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.

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

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