B Belvedere Trading LLC Institution	$1.3K 1.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.3M 1.0K contracts
B Belvedere Trading LLC Institution	$135.8K 106.0 contracts

Most Committed Institutions

Institutions with YMAX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
WINNOW WEALTH LLC RIA/Wealth	Phillip Chad Castle President	0.95% $1.2M	91.6K shares	Q1 2025 Held for 8 months	$124.9M
ODonnell Financial Services, LLC RIA/Wealth	Gregory Charles O'Donnell Managing Partner	0.73% $2.0M	156.2K shares	Q3 2024 Held for 1y 2m	$275.7M
Authentikos Wealth Advisory, LLC RIA/Wealth	Jared M Elson CEO	0.71% $966.1K	75.4K shares	Q1 2024 Held for 1y 8m	$136.5M
ZEGA Investments, LLC RIA/Wealth	John Alexander Pestrichelli CEO	0.61% $2.6M	205.1K shares	Q4 2024 Held for 11 months	$433.7M
Investment Partners Asset Management, Inc. RIA/Wealth	Gregg Thomas Abella CEO	0.32% $473.7K	37.0K shares	Q4 2024 Held for 11 months	$150.3M
MANCHESTER FINANCIAL INC RIA/Wealth	Robert James Katch President	0.25% $1.3M	98.3K shares	Q1 2025 Held for 8 months	$495.4M
Wealth Watch Advisors, INC RIA/Wealth	William Earl Gastl Managing Partner	0.24% $537.8K	42.0K shares	Q1 2025 Held for 8 months	$221.3M
WINEBRENNER CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	Earl George Winebrenner Managing Partner	0.24% $331.4K	25.9K shares	Q2 2025 Held for 5 months	$137.9M
Straight Path Wealth Management RIA/Wealth	Matthew Brian Boersen President	0.14% $488.9K	38.2K shares	Q1 2024 Held for 1y 8m	$355.9M
C Coppell Advisory Solutions LLC RIA/Wealth	Bryce Bradley Engel CEO	0.13% $1.1M	87.2K shares	Q1 2025 Held for 8 months	$850.3M

Hedge Fund Spotlight

Discover hedge funds investing in YMAX

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in YieldMax Universe Fund

Market Value: $859.6K
Shares Held: 67.1K
Portfolio Weight: 0.00%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$2.1B	1.68%
2 Nvidia NVDA	Semiconductors Technology	$1.8B	1.50%
3 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$1.4B	1.18%