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Start your 7-day free trial ARCX · Active · options-income
BIGY
YieldMax Target 12 Big 50 Option Income ETF
Tidal Investments LLC
Verdict
WATCH
Weighted score · 3.80 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek current income.
BIGY is an actively managed ETF that constructs a portfolio of equity securities of the 50 largest U.S. companies (Big 50 Companies) weighted by market capitalization, with adjustments to limit outsized exposures. Separately, the Fund employs options strategies—primarily covered call spreads—on the Underlying Securities to generate net premiums targeting approximately 1% per month, corresponding to an Annual 12% Target distribution level. The Fund also holds a minor allocation (up to 10%) in cash, money market funds, or U.S. Treasuries as collateral for the options strategies. The portfolio is generally rebalanced quarterly.
Ticker
BIGY
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-11-21 · 1.6 yrs
Mgmt style
Active
Replication
Physical (full replication) for equity holdings combined with Derivatives (options/futures) for income generation; synthetic exposure via options permitted tactically
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered call spreads (selling a call option while buying another at a higher strike price); other options strategies may also be utilized
generates income
Underlying
Individual U.S. large-cap stocks (the Big 50 Companies)
income exposure
MONTHLY
11.9%
DIST. RATE
69% ROC
Ordinary Income
Ordinary Income
Underlying
Individual U.S. large-cap stocks (the Big 50 Companies)
Strategy
Covered call spreads (selling a call option while buying another at a higher strike price); other options strategies may also be utilized
Tax
Ordinary Income
The Fund sells (writes) options on some or all of the Underlying Securities to collect premiums, with the covered call spread being the most frequently utilized strategy. The options strategies target net premiums of approximately 1% per month, aiming for an annualized 12% distribution level. Option selling may limit upside gains or increase downside risk, and receipt of an option premium does not always represent income.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
69%
ROC
Return of Capital — constructive69%
Net Investment Income31%
Frequency
Monthly
Dist. rate
11.90%
ROC %
69%
30-day SEC
not reported
Consistency
3 w/o cut
YOC · 1yr-ago buyer
12.9%
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 69.2% of distributions (dollar-weighted across 4 distributions payable 3/5/26–6/4/26). Most recent distribution (6/4/26): 97.3% ROC. Single-week ROC is volatile for option-income funds; the dollar-weighted quarter is the steadier read.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 4 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-03
Ex-dividend
2026-06-03
Pay date
—
Payback Period
8.4 yr
Dist. Since Incep.
$9.1
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
181
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$53.5$49.8$46.1$42.5
SEP '25JUN '26
Price $52.37
50-DMA $51.70
200-DMA $49.50
Bullish — 50-DMA above 200-DMA
Price $52.37 is above the 200-day SMA ($49.50); 50-day SMA $51.70. 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
Avg daily volume
12K
Avg dollar volume
$645,480
Bid/ask spread
0.17%
Premium/discount
+0.17%
Turnover
46%
Estimated bid/ask spread ~0.12% (tight). Average daily dollar volume ~$0.6M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$25M
$38M$21M$4M
NOV '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
BIGY · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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