ARCX · Active · options-income

YieldMax AAPL Option Income Strategy ETF

Tidal Investments LLC

Weighted score · 3.60 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 78% ROC

Expense Ratio

1.04% gross

1Y Return

vs underlying

Sharpe

Max DD -31.1%

The Fund's primary investment objective is to seek current income.

APLY is an actively managed ETF that employs a synthetic covered call strategy (or synthetic covered call spread strategy) to generate options premiums while providing indirect exposure to AAPL's price returns. The Fund synthetically replicates AAPL exposure by purchasing at-the-money call options and selling at-the-money put options, then writes short-dated call options (0%-15% out-of-the-money) to generate income. Remaining assets are held in short-term U.S. Treasury securities as collateral, which also generate income. The Fund seeks weekly cash distributions but participates in only a portion of AAPL's upside gains.

The Fund purchases at-the-money call options and sells at-the-money put options to create synthetic long exposure equal to approximately 100% of AAPL, then sells short-dated call options (1-month or less, strike ~0%-15% OTM) to generate premiums. When advantageous, the Adviser substitutes a credit call spread strategy by simultaneously buying a higher-strike call to allow greater upside participation. Options notional exposure to AAPL is at least 95% of total assets, with the options package market value expected to be 0%-50% of net assets.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.

Composition · Recent Distribution

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

Trailing-quarter return of capital averaged 77.7% of distributions (dollar-weighted across 13 distributions payable 3/27/26–6/22/26). Most recent distribution (6/22/26): 0.0% ROC. Single-week ROC is volatile for option-income funds; the dollar-weighted quarter is the steadier read.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bullish — 50-DMA above 200-DMA

Price $12.00 is above the 200-day SMA ($11.22); 50-day SMA $11.81. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.38% (moderate). Average daily dollar volume ~$1.6M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

AUM ($)