MSST · Streamfolio

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BATS · Active · options-income

MSST

YieldMax MSTR Performance & Distribution Target 25 ETF

Tidal Investments LLC

Verdict

AVOID

Weighted score · 2.30 / 5

AUM

$3M

assets under mgmt

Avg Volume

shares · daily

Distribution

19.8%

Weekly · 65% ROC

Expense Ratio

0.99%

0.99% gross

1Y Return

—

vs underlying

Sharpe

-1.67

Max DD -58.0%

Fund Identity

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

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

MSST is an actively managed ETF that combines synthetic long exposure to MSTR (via long call options and short put options, or deep in-the-money calls) with options strategies designed to generate premiums, targeting a 25% annual cash distribution level (approximately 2.2% per month). The Fund sells covered call spreads and other options on MSTR to earn premium income, which drives distributions. The Fund also maintains 50%–100% of assets in cash, money market funds, or U.S. Treasuries as collateral and liquidity. Upside participation in MSTR is limited by the written options positions.

Ticker

MSST

Issuer

Tidal Investments LLC

Exchange

BATS

Inception

2025-11-18 · 0.6 yrs

Mgmt style

Active

Replication

Synthetic (options-based): long calls + short puts on MSTR to replicate equity exposure, plus written covered call spreads to generate premium income

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 long (long calls + short puts or deep ITM calls) + covered call spreads (sell call, buy higher-strike call) for premium generation

generates income

Underlying

MSTR (MicroStrategy Incorporated d/b/a Strategy)

income exposure

WEEKLY

19.8%

DIST. RATE

65% ROC
Ordinary Income

Underlying

MSTR (MicroStrategy Incorporated d/b/a Strategy)

Strategy

Synthetic long (long calls + short puts or deep ITM calls) + covered call spreads (sell call, buy higher-strike call) for premium generation

Tax

Ordinary Income

At least 80% of assets are invested in options contracts providing exposure to MSTR. The Fund sells covered call spreads weekly to target approximately 2.2% net premium per month. Synthetic long exposure replicates approximately 100% of MSTR's price movements, subject to upside caps created by written options.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · NOV '25 – JUN '26

NOV '25JUN '26

Max DD

-58.0%

Volatility

73.4%

Sharpe

-1.67

Sortino

-2.27

Calmar

—

Beta

—

Flat-NAV reinvestment hurdle

876.3%

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

7.2%

Distribution & Tax

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

Composition · Recent Distribution

65%

ROC

Return of Capital — destructive65%

Net Investment Income35%

Frequency

Weekly

Dist. rate

19.83%

ROC %

65%

30-day SEC

not reported

Consistency

1 w/o cut

YOC · 1yr-ago buyer

7.2%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

65% 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 64.8% of distributions (dollar-weighted across 12 distributions payable 4/8/26–6/24/26). Most recent distribution (6/24/26): 90.1% 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

2026-06-23

Ex-dividend

2026-06-23

Pay date

—

Payback Period

5.0 yr

Dist. Since Incep.

$3.8

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

No moving-average series.

Price $19.41

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

Avg dollar volume

$70,576

Bid/ask spread

0.86%

Premium/discount

-0.46%

Turnover

—

Estimated bid/ask spread ~0.21% (moderate). Average daily dollar volume ~$0.1M (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: Stable. Source: shares×price (Massive, monthly).

AUM ($)

$3M

$6M$4M$1M

NOV '25JUN '26

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

MSST · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.