SOXY · Streamfolio

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ARCX · Active · options-income

SOXY

YieldMax Target 12 Semiconductor Option Income ETF

Tidal Investments LLC

Verdict

WATCH

Weighted score · 3.60 / 5

AUM

$40M

assets under mgmt

Avg Volume

18K

shares · daily

Distribution

7.0%

Monthly · 79% ROC

Expense Ratio

1.06%

1.06% gross

1Y Return

—

vs underlying

Sharpe

1.86

Max DD -30.2%

Fund Identity

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

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

SOXY is an actively managed ETF that constructs a portfolio of 15-30 U.S.-listed equity securities of Semiconductor Companies and employs options strategies (primarily covered call spreads) designed to generate net premiums targeting approximately 1% per month, corresponding to an Annual 12% Target distribution. The Fund may also invest synthetically in Underlying Securities via options contracts and may use Semiconductor ETFs for options strategies when individual stock options are insufficiently liquid. A minor allocation (up to 10%) is maintained in cash, money market funds, or U.S. Treasuries to serve as collateral and contribute to income.

Ticker

SOXY

Issuer

Tidal Investments LLC

Exchange

ARCX

Inception

2024-12-03 · 1.6 yrs

Mgmt style

Active

Replication

Derivatives (options/futures) combined with direct equity holdings in semiconductor companies

Index-based

—

Leverage

None

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Hybrid

actively managed

OPTIONS OVERLAY

Strategy

Covered call spreads (selling a call option while buying another at a higher strike); may also use other options strategies to generate net premiums

generates income

Underlying

Individual semiconductor company stocks and/or Semiconductor ETFs

income exposure

MONTHLY

7.0%

DIST. RATE

79% ROC
Ordinary Income

Underlying

Individual semiconductor company stocks and/or Semiconductor ETFs

Strategy

Covered call spreads (selling a call option while buying another at a higher strike); may also use other options strategies to generate net premiums

Tax

Ordinary Income

The Fund primarily employs covered call spreads on some or all Underlying Securities and/or Semiconductor ETFs, targeting net premiums of approximately 1% per month. Option premiums are the primary driver of the Fund's monthly distributions targeting the Annual 12% Target. The Fund may also use options contracts to gain synthetic long exposure to Underlying Securities when direct investment is not feasible.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-30.2%

Volatility

36.4%

Sharpe

1.86

Sortino

2.83

Calmar

5.10

Beta

—

Flat-NAV reinvestment hurdle

0.0%

Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

15.6%

Distribution & Tax

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

Composition · Recent Distribution

79%

ROC

Return of Capital — constructive79%

Net Investment Income21%

Frequency

Monthly

Dist. rate

6.97%

ROC %

79%

30-day SEC

not reported

Consistency

7 w/o cut

YOC · 1yr-ago buyer

15.7%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

79% 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 79.4% of distributions (dollar-weighted across 4 distributions payable 3/5/26–6/4/26). Most recent distribution (6/4/26): 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 4 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

2026-06-03

Ex-dividend

2026-06-03

Pay date

—

Payback Period

14.3 yr

Dist. Since Incep.

$10.7

Holdings & Concentration

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

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

$112.4$89.2$65.9$42.7

SEP '25JUN '26

Price $112.40

50-DMA $89.18

200-DMA $65.69

Bullish — 50-DMA above 200-DMA

Price $112.40 is above the 200-day SMA ($65.69); 50-day SMA $89.18. 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

18K

Avg dollar volume

$1,745,977

Bid/ask spread

0.61%

Premium/discount

+0.15%

Turnover

33%

Estimated bid/ask spread ~0.57% (wide). Average daily dollar volume ~$1.7M (adequate). 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: Falling. Source: shares×price (Massive, monthly).

AUM ($)

$40M

$72M$38M$4M

DEC '24JUN '26

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

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