Share-split context: A reverse split was recorded on Dec 2, 2025 with coefficient 0.1. 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.

ETF Report: YIELDMAX(R) SHORT NVDA OPTION INCOME STRATEGY ETF (DIPS)

DIPS is an inverse, single-stock ETF that uses an option income strategy. It is designed to provide income and profit from a decline in the price of NVIDIA (NVDA) shares.

What this ETF is trying to do

DIPS is an "inverse" ETF, meaning it is built to move in the opposite direction of a specific stock. It uses options to generate cash distributions for investors while betting that the underlying stock's price will go down.

What the numbers show

The share price of DIPS has seen a significant decline. The year-to-date (YTD) price return is -40.71%, and the one-year price return is -49.06%.

When looking at the total return—which includes both the share price change and the distributions paid out—the numbers are different. The YTD total return is -18.55%, and the one-year total return is -18.32%. This shows that while the share price fell sharply, the distributions helped offset some of those losses.

Income and distribution explanation

DIPS provides very frequent distributions, paying out 52 times over the last 12 months (mostly on Thursdays). It has a distribution yield of approximately 54.07%.

It is important for beginners to know that a high distribution yield can be misleading. A high yield does not guarantee that the investor is making money overall, especially if the share price is falling at the same time.

Price and NAV erosion explanation

DIPS has a "severe" erosion severity rating and an erosion score of 10. It also has a severe erosion-risk flag. This means the split-adjusted price trend and erosion score triggered a warning about substantial price deterioration.

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. NAV erosion happens when the actual value of the fund's underlying assets drops over time.

Additionally, DIPS has a history of a reverse split (most recently on December 2, 2025, with a coefficient of 0.1). In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the per-share price. This mechanical increase does not restore lost investment value.

Top Holdings

As of October 8, 2026, the fund's holdings are very limited:

• First American Government Obligs X (FGXXX): 0.79%

Pros

• Provides very frequent, weekly-like cash distributions.

• Offers a way to bet against a single stock (NVDA) without owning the stock itself.

Cons

• Severe price erosion risk.

• Significant negative price returns over the last year.

• History of reverse splits to manage the share price.

Beginner takeaway

DIPS is a high-risk tool used for specific goals. While it pays out a high distribution yield, the share price has declined significantly. Investors should remember that high income payments do not always protect the original money invested (the principal).