QDTY · Streamfolio

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XNAS · Active · options-income

QDTY

YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF

Tidal Investments LLC

Verdict

WATCH

Weighted score · 3.60 / 5

AUM

—

assets under mgmt

Avg Volume

20K

shares · daily

Distribution

13.1%

Weekly · 77% ROC

Expense Ratio

1.17%

1.17% gross

1Y Return

—

vs underlying

Sharpe

0.69

Max DD -23.4%

Fund Identity

What it is, who runs it, where it lives.

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

QDTY is an actively managed ETF that employs a synthetic covered call strategy designed to generate weekly cash distributions from options premiums while providing exposure to the price return of the Nasdaq 100 Index. Each business day, the Fund sells out-of-the-money (OTM) 0DTE call options on the Index (or Index ETFs) and simultaneously holds deep-in-the-money (ITM) call options to establish synthetic long exposure to the Index. The Fund also invests in short-term U.S. Treasury securities and money market funds to generate additional income.

Ticker

QDTY

Issuer

Tidal Investments LLC

Exchange

XNAS

Inception

2025-02-13 · 1.4 yrs

Mgmt style

Active

Replication

Synthetic (options-based): deep-ITM long calls for index exposure combined with short OTM 0DTE calls for premium income

Index-based

— · Nasdaq 100 Index

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 deep-ITM calls for index exposure + short OTM 0DTE calls for premium income

generates income

Underlying

Nasdaq 100 Index (NDX) or Index-tracking ETFs

income exposure

WEEKLY

13.1%

DIST. RATE

77% ROC
Section 1256 (60/40)

Underlying

Nasdaq 100 Index (NDX) or Index-tracking ETFs

Strategy

Synthetic covered call: long deep-ITM calls for index exposure + short OTM 0DTE calls for premium income

Tax

Section 1256 (60/40)

The Fund invests at least 80% of its net assets in 0DTE options contracts referencing the Nasdaq 100 Index. It sells OTM 0DTE call options daily to generate premium income and purchases deep-ITM call options to create synthetic long exposure to the Index. Both standard exchange-traded options and FLEX Options are used; all are cash-settled, European-style index options cleared through the OCC.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-23.4%

Volatility

26.2%

Sharpe

0.69

Sortino

0.99

Calmar

1.58

Beta

1.04

Flat-NAV reinvestment hurdle

119.4%

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

11.1%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

77%

ROC

Return of Capital — destructive77%

Net Investment Income23%

Frequency

Weekly

Dist. rate

13.10%

ROC %

77%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

13.1%

Tax Treatment — Section 1256 (60/40)

SECTION 1256 (60/40)

Distribution Composition (Recent)

77% Return of Capital

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 77.0% of distributions (dollar-weighted across 14 distributions payable 3/19/26–6/18/26). Most recent distribution (6/18/26): 100.0% 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 3 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

2026-06-17

Ex-dividend

2026-06-17

Pay date

—

Payback Period

7.6 yr

Dist. Since Incep.

$6.6

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

$43.1$39.6$36.1$32.5

NOV '25JUN '26

Price $42.69

50-DMA $40.21

200-DMA $37.23

Bullish — 50-DMA above 200-DMA

Price $42.69 is above the 200-day SMA ($37.23); 50-day SMA $40.21. 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

Avg daily volume

20K

Avg dollar volume

$781,042

Bid/ask spread

0.40%

Premium/discount

+0.21%

Turnover

Estimated bid/ask spread ~0.26% (moderate). Average daily dollar volume ~$0.8M (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

Source: shares×price (Massive, monthly).

AUM ($)

—

$37M$20M$4M

FEB '25JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

QDTY · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.