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YMAX
YieldMax Universe 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..
YMAX is an actively managed fund-of-funds ETF that primarily invests in affiliated YieldMax® ETFs (Underlying YieldMax® ETFs), each of which employs options strategies (such as synthetic covered calls, covered call spreads, and other combination options strategies) to generate options premiums while seeking long or short exposure to various Underlying Reference Assets. The portfolio generally consists of 15 to 35 Underlying YieldMax® ETFs selected based on relative recent performance, weighted accordingly, and rebalanced monthly. The Fund provides investors with broad exposure to the YieldMax® ETF universe in a single vehicle, though participation in gains of Underlying Reference Assets is only partial due to the options strategies employed.
Ticker
YMAX
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-01-17 · 2.6 yrs
Mgmt style
Active
Replication
Fund-of-funds investing in affiliated YieldMax® ETFs that use Derivatives (options/futures) and synthetic strategies for underlying exposure
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
Synthetic covered calls, covered call spreads (credit call spreads), synthetic covered puts, covered put spreads, and combination options strategies employed at the Underlying YieldMax® ETF level
generates income
Underlying
Various individual stocks, ETFs, portfolios of operating companies, and indexes held as Underlying Reference Assets within the Underlying YieldMax® ETFs
income exposure
WEEKLY
67.9%
DIST. RATE
45% ROC
Ordinary Income
Ordinary Income
Underlying
Various individual stocks, ETFs, portfolios of operating companies, and indexes held as Underlying Reference Assets within the Underlying YieldMax® ETFs
Strategy
Synthetic covered calls, covered call spreads (credit call spreads), synthetic covered puts, covered put spreads, and combination options strategies employed at the Underlying YieldMax® ETF level
Tax
Ordinary Income
The Underlying YieldMax® ETFs write (sell) call or put options on their respective Underlying Reference Assets to generate options premiums, while also using options to gain synthetic long or short exposure to those assets. As a result, upside participation is capped at the strike price of sold calls (or downside participation capped for short strategies), but full downside loss exposure remains. The Fund itself may also invest directly in these options strategies 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
87.3%
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
45%
ROC
Return of Capital — mixed45%
Net Investment Income55%
Frequency
Weekly
Dist. rate
67.93%
ROC %
45%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
40.1%
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 45.5% of distributions (dollar-weighted across 14 distributions payable 5/7/26–8/6/26). Most recent distribution (8/6/26): 20.0% 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
2026-08-05
Ex-dividend
2026-08-05
Pay date
—
Payback Period
1.5 yr
Dist. Since Incep.
$14.0
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
29
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$8.3$7.6$6.9$6.2
AUG '25AUG '26
Price $7.71
50-DMA $7.54
200-DMA $7.36
Bullish — 50-DMA above 200-DMA
Price $7.71 is above the 200-day SMA ($7.36); 50-day SMA $7.54. 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
1.4M
Avg dollar volume
$11,853,943
Bid/ask spread
0.13%
Premium/discount
-0.22%
Turnover
76%
Estimated bid/ask spread ~0.43% (wide). Average daily dollar volume ~$11.9M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$396M
$1.10B$679M$259M
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
YMAX · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.