GOOY · Streamfolio

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ARCX · Active · options-income

GOOY

YieldMax GOOGL Option Income Strategy ETF

Tidal Investments LLC

Verdict

WATCH

Weighted score · 3.80 / 5

AUM

$226M

assets under mgmt

Avg Volume

708K

shares · daily

Distribution

49.8%

Weekly · 51% ROC

Expense Ratio

1.14%

1.14% gross

1Y Return

—

vs underlying

Sharpe

0.94

Max DD -24.4%

Fund Identity

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

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

GOOY is an actively managed ETF that uses a synthetic covered call strategy (or synthetic covered call spread strategy) to generate options premiums while providing indirect exposure to GOOGL price returns. The Fund buys call options and sells put options on GOOGL to create synthetic long exposure, then writes (sells) short-dated call options against that position to generate income. Collateral is held in short-term U.S. Treasury securities, which also generate income. The Fund seeks to provide weekly cash distributions funded by options premiums and Treasury income.

Ticker

GOOY

Issuer

Tidal Investments LLC

Exchange

ARCX

Inception

2023-07-28 · 2.9 yrs

Mgmt style

Active

Replication

Derivatives (options/futures) — synthetic covered call using exchange-traded and FLEX options on GOOGL 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 call + short put for synthetic long exposure, plus short call) and synthetic covered call spread (long call + short put + short call + long higher-strike call)

generates income

Underlying

GOOGL (Alphabet Inc. Class A common stock)

income exposure

WEEKLY

49.8%

DIST. RATE

51% ROC
Ordinary Income

Underlying

GOOGL (Alphabet Inc. Class A common stock)

Strategy

Synthetic covered call (long call + short put for synthetic long exposure, plus short call) and synthetic covered call spread (long call + short put + short call + long higher-strike call)

Tax

Ordinary Income

The Fund purchases at-the-money call options and sells at-the-money put options to replicate GOOGL price exposure synthetically, then sells short-dated call options (0%-15% out-of-the-money, 1-month or less expiration) to generate premiums. When using the covered call spread strategy, the Fund also purchases a higher-strike call to partially offset losses from the short call. The notional exposure to GOOGL via the combined options package is at least 95% of total assets.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-24.4%

Volatility

23.3%

Sharpe

0.94

Sortino

1.33

Calmar

3.50

Beta

0.89

Flat-NAV reinvestment hurdle

42.2%

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

33.5%

Distribution & Tax

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

Composition · Recent Distribution

51%

ROC

Return of Capital — mixed51%

Net Investment Income49%

Frequency

Weekly

Dist. rate

49.81%

ROC %

51%

30-day SEC

not reported

Consistency

3 w/o cut

YOC · 1yr-ago buyer

56.9%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

51% 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 50.6% 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 & Return of Capital

Per-month payout split and the running return-of-capital share · last 12 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

2026-06-18

Ex-dividend

2026-06-18

Pay date

—

Payback Period

2.0 yr

Dist. Since Incep.

$15.9

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

$14.6$12.1$9.6$7.1

JUN '25JUN '26

Price $13.78

50-DMA $13.74

200-DMA $11.91

Bullish — 50-DMA above 200-DMA

Price $13.78 is above the 200-day SMA ($11.91); 50-day SMA $13.74. 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

708K

Avg dollar volume

$9,608,971

Bid/ask spread

0.07%

Premium/discount

+0.11%

Turnover

30%

Estimated bid/ask spread ~0.36% (moderate). Average daily dollar volume ~$9.6M (adequate). 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 ($)

$226M

$293M$176M$59M

JUN '24JUN '26

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

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