ARCX · Active · options-income

YieldMax NFLX Option Income Strategy ETF

Tidal Investments LLC

Weighted score · 3.25 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 41% ROC

Expense Ratio

1.01% gross

1Y Return

vs underlying

Sharpe

Max DD -37.2%

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

NFLY 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 while providing indirect exposure to NFLX share price returns. The Fund synthetically replicates long exposure to NFLX by purchasing at-the-money call options and selling at-the-money put options, then sells short-dated call options on NFLX to generate income. The Fund also holds short-term U.S. Treasury securities as collateral and for additional income, and seeks to distribute income on a weekly basis.

The Fund purchases at-the-money call options and sells at-the-money put options with 1–6 month expirations to synthetically replicate approximately 100% long exposure to NFLX. Against this synthetic long position, the Fund sells short-dated call options (typically ≤1 month, strike approximately 0%–15% above current NFLX price) to generate options premiums distributed to shareholders weekly. When the Adviser anticipates significant near-term price appreciation, it may instead write credit call spreads to allow greater participation in upside while still collecting net premiums.

NAV HISTORY · JUN '25 – JUN '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 41.4% 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.

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 $8.52 is below the 200-day SMA ($10.18); 50-day SMA $9.45. 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 ~0.44% (wide). Average daily dollar volume ~$0.9M (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.

AUM ($)