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Start your 7-day free trial ARCX · Active · options-income
OARK
YieldMax Innovation Option Income Strategy ETF
Tidal Investments LLC
Verdict
WATCH
Weighted score · 3.10 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek current income.
OARK is an actively managed ETF that employs a synthetic covered call strategy (or synthetic covered call spread strategy) to generate options premiums while providing indirect exposure to the price returns of ARKK. The Fund buys and sells combinations of standardized exchange-traded and FLEX call and put option contracts based on ARKK, without directly owning ARKK shares. U.S. Treasury securities are held as collateral and to generate additional income. The Fund seeks weekly cash distributions derived primarily from options premiums and Treasury income.
Ticker
OARK
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2022-11-23 · 3.6 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call using exchange-traded and FLEX options on ARKK plus U.S. Treasury collateral
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 calls + short ATM puts for synthetic long exposure; short OTM calls for income) or synthetic covered call spread (same synthetic long + short OTM call spread with a higher-strike long call to offset losses)
generates income
Underlying
ARKK (ARK Innovation ETF)
income exposure
WEEKLY
60.9%
DIST. RATE
52% ROC
Ordinary Income
Ordinary Income
Underlying
ARKK (ARK Innovation ETF)
Strategy
Synthetic covered call (long ATM calls + short ATM puts for synthetic long exposure; short OTM calls for income) or synthetic covered call spread (same synthetic long + short OTM call spread with a higher-strike long call to offset losses)
Tax
Ordinary Income
The Fund maintains indirect exposure equal to at least 95% of total assets in notional terms via options on ARKK. Sold call options have strike prices approximately 0%-15% above current ARKK price with terms of 1 month or less, while synthetic long options have 1-6 month terms. The strategy generates premiums but caps upside participation and provides full downside exposure.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
79.1%
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
52%
ROC
Return of Capital — mixed52%
Net Investment Income48%
Frequency
Weekly
Dist. rate
60.86%
ROC %
52%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
228.3%
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 52.3% 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.
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
2026-06-18
Ex-dividend
2026-06-18
Pay date
—
Payback Period
1.6 yr
Dist. Since Incep.
$86.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
13
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$33.0$29.3$25.6$21.9
JUN '25JUN '26
Price $31.55
50-DMA $30.47
200-DMA $29.82
Recent golden cross (bullish)
Price $31.55 is above the 200-day SMA ($29.82); 50-day SMA $30.47. The 50-day SMA recently crossed above the 200-day — a golden cross, traditionally read as a bullish trend signal. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
12K
Avg dollar volume
$390,849
Bid/ask spread
0.40%
Premium/discount
+0.45%
Turnover
115%
Estimated bid/ask spread ~0.36% (moderate). Average daily dollar volume ~$0.4M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$52M
$93M$71M$49M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
OARK · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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