HOOY · Streamfolio

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ARCX · Active · options-income

HOOY

YieldMax HOOD Option Income Strategy ETF

Tidal Investments LLC

Verdict

WATCH

Weighted score · 3.45 / 5

AUM

$107M

assets under mgmt

Avg Volume

114K

shares · daily

Distribution

142.1%

Weekly · 44% ROC

Expense Ratio

0.99%

0.99% gross

1Y Return

—

vs underlying

Sharpe

1.00

Max DD -51.5%

Fund Identity

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

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

HOOY is an actively managed ETF that employs a synthetic covered call strategy (or synthetic covered call spread strategy) to generate options premiums while providing indirect exposure to the share price of HOOD. The Fund does not own HOOD shares directly; instead it constructs a synthetic long position via purchased call options and sold put options, then sells call options against that synthetic long to generate income. The Fund also holds short-term U.S. Treasury securities as collateral, which generate additional income.

Ticker

HOOY

Issuer

Tidal Investments LLC

Exchange

ARCX

Inception

2025-05-08 · 1.1 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 call + short put for synthetic long exposure, plus short call) and synthetic covered call spread (long call + short put for synthetic long, plus short call spread)

generates income

Underlying

HOOD (Robinhood Markets, Inc.)

income exposure

WEEKLY

142.1%

DIST. RATE

44% ROC
Ordinary Income

Underlying

HOOD (Robinhood Markets, Inc.)

Strategy

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

Tax

Ordinary Income

The Fund buys at-the-money call options and sells at-the-money put options to create synthetic long exposure (~100% notional) to HOOD, then sells short-dated call options (0%-15% out-of-the-money, 1-month or less) to generate premiums. In some cases a credit call spread is used instead of a standalone short call to allow greater upside participation while still generating net premiums. The notional exposure to HOOD 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

-51.5%

Volatility

54.6%

Sharpe

1.00

Sortino

1.46

Calmar

0.47

Beta

—

Flat-NAV reinvestment hurdle

39.2%

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

89.0%

Distribution & Tax

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

Composition · Recent Distribution

44%

ROC

Return of Capital — mixed44%

Net Investment Income56%

Frequency

Weekly

Dist. rate

142.12%

ROC %

44%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

72.4%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

44% 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 44.2% 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

0.7 yr

Dist. Since Incep.

$50.3

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

$33.4$29.6$25.8$22.0

FEB '26JUN '26

Price $33.09

50-DMA $27.02

200-DMA $31.76

Bearish — 50-DMA below 200-DMA

Price $33.09 is above the 200-day SMA ($31.76); 50-day SMA $27.02. 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

114K

Avg dollar volume

$3,487,139

Bid/ask spread

0.52%

Premium/discount

+0.24%

Turnover

Estimated bid/ask spread ~1.10% (wide). Average daily dollar volume ~$3.5M (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: Stable. Source: shares×price (Massive, monthly).

AUM ($)

$107M

$267M$135M$3M

MAY '25JUN '26

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

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