TSLY · Streamfolio

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ARCX · Active · options-income

TSLY

YieldMax TSLA Option Income Strategy ETF

Tidal Investments LLC

Verdict

AVOID

Weighted score · 3.05 / 5

AUM

$831M

assets under mgmt

Avg Volume

711K

shares · daily

Distribution

86.8%

Weekly · 52% ROC

Expense Ratio

1.07%

1.07% gross

1Y Return

—

vs underlying

Sharpe

0.40

Max DD -49.5%

Fund Identity

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

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

TSLY 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 TSLA's share price returns. The Fund buys TSLA call options and sells TSLA put options to create a synthetic long position approximately equal to 100% of TSLA, then sells short-dated call options against that position to generate income. U.S. Treasury securities are held as collateral and also generate income. The Fund seeks weekly cash distributions derived primarily from options premiums and Treasury income.

Ticker

TSLY

Issuer

Tidal Investments LLC

Exchange

ARCX

Inception

2022-11-23 · 3.6 yrs

Mgmt style

Active

Replication

Derivatives (options/futures) — synthetic covered call using purchased/sold TSLA call and put options plus U.S. Treasuries as collateral; may also use swap contracts and direct TSLA equity holdings

Index-based

— · S&P 500 Total Return Index (used as broad market comparison only, not as a tracked benchmark)

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 call + short ATM put for synthetic long exposure, plus short OTM calls to generate premium); covered call spread strategy (short OTM call + long higher-strike OTM call) used selectively

generates income

Underlying

TSLA (Tesla, Inc. common stock)

income exposure

WEEKLY

86.8%

DIST. RATE

52% ROC
Ordinary Income

Underlying

TSLA (Tesla, Inc. common stock)

Strategy

Tax

Ordinary Income

The Fund uses standardized exchange-traded and FLEX options on TSLA to synthetically replicate ~100% long exposure to TSLA while selling short-dated (1-month or less) call options struck approximately 0%-15% above current TSLA price to generate premiums. The synthetic long is constructed via at-the-money purchased calls and sold puts with 1–6 month terms; the Fund continuously rolls options contracts. A covered call spread variant may be employed when the Adviser anticipates significant near-term upside in TSLA.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-49.5%

Volatility

45.5%

Sharpe

0.40

Sortino

0.56

Calmar

0.21

Beta

1.67

Flat-NAV reinvestment hurdle

89.8%

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

12.1%

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

86.83%

ROC %

52%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

291.7%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

52% 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 51.7% 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

1.2 yr

Dist. Since Incep.

$192.0

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

$30.9$27.4$23.8$20.3

JUN '25JUN '26

Price $27.85

50-DMA $27.87

200-DMA $27.93

Bearish — 50-DMA below 200-DMA

Price $27.85 is below the 200-day SMA ($27.93); 50-day SMA $27.87. 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

Avg daily volume

711K

Avg dollar volume

$21,990,358

Bid/ask spread

0.03%

Premium/discount

-0.07%

Turnover

124%

Estimated bid/ask spread ~0.61% (wide). Average daily dollar volume ~$22.0M (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.

Assets Under Management

Trend: Stable. Source: shares×price (Massive, monthly).

AUM ($)

$831M

$6.00B$3.35B$701M

JUN '24JUN '26

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

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