1. YMAX, a covered-call fund, has offered investors a 14.28% return since January, slightly underperforming the S&P 500. 2. The fund employs an options strategy to minimize NAV decline and focuses on high-beta stocks for better long-term income. 3. YMAX has a higher expense ratio of 1.28% and a forward yield of 20.44%, investing in specific stocks and selling call options against these holdings.