ARCX · Active · options-income

YieldMax Ultra Short Option Income Strategy ETF

Tidal Investments LLC

Weighted score · 2.30 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 88% ROC

Expense Ratio

1.35% gross

1Y Return

vs underlying

Sharpe

Max DD -20.9%

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

SLTY is an actively managed ETF that constructs a short portfolio of U.S.-listed equity securities (or derivatives providing short exposure) and generates options premiums through various options strategies on those same Underlying Securities. The Adviser selects 15–30 Underlying Securities based primarily on implied volatility levels, targeting higher-volatility names around catalysts such as earnings releases. The Fund also holds short-term U.S. Treasury securities as collateral and for income, and may allocate up to 50% of net assets to lower-volatility large-cap equities for NAV stability. Distributions are sought on a weekly basis and may include a significant portion classified as return of capital.

The Fund uses options both to gain synthetic short exposure (buying put options and selling call options to replicate approximately -100% price movement of Underlying Securities) and to generate income premiums (writing covered puts, credit spreads, calendar and diagonal put spreads, and cash-secured calls). All options strategies are covered, meaning they are tied to positions in which the Fund has short exposure either directly or synthetically. Gains from options premiums may be partially or significantly classified as return of capital rather than traditional income.

NAV HISTORY · AUG '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 88.0% of distributions (dollar-weighted across 14 distributions payable 3/19/26–6/18/26). Most recent distribution (6/18/26): 98.1% 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 $23.65 is below the 200-day SMA ($24.51); 50-day SMA $23.92. 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 ~0.25% (moderate). Average daily dollar volume ~$0.6M (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 ($)