The YieldMax Universe Fund of Option Income ETFs (YMAX) closed at $16.52 on January 10th, down 1.26%, as market volatility and economic concerns weighed on its underlying assets. The fund, which invests in YieldMax ETFs using a synthetic covered call strategy, is particularly sensitive to equity market fluctuations. The hotter-than-expected jobs report released on January 10th spiked U.S. Treasury yields, creating selling pressure across major U.S. equity indices and impacting income-focused strategies. This economic data has pushed potential interest rate cuts further into the latter half of 2025, leading to increased market uncertainty. The rise in implied volatility and the VIX, which reached its highest level since December 23rd, further pressured equity markets, including those employing capped gain strategies like YMAX.