ARCX · Active · options-income

YieldMax NVDA Option Income Strategy ETF

Tidal Investments LLC

Weighted score · 4.20 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 48% ROC

Expense Ratio

1.09% gross

1Y Return

vs underlying

Sharpe

Max DD -34.1%

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

NVDY 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 the price returns of NVDA. The Fund synthetically replicates long exposure to NVDA by purchasing at-the-money call options and selling at-the-money put options, then writes short-dated call options on NVDA to generate income. Proceeds from option premiums and income from short-term U.S. Treasury securities held as collateral are used to fund weekly cash distributions to shareholders.

The Fund purchases and sells combinations of standardized exchange-traded and FLEX call and put options on NVDA with 1-month to 6-month terms for synthetic long exposure, and writes short-dated call options (1-month or less) struck approximately 0%-15% above the current share price to generate premiums. The sold call options cap upside participation beyond the strike price while the sold put options expose the Fund to the full downside of NVDA. In notional terms, the combined options package provides indirect investment exposure to NVDA equal to at least 95% of the Fund's total assets.

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 47.5% of distributions (dollar-weighted across 14 distributions payable 3/27/26–6/26/26). Most recent distribution (6/26/26): 93.7% 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

Bullish — 50-DMA above 200-DMA

Price $12.03 is above the 200-day SMA ($11.89); 50-day SMA $12.95. The 50-day SMA sits above the 200-day — an established uptrend, 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 ~0.40% (moderate). Average daily dollar volume ~$44.4M (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 ($)