Share-split context: A reverse split was recorded on Dec 8, 2025 with coefficient 0.2. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The YIELDMAX(R) AMD OPTION INCOME STRATEGY ETF (AMDY) is an option income ETF. This means it uses options strategies to try and generate income for its investors. Based on the holdings, the fund focuses heavily on AMD options.

What the numbers show

When looking at AMDY, it is important to separate "price return" from "total return." Price return only tracks how the share price moves. Total return includes both the share price changes and the cash distributions paid out to investors.

• Year-to-Date (YTD): The price return is approximately 39.45%, while the total return is much higher at approximately 142.39%.

• One-Year: The price return is approximately 9.97%, and the total return is approximately 146.23%.

• Three-Year: The price return is approximately -48.02%, but the total return is approximately 286.78%.

Because this ETF has a history of reverse splits, we use split-adjusted returns to understand performance. A reverse split occurs when multiple old shares are combined into fewer new shares, which causes the per-share price to rise mechanically. The most recent reverse split for this fund occurred on December 8, 2025.

Income and distribution explanation

AMDY is designed for high income. It has a very high distribution yield of approximately 53.28%. The fund pays distributions very frequently, with a count of 51 payments over the last 12 months. These payments are often distributed on Thursdays.

It is important to remember that a high distribution yield does not mean an investor earned that same percentage as total return. You should always look at the total return figure to see how the fund performed overall including those payments.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the fund's assets). The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Regarding price-based evidence, the fund has an erosion score of 100, which is labeled as "No price erosion detected." The erosion severity is listed as "good," and there is no severe erosion-risk flag present.

Top Holdings

The following are the top holdings for this ETF (note that this list is partial):

• OTHER ASSETS AND LIABILITIES: 18.46%

• AMD US 08/21/26 C500: 18.15%

• AMD US 08/07/26 C452.5: 2.66%

• FIRST AMERICAN GOVERNMENT OBLIGS X: 1.77%

• AMD US 08/07/26 C475: 1.70%

• AMD US 08/07/26 C507.5: 1.27%

• AMD US 08/07/26 C442.5: 0.91%

• AMD US 08/07/26 C477.5: 0.88%

• CASH OFFSET: 0.86%

• AMD US 08/07/26 C455: 0.85%

*Holdings are updated as of October 8, 2026, and can change over time.*

Pros

• Provides very high distribution yields.

• Distributions are paid very frequently (weekly-like).

• The three-year total return is significantly positive.

Cons

• The share price has shown significant decline over a three-year period (-48.02% price return).

• The fund has a history of reverse splits.

Beginner takeaway

AMDY is an income-focused ETF that pays out cash very frequently. While the share price itself has been volatile, the total return (which includes the cash paid out) has been high. Investors should remember that a very high yield is not a guarantee of total profit and does not protect the original amount invested.