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Start your 7-day free trial ARCX · Active · options-income
MSTY
YieldMax MSTR Option Income Strategy ETF
Tidal Investments LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek current income.
MSTY is an actively managed ETF that uses a synthetic covered call strategy (and at times a synthetic covered call spread strategy) to generate options premiums and provide indirect exposure to MSTR's share price returns. The Fund replicates long exposure to MSTR synthetically by buying at-the-money call options and selling at-the-money put options, then writes short-dated call options (0%–15% out-of-the-money) against that synthetic long position to generate weekly income. Collateral is held in short-term U.S. Treasury securities, which also generate income. The Fund does not own MSTR directly in most circumstances, and upside participation is capped by the sold calls.
Ticker
MSTY
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-02-22 · 2.5 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call via long call + short put to replicate MSTR exposure, overlaid with short call writing; U.S. Treasuries as collateral; swap contracts may also be used
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 ATM call + short ATM put for synthetic long exposure) + short call writing (0%–15% OTM, ~1-month or less expiry) for premium generation; alternatively, covered call spread strategy (short call + long higher-strike call)
generates income
Underlying
MSTR (Strategy Inc common stock)
income exposure
WEEKLY
264.3%
DIST. RATE
43% ROC
Ordinary Income
Ordinary Income
Underlying
MSTR (Strategy Inc common stock)
Strategy
Synthetic covered call (long ATM call + short ATM put for synthetic long exposure) + short call writing (0%–15% OTM, ~1-month or less expiry) for premium generation; alternatively, covered call spread strategy (short call + long higher-strike call)
Tax
Ordinary Income
The Fund sells call options with strike prices approximately 0%–15% above the current MSTR share price and expiration dates of one month or less to generate weekly premium income, while simultaneously holding a synthetic long position in MSTR via purchased ATM calls and sold ATM puts with 1–6 month terms. This structure caps upside participation at the strike price of the sold calls while retaining full downside exposure to MSTR. In the covered call spread variant, the Fund also buys a higher-strike call to partially offset losses on the short call if MSTR rises sharply.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
39.9%
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
43%
ROC
Return of Capital — mixed43%
Net Investment Income57%
Frequency
Weekly
Dist. rate
264.30%
ROC %
43%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
176.5%
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 43.1% of distributions (dollar-weighted across 14 distributions payable 5/15/26–8/14/26). Most recent distribution (8/14/26): 98.7% 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
2026-08-13
Ex-dividend
2026-08-13
Pay date
—
Payback Period
0.4 yr
Dist. Since Incep.
$235.5
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
26
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$41.0$31.2$21.4$11.6
AUG '25AUG '26
Price $11.92
50-DMA $12.54
200-DMA $17.27
Bearish — 50-DMA below 200-DMA
Price $11.92 is below the 200-day SMA ($17.27); 50-day SMA $12.54. 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
1.2M
Avg dollar volume
$17,150,123
Bid/ask spread
0.08%
Premium/discount
+0.18%
Turnover
0%
Estimated bid/ask spread ~0.78% (wide). Average daily dollar volume ~$17.2M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$725M
$1.28B$909M$542M
JAN '26AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
MSTY · 2026-08-19
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.