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Start your 7-day free trial ARCX · Active · options-income
TSLY
YieldMax TSLA Option Income Strategy ETF
Tidal Investments LLC
Verdict
Weighted score · Pro 🔒
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 covered call spread strategy) to generate options premiums while providing indirect exposure to the price returns of TSLA. The Fund synthetically replicates long TSLA exposure by purchasing at-the-money call options and selling at-the-money put options, then writes short-dated call options on that exposure to generate income. The Fund holds short-term U.S. Treasury securities as collateral, which also generate income, and seeks to provide weekly cash distributions.
Ticker
TSLY
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2022-11-23 · 3.7 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call using exchange-traded and FLEX options on TSLA plus U.S. Treasury collateral; may also use swap contracts and direct TSLA equity
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 call + short ATM put for synthetic long exposure, plus short near-term call options 0%-15% OTM) and synthetic covered call spread (adds long higher-strike call to cap losses on short call)
generates income
Underlying
TSLA (Tesla, Inc. common stock)
income exposure
WEEKLY
103.6%
DIST. RATE
58% ROC
Ordinary Income
Ordinary Income
Underlying
TSLA (Tesla, Inc. common stock)
Strategy
Synthetic covered call (long ATM call + short ATM put for synthetic long exposure, plus short near-term call options 0%-15% OTM) and synthetic covered call spread (adds long higher-strike call to cap losses on short call)
Tax
Ordinary Income
The Fund purchases at-the-money TSLA call options and sells at-the-money TSLA put options to synthetically replicate approximately 100% long TSLA exposure, then sells short-dated call options (1-month or less, strike ~0%-15% above current price) to generate premiums. When advantageous, the adviser may employ a covered call spread by also purchasing higher-strike calls to allow greater participation in TSLA upside while still collecting net premium. In notional terms, the combined options package provides indirect exposure to TSLA equal to at least 95% of the Fund's total assets.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
92.2%
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
58%
ROC
Return of Capital — destructive58%
Net Investment Income42%
Frequency
Weekly
Dist. rate
103.60%
ROC %
58%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
286.8%
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 57.9% of distributions (dollar-weighted across 14 distributions payable 5/8/26–8/7/26). Most recent distribution (8/7/26): 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 14 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
2026-08-06
Ex-dividend
2026-08-06
Pay date
—
Payback Period
1.0 yr
Dist. Since Incep.
$193.8
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
21
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$29.2$26.1$23.1$20.1
AUG '25AUG '26
Price $21.73
50-DMA $24.60
200-DMA $25.85
Recent death cross (bearish)
Price $21.73 is below the 200-day SMA ($25.85); 50-day SMA $24.60. The 50-day SMA recently crossed below the 200-day — a death cross, traditionally read as a bearish 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
504K
Avg dollar volume
$12,834,950
Bid/ask spread
0.05%
Premium/discount
+0.21%
Turnover
124%
Estimated bid/ask spread ~0.64% (wide). Average daily dollar volume ~$12.8M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$665M
$6.00B$3.30B$603M
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
TSLY · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.