Hexagonal ferrites (, = Sc, Y, Ho-Lu) have recently been identified as a new family of multiferroic complex oxides. We study electronic and magnetic properties of ferrite within the density-functional theory using the generalized gradient approximation (GGA) with consideration of strong Coulomb correlations in the framework of the fully relativistic spin-polarized Dirac linear muffin-tin orbital band-structure method. The electrons of Yb are explicitly treated as valence electrons. The x-ray absorption spectra and x-ray magnetic circular dichroism (XMCD) at the Yb , Fe , and O edges were investigated theoretically. The calculated results are in good agreement with experimental data. We found that the approach with Hubbard and 3.3 eV for Yb and Fe, respectively, well describes the XMCD spectra at the Yb , Fe , and O edges.