BRKC · Streamfolio

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ARCX · Active · options-income

BRKC

YieldMax BRK.B Option Income Strategy ETF

Tidal Investments LLC

Verdict

AVOID

Weighted score · 2.40 / 5

AUM

$21M

assets under mgmt

Avg Volume

shares · daily

Distribution

21.1%

Weekly · 30% ROC

Expense Ratio

1.06%

1.06% gross

1Y Return

—

vs underlying

Sharpe

-0.31

Max DD -7.6%

Fund Identity

What it is, who runs it, where it lives.

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

BRKC is an actively managed ETF that employs a synthetic covered call strategy (or synthetic covered call spread strategy) to generate income while providing indirect exposure to BRK.B share price returns. The Fund purchases and sells combinations of standardized exchange-traded and FLEX call and put options on BRK.B to synthetically replicate long exposure, then sells call options against that synthetic long to generate premium income. The Fund also holds short-term U.S. Treasury securities as collateral, which provide additional income.

Ticker

BRKC

Issuer

Tidal Investments LLC

Exchange

ARCX

Inception

2025-06-05 · 1.0 yrs

Mgmt style

Active

Replication

Derivatives (options/futures)

Index-based

—

Leverage

None

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Options

actively managed

OPTIONS OVERLAY

Strategy

Synthetic covered call (long ATM call + short ATM put for synthetic long exposure, plus short OTM call) and/or synthetic covered call spread (adds long higher-strike call to form credit call spread)

generates income

Underlying

BRK.B (Berkshire Hathaway Class B common stock)

income exposure

WEEKLY

21.1%

DIST. RATE

30% ROC
Ordinary Income

Underlying

BRK.B (Berkshire Hathaway Class B common stock)

Strategy

Synthetic covered call (long ATM call + short ATM put for synthetic long exposure, plus short OTM call) and/or synthetic covered call spread (adds long higher-strike call to form credit call spread)

Tax

Ordinary Income

The Fund buys at-the-money call options and sells at-the-money put options to synthetically replicate 100% long exposure to BRK.B, then sells short-dated (1-month or less) call options approximately 0%-15% out-of-the-money to generate income. When the Adviser believes BRK.B may rise significantly, it may instead sell credit call spreads (selling a call and buying a higher-strike call) to allow greater participation in upside while still collecting net premium. The notional combination of instruments is intended to provide indirect exposure equal to at least 100% of the Fund's total assets.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-7.6%

Volatility

12.5%

Sharpe

-0.31

Sortino

-0.42

Calmar

-0.13

Beta

—

Flat-NAV reinvestment hurdle

104.9%

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

17.3%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

30%

ROC

Return of Capital — destructive30%

Net Investment Income70%

Frequency

Weekly

Dist. rate

21.11%

ROC %

30%

30-day SEC

not reported

Consistency

1 w/o cut

YOC · 1yr-ago buyer

17.3%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

30% Return of Capital

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 30.2% 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.

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

2026-06-18

Ex-dividend

2026-06-18

Pay date

—

Payback Period

4.7 yr

Dist. Since Incep.

$8.6

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

$41.0$40.3$39.7$39.1

MAR '26JUN '26

Price $40.67

50-DMA $40.06

200-DMA $40.74

Bearish — 50-DMA below 200-DMA

Price $40.67 is below the 200-day SMA ($40.74); 50-day SMA $40.06. The 50-day SMA sits below the 200-day — an established downtrend, 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

Avg dollar volume

$174,874

Bid/ask spread

0.07%

Premium/discount

-0.21%

Turnover

—

Estimated bid/ask spread ~0.11% (tight). Average daily dollar volume ~$0.2M (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: Rising. Source: shares×price (Massive, monthly).

AUM ($)

$21M

$43M$24M$4M

JUN '25JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

BRKC · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.