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Start your 7-day free trial XNAS · Passive · options-income
FEAT
YieldMax Dorsey Wright Featured 5 Income ETF
Tidal Investments LLC
Verdict
AVOID
Weighted score · 2.30 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund seeks to track the performance, before fees and expenses, of the Nasdaq Dorsey Wright Tactical Option Income Strategy Index..
FEAT follows a passive indexing approach tracking the Nasdaq Dorsey Wright Tactical Option Income Strategy Index, which uses the Dorsey Wright Relative Strength Matrix methodology (Point & Figure charting and momentum ranking) to select the five YieldMax® ETFs whose underlying securities rank highest by relative strength. At each monthly rebalance, the Fund holds these five YieldMax® ETFs at equal 20% weights. The underlying YieldMax® ETFs themselves employ synthetic covered call strategies to generate income from options premiums on individual securities.
Ticker
FEAT
Issuer
Tidal Investments LLC
Exchange
XNAS
Inception
2024-12-17 · 1.5 yrs
Mgmt style
Passive
Replication
Physical (full replication) of Index Constituents (YieldMax® ETFs); may use representative sampling when replication is impractical
Index-based
true · Nasdaq Dorsey Wright Tactical Option Income Strategy Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
indexed
OPTIONS OVERLAY
Strategy
Synthetic covered call strategy within underlying YieldMax® ETFs: long call + short put (synthetic long exposure) plus short call writing (covered calls or credit call spreads) to generate income
generates income
Underlying
Individual stocks and ETFs (indirectly, via underlying YieldMax® ETFs which use options on their respective Underlying Securities)
income exposure
WEEKLY
85.9%
DIST. RATE
50% ROC
Ordinary Income
Ordinary Income
Underlying
Individual stocks and ETFs (indirectly, via underlying YieldMax® ETFs which use options on their respective Underlying Securities)
Strategy
Synthetic covered call strategy within underlying YieldMax® ETFs: long call + short put (synthetic long exposure) plus short call writing (covered calls or credit call spreads) to generate income
Tax
Ordinary Income
FEAT itself does not directly hold options; it invests in YieldMax® ETFs that each employ a synthetic covered call strategy consisting of purchased call options and sold put options for price exposure, plus sold call options (or credit call spreads) to generate weekly income. The options premiums generated by the underlying YieldMax® ETFs are passed through as distributions, which may include return of capital.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
130.3%
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.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
50%
ROC
Return of Capital — destructive50%
Net Investment Income50%
Frequency
Weekly
Dist. rate
85.91%
ROC %
50%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
43.3%
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 50.3% of distributions (dollar-weighted across 14 distributions payable 3/12/26–6/11/26). Most recent distribution (6/11/26): 26.4% 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
2026-06-10
Ex-dividend
2026-06-10
Pay date
—
Payback Period
1.2 yr
Dist. Since Incep.
$24.4
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
7
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$22.2$19.9$17.6$15.3
OCT '25JUN '26
Price $17.92
50-DMA $17.78
200-DMA $18.81
Bearish — 50-DMA below 200-DMA
Price $17.92 is below the 200-day SMA ($18.81); 50-day SMA $17.78. 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
29K
Avg dollar volume
$458,248
Bid/ask spread
0.53%
Premium/discount
—
Turnover
159%
Estimated bid/ask spread ~0.52% (wide). Average daily dollar volume ~$0.5M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: New. Source: shares×price (Massive, monthly).
AUM ($)
$11M
$23M$13M$4M
DEC '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
FEAT · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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