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Start your 7-day free trial ARCX · Active · options-income
YMAX
YieldMax Universe Fund of Option Income ETFs
Tidal Investments LLC
Verdict
WATCH
Weighted score · 3.10 / 5
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 (synthetic covered calls, covered call spreads, and combination options) to generate option premiums while seeking partial exposure to various Underlying Reference Assets. The portfolio generally holds 15 to 35 Underlying YieldMax ETFs, selected and weighted based on relative recent performance, and is rebalanced approximately monthly. The Fund is designed to provide broad, simplified access to the full range of YieldMax ETF income strategies in a single vehicle, targeting weekly cash distributions.
Ticker
YMAX
Issuer
Tidal Investments LLC
Exchange
ARCX
Inception
2024-01-17 · 2.4 yrs
Mgmt style
Active
Replication
Fund of funds investing in affiliated ETFs that use derivatives (options/futures) and synthetic covered call strategies; may also invest directly in underlying securities or instruments
Index-based
— · S&P 500 Total Return Index (used for performance comparison only, not a tracked benchmark)
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), and combination options strategies employed at the underlying ETF level
generates income
Underlying
Various individual stocks, ETFs, portfolios, and indexes (the Underlying Reference Assets of the constituent YieldMax ETFs)
income exposure
WEEKLY
71.1%
DIST. RATE
52% ROC
Ordinary Income
Ordinary Income
Underlying
Various individual stocks, ETFs, portfolios, and indexes (the Underlying Reference Assets of the constituent YieldMax ETFs)
Strategy
Synthetic covered calls, covered call spreads (credit call spreads), and combination options strategies employed at the underlying ETF level
Tax
Ordinary Income
Each Underlying YieldMax ETF writes (sells) call options on its Underlying Reference Asset to generate premiums while using options or swaps to gain synthetic long exposure, capping upside participation beyond the strike price. Some Underlying YieldMax ETFs also employ covered call spread strategies (selling a call and buying a higher-strike call) or combination options approaches. The Fund itself may also invest directly in these strategies during tax-loss harvesting periods.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
67.7%
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
52%
ROC
Return of Capital — mixed52%
Net Investment Income48%
Frequency
Weekly
Dist. rate
71.14%
ROC %
52%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
43.0%
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 52.5% of distributions (dollar-weighted across 14 distributions payable 3/19/26–6/18/26). Most recent distribution (6/18/26): 45.4% 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 9 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
2026-06-17
Ex-dividend
2026-06-17
Pay date
—
Payback Period
1.4 yr
Dist. Since Incep.
$17.3
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
28
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$8.8$8.1$7.5$6.9
JUN '25JUN '26
Price $8.16
50-DMA $7.93
200-DMA $7.93
Bearish — 50-DMA below 200-DMA
Price $8.16 is above the 200-day SMA ($7.93); 50-day SMA $7.93. 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
2.1M
Avg dollar volume
$15,576,057
Bid/ask spread
0.12%
Premium/discount
+0.09%
Turnover
76%
Estimated bid/ask spread ~0.36% (moderate). Average daily dollar volume ~$15.6M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Rising. Source: shares×price (Massive, monthly).
AUM ($)
$482M
$1.10B$679M$259M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
YMAX · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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