ARCX · Active · options-income

YieldMax MSTR Option Income Strategy ETF

Tidal Investments LLC

Weighted score · 2.95 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 51% ROC

Expense Ratio

1.03% gross

1Y Return

vs underlying

Sharpe

Max DD -77.4%

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

MSTY is an actively managed ETF that employs a synthetic covered call strategy (and at times a synthetic covered call spread strategy) to generate options premiums from options contracts based on MSTR (Strategy Inc). The Fund replicates long exposure to MSTR synthetically by purchasing at-the-money call options and selling at-the-money put options, while simultaneously selling short-dated call options (0%-15% out-of-the-money) to generate income. The Fund holds short-term U.S. Treasury securities as collateral, which also generate income, and seeks to provide weekly cash distributions.

The Fund purchases at-the-money call options and sells at-the-money put options to synthetically replicate approximately 100% exposure to MSTR's price returns. It simultaneously sells short-dated call options (generally 1 month or less, strike approximately 0%-15% above current price) to generate premiums, which caps upside participation. The Fund may also use a covered call spread strategy, buying a higher-strike call to partially offset the short call position and allow greater upside participation in certain market conditions.

NAV HISTORY · JUL '25 – JUL '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

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.

Composition · Recent Distribution

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 51.2% of distributions (dollar-weighted across 14 distributions payable 4/6/26–7/6/26). Most recent distribution (7/6/26): 0.0% ROC. Single-week ROC is volatile for option-income funds; the dollar-weighted quarter is the steadier read.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bearish — 50-DMA below 200-DMA

Price $13.64 is below the 200-day SMA ($22.59); 50-day SMA $18.88. 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

Estimated bid/ask spread ~0.79% (wide). Average daily dollar volume ~$35.2M (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.

AUM ($)