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) PYPL OPTION INCOME STRATEGY ETF (ticker: PYPY) is designed to use an option income strategy. This means it uses specific financial tools called options to try and generate regular cash for investors.

What the numbers show

When looking at PYPY, it is important to understand two different types of returns. The price return only shows how much the share price changed. The total return includes both the share price change and the cash distributions paid out to investors.

The data shows that the share price has declined significantly:

• Year-to-date (YTD) price return: approximately -36.52%

• One-year price return: approximately -55.04%

• Three-year price return: approximately -73.74%

However, because the ETF pays out a lot of cash, the total returns are higher than the price returns:

• YTD total return: approximately -8.50%

• One-year total return: approximately -26.79%

• Three-year total return: approximately -0.37%

This ETF also has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares. This makes the price per share rise mechanically, but this increase does not restore lost investment value.

Income and distribution explanation

PYPY is known for very high distributions. The distribution yield is approximately 48.85%. These payments are very frequent, occurring about 51 times over the last year, which is almost like a weekly payment. While these frequent cash payments can provide income, a high yield alone does not mean an investor is making a profit.

NAV erosion explanation

The ETF has a severe erosion-risk flag. This means that StockValueFinder's rules detected significant share-price decline and a low erosion-risk score of 10.

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. Based on the available price-based evidence, there has been severe price erosion.

Top Holdings

As of the most recent update, the ETF's top holdings include:

• FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX): 3.14%

• PAYPAL HOLDINGS INC (PYPL): -0.72%

Please note that holdings can change over time.

Pros

• Provides a very high distribution yield.

• Offers very frequent cash distributions (almost weekly).

Cons

• Shows significant share-price decline.

• Carries a severe erosion-risk flag.

• The total return has been negative over the one-year and year-to-date periods.

Beginner takeaway

PYPY provides very high and frequent cash payments, but these payments have not been enough to stop the overall value of the investment from dropping. Investors should remember that a high distribution yield can exist even when the share price is falling significantly.