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YMAG
YieldMax Magnificent 7 Fund of Option Income ETFs
Tidal Investments LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The Fund's investment objective is to seek current income..
YMAG is an actively managed fund-of-funds ETF that invests primarily in seven Underlying YieldMax® ETFs, each of which employs a synthetic covered call strategy (and/or covered call spread strategy) on one of the 'Magnificent 7' stocks (Apple, Amazon, Alphabet, Meta, Microsoft, NVIDIA, Tesla). The Fund's portfolio is equally weighted across the seven Underlying YieldMax® ETFs and rebalanced monthly. Income is generated primarily through options premiums collected by the Underlying ETFs, though a significant portion of distributions may be classified as return of capital. The Fund may also directly implement the synthetic covered call strategy for tax loss harvesting purposes.
Ticker
YMAG
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-01-30 · 2.5 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — fund-of-funds holding Underlying YieldMax® ETFs that each use synthetic covered call strategies (long options + short calls on individual Magnificent 7 stocks) plus U.S. Treasuries as 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 calls or puts for synthetic long exposure + short calls to generate premium) and covered call spread strategy (sell call + buy higher-strike call); strategies are implemented at the Underlying YieldMax® ETF level
generates income
Underlying
Individual Magnificent 7 stocks: Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Meta (META), Microsoft (MSFT), NVIDIA (NVDA), Tesla (TSLA)
income exposure
WEEKLY
50.5%
DIST. RATE
58% ROC
Ordinary Income
Ordinary Income
Underlying
Individual Magnificent 7 stocks: Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Meta (META), Microsoft (MSFT), NVIDIA (NVDA), Tesla (TSLA)
Strategy
Synthetic covered call (long calls or puts for synthetic long exposure + short calls to generate premium) and covered call spread strategy (sell call + buy higher-strike call); strategies are implemented at the Underlying YieldMax® ETF level
Tax
Ordinary Income
Each Underlying YieldMax® ETF uses a synthetic covered call strategy consisting of synthetic long exposure to its Underlying Security, short call options (or credit call spreads) to generate premium income, and U.S. Treasuries as collateral. This structure caps upside participation beyond the short call strike price while retaining full downside exposure. YMAG itself may also directly employ the synthetic covered call strategy during tax loss harvesting periods.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
61.0%
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 — mixed58%
Net Investment Income42%
Frequency
Weekly
Dist. rate
50.54%
ROC %
58%
30-day SEC
not reported
Consistency
6 w/o cut
YOC · 1yr-ago buyer
37.5%
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 58.0% of distributions (dollar-weighted across 14 distributions payable 5/7/26–8/6/26). Most recent distribution (8/6/26): 39.9% 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
2026-08-05
Ex-dividend
2026-08-05
Pay date
—
Payback Period
2.0 yr
Dist. Since Incep.
$13.6
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
9
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$11.9$11.0$10.0$9.1
AUG '25AUG '26
Price $11.59
50-DMA $11.23
200-DMA $11.08
Bullish — 50-DMA above 200-DMA
Price $11.59 is above the 200-day SMA ($11.08); 50-day SMA $11.23. 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
1.1M
Avg dollar volume
$13,812,753
Bid/ask spread
0.09%
Premium/discount
+0.07%
Turnover
32%
Estimated bid/ask spread ~0.36% (moderate). Average daily dollar volume ~$13.8M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$294M
$437M$258M$80M
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
YMAG · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.