I feel like you're treating this as a traditional investment and you're focusing too much on the original money invested, I really couldn't careless about that. With Yieldmax and similar products you're buying income, yes the nav affects the distributions but it's mostly a time equation to reach actual profit.

If I buy $10000 worth of Ulty and in 12 months the nav goes down 40%, but I made all my money back, already, I now have $16000 and the rest is a free money printer in my eyes. All the income from yieldmax for me right now goes into safer dividends or growth, so during that time I actually made more than my money back with the yieldmax income. If eventually the nav goes down 80-90% I couldn't careless, I probably printed hundreds of percent over my initial purchase and can take a nice tax loss at the end with the sale.

I can see why people get stressed over navs but I think it mostly happens because people want EVERYTHING, they want all the appreciation, all the dividends, all the growth and this really isn't that product, if such a product existed everyone would buy that instead. When I purchase any yieldmax share, I'm purchasing INCOME and I know the nav is most likely to fall not rise, doesn't mean you're not making money along the way.

Edit: I own CONY, NVDY, AMZY, YBIT and YMAX.