What this ETF is trying to do

The YIELDMAX(R) SNOW OPTION INCOME STRATEGY ETF (SNOY) is an exchange-traded fund that uses an option income strategy. This means it uses financial contracts called options to try and generate regular cash for investors.

What the numbers show

It is important to understand that there are two different ways to look at how this ETF has performed: price return and total return.

• Price Return: This only tracks the change in the share price. The current price is $11.21. Compared to an estimated price from roughly one year ago of $15.07, the one-year price return was approximately -25.61%. This year so far (YTD), the price return is approximately -8.27%.

• Total Return: This includes both the price changes and the cash distributions paid out. Even though the share price went down, the one-year total return was approximately 43.29%, and the YTD total return was approximately 52.18%.

Income and distribution explanation

This ETF is known for very frequent distributions, often appearing weekly. In the last 12 months, there were 51 payouts, with most occurring on Thursdays.

The distribution yield is approximately 63.96%. While this number is very high, it is important to remember that a high yield does not guarantee the investment will grow in value. High distributions provide cash income, but they do not protect the original amount of money you invested.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of an ETF's underlying assets declines over time. StockValueFinder has issued a severe erosion-risk flag for this ETF. This means the split-adjusted price trend and the erosion score triggered a warning.

The fund has an erosion score of 30, which is labeled as "significant price erosion." This indicates a measurement of risk regarding the stability of the fund's value.

Pros

• High Total Returns: Despite falling share prices, the total return (which includes distributions) has been positive over the last year.

• Frequent Cash Flow: The ETF provides very frequent distributions for investors looking for regular cash.

Cons

• Share-Price Decline: The actual price of a single share has dropped significantly over the past year.

• High Erosion Risk: The fund carries a severe erosion-risk flag and a significant erosion score.

• Price vs. Total Return Gap: There is a large difference between the falling share price and the high total return, which is driven by the distributions.

Beginner takeaway

When looking at SNOY, it is vital to distinguish between the share price and the total return. While the high distribution yield provides a lot of cash, the share price has been declining. Investors should be aware of the severe erosion-risk flag and understand that high yields can exist even when the share price is dropping.

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Top Holdings (Partial List):

• SNOW 05/15/2026 150.01 C (11.32%)

• CASH OFFSET (3.78%)

• OTHER ASSETS AND LIABILITIES (2.54%)

• FIRST AMERICAN GOVERNMENT OBLIGS X (1.71%)

• SNOW US 04/17/26 C144 (0.27%)

• SNOW US 04/17/26 C148 (0.22%)

• SNOW US 04/17/26 C146 (0.21%)

• SNOW US 04/17/26 C150 (0.18%)

• SNOW US 04/24/26 C149 (0.10%)

• SNOW US 04/17/26 C152.5 (0.07%)

*Holdings are subject to change over time.*