From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast featuring YieldMax ETFs strategist and CNBC contributor Mike Khouw to discuss the fast-growing trend of using options and other derivatives inside ETFs for drawdown management and enhanced income. Khouw shares his derivatives background, explains YieldMax’s approach to single-stock option income ETFs. They cover the macro backdrop (inflation, labor trends, and a potential new Fed chair), why cash flow matters for many investors, how options overlays tend to perform in different markets, and key advisor considerations and misconceptions around single-stock products, including concentration risk, taxes, and the tradeoff between distributions and price appreciation. Khouw directs listeners to yieldmaxetfs.com for fund details and holdings transparency.
Zephyr can help financial advisors locate the best option overlay strategies for their clients. Learn more here.
Learn more about YieldMax ETFs here.
00:00 Welcome and Topic
01:18 Meet Mike Khouw
02:38 YieldMax Strategy Overview
05:26 Cash Flow vs Growth
12:50 Why Options Overlays
16:05 Options ETF Boom Explained
22:42 When Overlays Work Best
30:43 Advisor Due Diligence
33:44 Concentration and Tax Angles
37:19 Portfolio Fit and Examples
43:00 Where to Learn More
43:38 Final Thanks and Subscribe
