← All funds
🔒
You're viewing the free teardown. Pro unlocks the deeper sections on this fund — risk assessment, scoring & verdict, track record vs. the underlying, holdings & concentration, peer comparison, pros & cons, and the analyst commentary.
Start your 7-day free trial ARCX · Active · options-income
ULTY
YieldMax Ultra 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.
ULTY is an actively managed ETF that constructs a portfolio of 15-30 U.S.-listed equity securities (Underlying Securities) selected based on implied volatility, and generates income by writing covered options (calls, puts, spreads, collars, diagonals) on those securities. The Fund may hold Underlying Securities directly or synthetically via long calls and short puts. It also holds short-term U.S. Treasury securities as collateral and for income, and may invest up to 50% in 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.
Ticker
ULTY
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-02-29 · 2.5 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) combined with direct equity holdings and synthetic long exposure via long calls / short puts
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 calls, cash-secured put selling, credit spreads (call and put), diagonal call spreads, calendar call spreads, collars, debit spreads (supplemental); synthetic long via long calls + short puts
generates income
Underlying
U.S.-listed individual stocks, ETFs, and other exchange-traded products (Underlying Securities); substitute ETFs when primary options are insufficiently liquid
income exposure
WEEKLY
106.5%
DIST. RATE
73% ROC
Ordinary Income
Ordinary Income
Underlying
U.S.-listed individual stocks, ETFs, and other exchange-traded products (Underlying Securities); substitute ETFs when primary options are insufficiently liquid
Strategy
Covered calls, cash-secured put selling, credit spreads (call and put), diagonal call spreads, calendar call spreads, collars, debit spreads (supplemental); synthetic long via long calls + short puts
Tax
Ordinary Income
All options strategies are covered, meaning the Fund holds corresponding positions in Underlying Securities or synthetic equivalents. The Fund rolls options continuously and may use FLEX options (European-style, exchange-listed). Premiums received may be classified as income or return of capital depending on overall transaction outcomes.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
99.8%
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.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
73%
ROC
Return of Capital — destructive73%
Net Investment Income27%
Frequency
Weekly
Dist. rate
106.46%
ROC %
73%
30-day SEC
not reported
Consistency
5 w/o cut
YOC · 1yr-ago buyer
486.5%
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 73.4% of distributions (dollar-weighted across 14 distributions payable 5/21/26–8/20/26). Most recent distribution (8/20/26): 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 11 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
2026-08-19
Ex-dividend
2026-08-19
Pay date
—
Payback Period
0.9 yr
Dist. Since Incep.
$166.8
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
105
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$30.0$27.8$25.6$23.4
AUG '25AUG '26
Price $26.96
50-DMA $26.34
200-DMA $25.60
Bullish — 50-DMA above 200-DMA
Price $26.64 is above the 200-day SMA ($25.60); 50-day SMA $26.34. 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
500K
Avg dollar volume
$13,666,353
Bid/ask spread
0.04%
Premium/discount
-0.10%
Turnover
7%
Estimated bid/ask spread ~0.14% (tight). Average daily dollar volume ~$13.7M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$753M
$13.70B$6.93B$164M
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
ULTY · 2026-08-19
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.