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Start your 7-day free trial ARCX · Active · options-income
CHPY
YieldMax Semiconductor Portfolio Option Income ETF
Tidal Investments LLC
Verdict
WATCH
Weighted score · 3.90 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek current income.
CHPY is an actively managed ETF that constructs a portfolio of 15-30 U.S.-listed equity securities of Semiconductor Companies and employs options strategies (primarily covered call spreads) on those securities and/or Semiconductor ETFs to generate premium income. The Fund also maintains a minor allocation (up to 10%) in cash or U.S. Treasuries as collateral for the options strategies. Distributions may include a significant portion classified as return of capital.
Ticker
CHPY
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2025-04-03 · 1.2 yrs
Mgmt style
Active
Replication
Physical (direct equity holdings in semiconductor stocks) combined with Derivatives (options/futures) on individual underlying securities and/or Semiconductor ETFs
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 (primary); may also use other credit spread and options strategies on underlying securities
generates income
Underlying
Individual semiconductor company stocks (Underlying Securities) and/or Semiconductor ETFs
income exposure
WEEKLY
13.1%
DIST. RATE
67% ROC
Ordinary Income
Ordinary Income
Underlying
Individual semiconductor company stocks (Underlying Securities) and/or Semiconductor ETFs
Strategy
Covered call spreads (primary); may also use other credit spread and options strategies on underlying securities
Tax
Ordinary Income
The Fund primarily sells covered call spreads on underlying semiconductor securities — selling a call option while buying another at a higher strike — to earn net premiums on a weekly basis. Option premiums are a key driver of distributions, though receipt of premiums does not always represent income. The Adviser may substitute Semiconductor ETF options when individual stock options are insufficiently liquid or too costly.
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
67%
ROC
Return of Capital — constructive67%
Net Investment Income33%
Frequency
Weekly
Dist. rate
13.09%
ROC %
67%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
21.4%
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 67.2% of distributions (dollar-weighted across 14 distributions payable 3/19/26–6/18/26). Most recent distribution (6/18/26): 0.0% 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 2 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
2026-06-17
Ex-dividend
2026-06-17
Pay date
—
Payback Period
7.6 yr
Dist. Since Incep.
$12.8
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
83
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$87.6$71.3$55.1$38.8
JAN '26JUN '26
Price $87.59
50-DMA $71.02
200-DMA $52.55
Bullish — 50-DMA above 200-DMA
Price $87.59 is above the 200-day SMA ($52.55); 50-day SMA $71.02. 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
791K
Avg dollar volume
$59,569,124
Bid/ask spread
0.19%
Premium/discount
+0.26%
Turnover
16%
Estimated bid/ask spread ~0.64% (wide). Average daily dollar volume ~$59.6M (very liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$436M
$1.10B$554M$4M
APR '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
CHPY · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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