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Start your 7-day free trial ARCX · Active · options-income
GDXY
YieldMax Gold Miners Option Income Strategy ETF
Tidal Investments LLC
Verdict
AVOID
Weighted score · 2.55 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek current income.
GDXY is an actively managed ETF that employs a synthetic covered call strategy (or synthetic covered call spread strategy) on GDX, the VanEck Gold Miners ETF. The Fund buys and sells combinations of standardized exchange-traded and FLEX call and put options to synthetically replicate approximately 100% of GDX's price movements while also writing short-dated call options to generate options premiums. The remainder of the portfolio is held in short-term U.S. Treasury securities as collateral, which also generate income. The strategy seeks weekly cash distributions but caps upside participation in GDX gains beyond the sold call strike price.
Ticker
GDXY
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-05-21 · 2.1 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call via long/short options on GDX plus U.S. Treasury collateral
Index-based
— · S&P 500 Total Return Index (used for comparison purposes only)
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 calls + short ATM puts for synthetic long exposure, plus short OTM calls for income) and synthetic covered call spread (adds long higher-strike calls to limit short call losses)
generates income
Underlying
GDX (VanEck Gold Miners ETF)
income exposure
WEEKLY
81.2%
DIST. RATE
95% ROC
Ordinary Income
Ordinary Income
Underlying
GDX (VanEck Gold Miners ETF)
Strategy
Synthetic covered call (long ATM calls + short ATM puts for synthetic long exposure, plus short OTM calls for income) and synthetic covered call spread (adds long higher-strike calls to limit short call losses)
Tax
Ordinary Income
The Fund purchases ATM call options and sells ATM put options to create synthetic long exposure to GDX equal to approximately 100% of the Fund's total assets on a notional basis. It simultaneously sells short-dated (1-month or less) OTM call options (strike approximately 0%-15% above current GDX price) to generate premiums. When the Adviser anticipates significant near-term appreciation, it may instead write credit call spreads (selling a lower-strike call and buying a higher-strike call) to allow greater upside participation while still collecting net premiums.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
61.4%
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
95%
ROC
Return of Capital — mixed95%
Net Investment Income5%
Frequency
Weekly
Dist. rate
81.22%
ROC %
95%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
55.5%
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 94.7% of distributions (dollar-weighted across 14 distributions payable 3/27/26–6/26/26). Most recent distribution (6/26/26): 91.3% 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 7 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
2026-06-25
Ex-dividend
2026-06-25
Pay date
—
Payback Period
1.2 yr
Dist. Since Incep.
$15.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
15
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$15.1$12.6$10.1$7.7
JUN '25JUN '26
Price $10.21
50-DMA $11.68
200-DMA $12.19
Recent death cross (bearish)
Price $10.21 is below the 200-day SMA ($12.19); 50-day SMA $11.68. The 50-day SMA recently crossed below the 200-day — a death cross, traditionally read as a bearish trend signal. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
859K
Avg dollar volume
$10,031,217
Bid/ask spread
0.09%
Premium/discount
-0.19%
Turnover
36%
Estimated bid/ask spread ~0.58% (wide). Average daily dollar volume ~$10.0M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$225M
$339M$173M$6M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
GDXY · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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