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YBIT
YieldMax Bitcoin Option Income Strategy ETF
Tidal Investments LLC
Verdict
AVOID
Weighted score · 2.20 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to seek current income.
YBIT is an actively managed ETF that employs a synthetic covered call strategy to generate options premiums while providing indirect exposure to U.S.-listed Bitcoin ETPs (Underlying ETPs). The Fund buys and sells combinations of standardized and FLEX call and put options on Underlying ETPs to create synthetic long exposure, then writes call options against that exposure to generate income. Collateral is held in short-term U.S. Treasury securities, which also generate income. The Fund does not invest directly in Bitcoin, digital assets, or any Underlying ETP.
Ticker
YBIT
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-04-23 · 2.2 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic covered call using exchange-traded and FLEX options on Bitcoin ETPs plus U.S. Treasury collateral
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 calls + short ATM puts (synthetic long) combined with short OTM calls (covered call) or credit call spreads; also may use deep ITM calls as alternative synthetic long exposure
generates income
Underlying
U.S.-listed Bitcoin exchange-traded products (Underlying ETPs)
income exposure
WEEKLY
100.5%
DIST. RATE
26% ROC
Ordinary Income
Ordinary Income
Underlying
U.S.-listed Bitcoin exchange-traded products (Underlying ETPs)
Strategy
Synthetic covered call: long ATM calls + short ATM puts (synthetic long) combined with short OTM calls (covered call) or credit call spreads; also may use deep ITM calls as alternative synthetic long exposure
Tax
Ordinary Income
The Fund implements a synthetic covered call strategy by purchasing at-the-money call options and selling at-the-money put options on Bitcoin ETPs to replicate approximately 100% long exposure, then sells short-dated call options (strike ~0%-15% above current price, expiration one month or less) to generate weekly income. The Fund may also employ a covered call spread strategy (selling a call and buying a higher-strike call) when the Adviser believes the Underlying ETP is likely to rise significantly. Options are rolled continuously as they expire.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
113.2%
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
26%
ROC
Return of Capital — destructive26%
Net Investment Income74%
Frequency
Weekly
Dist. rate
100.50%
ROC %
26%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
190.0%
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 26.5% 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 6 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
1.0 yr
Dist. Since Incep.
$73.4
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
10
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$34.1$29.0$23.9$18.8
JUN '25JUN '26
Price $19.21
50-DMA $21.91
200-DMA $25.57
Bearish — 50-DMA below 200-DMA
Price $19.21 is below the 200-day SMA ($25.57); 50-day SMA $21.91. 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
30K
Avg dollar volume
$641,834
Bid/ask spread
0.27%
Premium/discount
-0.35%
Turnover
29%
Estimated bid/ask spread ~0.20% (moderate). Average daily dollar volume ~$0.6M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$41M
$402M$220M$38M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
YBIT · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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