XNAS · Active · options-income

YieldMax Short N100 Option Income Strategy ETF

Tidal Investments LLC

Weighted score · 2.30 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 63% ROC

Expense Ratio

1.11% gross

1Y Return

vs underlying

Sharpe

Max DD -29.1%

The Fund's primary investment objective is to seek current income.

YQQQ is an actively managed ETF that employs a synthetic covered put strategy (or synthetic covered put spread strategy) to generate options premiums while providing indirect inverse exposure to the Nasdaq 100 Index level. The Fund buys at-the-money put options and sells at-the-money call options to create a synthetic short position (~-100% exposure to the Index), then writes short-dated put options against that synthetic short to generate income. Out-of-the-money call options are purchased to cap potential losses if the Index rises significantly, and U.S. Treasury securities serve as collateral and provide additional income.

The Fund uses a combination of purchased at-the-money put options and sold at-the-money call options to create approximately -100% synthetic short exposure to the Nasdaq 100 Index. Short-dated put options (1-month or less) are written against this synthetic short to generate weekly income, while out-of-the-money call options are purchased to cap losses if the Index appreciates significantly. The Adviser may switch between a standalone covered put strategy and a covered put spread strategy depending on market conditions.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

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.

Composition · Recent Distribution

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 62.5% of distributions (dollar-weighted across 13 distributions payable 3/27/26–6/22/26). Most recent distribution (6/22/26): 87.0% ROC. Single-week ROC is volatile for option-income funds; the dollar-weighted quarter is the steadier read.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Recent death cross (bearish)

Price $9.74 is below the 200-day SMA ($10.79); 50-day SMA $10.37. The 50-day SMA recently crossed below the 200-day — a death cross, traditionally read as a bearish trend signal. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.14% (tight). Average daily dollar volume ~$0.7M (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.

AUM ($)