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Trending ETFs

Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.29

$68.9 M

55.94%

$6.32

1.19%

Vitals

YTD Return

-8.0%

1 yr return

3.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$68.9 M

Holdings in Top 10

98.2%

52 WEEK LOW AND HIGH

$11.1
$11.00
$17.65

Expenses

OPERATING FEES

Expense Ratio 1.19%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.29

$68.9 M

55.94%

$6.32

1.19%

OARK - Profile

Distributions

  • YTD Total Return -8.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 55.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    YieldMax Innovation Option Income Strategy ETF
  • Fund Family Name
    N/A
  • Inception Date
    Nov 22, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks current income while providing indirect exposure to the share price (i.e., the price returns) of ARKK (NYSE Arca: ARKK) (“ARKK”), subject to a limit on potential investment gains. The Fund will employ its investment strategy as it relates to ARKK regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods. As further described below, the Fund uses a synthetic covered call strategy to provide income and indirect exposure to the share price returns of ARKK, subject to a limit on potential investment gains as a result of the nature of the options strategy it employs. That is, the Fund not only seeks to generate income from its options investments but also aims to derive gains when the value of ARKK increases. The Fund’s options contracts provide:

indirect exposure to the share price returns of ARKK,
current income from the option premiums, and
a limit on the Fund’s participation in gains, if any, of the share price returns of ARKK.

For more information, see sections “The Fund’s Use of ARKK Option Contracts” and “Synthetic Covered Call Strategy” below.

The Fund’s investment adviser is Tidal Investments LLC (the “Adviser”) and the investment sub-adviser is ZEGA Financial, LLC (“ZEGA” or the “Sub-Adviser”).

Why invest in the Fund?

The Fund seeks to participate in a portion of the gains experienced by ARKK.
The Fund seeks to generate monthly income, which is not dependent on the price appreciation of ARKK.

That is, although the Fund may not fully participate in gains in ARKK’s share price, the Fund’s portfolio is designed to generate income.

An Investment in the Fund is not an investment in ARKK

The Fund’s strategy will cap its potential gains if ARKK shares increase in value.
The Fund’s strategy is subject to all potential losses if ARKK shares decrease in value, which may not be offset by income received by the Fund.
The Fund does not invest directly in ARKK.
Fund shareholders are not entitled to any ARKK distributions.

Additional information regarding ARKK is also set forth below.

The Fund’s Use of ARKK Option Contracts

As part of the Fund’s synthetic covered call strategy, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put option contracts that are based on the value of the price returns of ARKK.

In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of ARKK) at a specified price (the “strike price”).
If exercised, an option contract obligates the seller to deliver shares (for a sold or “short” call) or buy shares (for a sold or “short” put) of the underlying asset at a specified price (the “strike price”).
Options contracts must be exercised or traded to close within a specified time frame, or they expire. See the chart in section “Fund Portfolio” below for a description of the option contracts utilized by the Fund.

Standardized exchange-traded options include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). For more information on FLEX options, see “Additional Information about the Funds – Exchange Traded Options Portfolio.”

The Fund’s options contracts are based on the value of ARKK, which gives the Fund the right or obligation to receive or deliver shares of ARKK on the expiration date of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a call option or a put option, and whether the Fund purchases or sells the option contract.

Synthetic Covered Call Strategy

In seeking to achieve its investment objective, the Fund will implement a “synthetic covered call” strategy using the standardized exchange-traded and FLEX options described above.

A traditional covered call strategy is an investment strategy where an investor (the Fund) sells a call option on an underlying security it owns.
A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) does not own the underlying security, but rather seeks to synthetically replicate 100% of the price movements of the underlying security through the use of various investment instruments.

The Fund’s synthetic covered call strategy consists of the following three elements, each of which is described in greater detail farther below:

Synthetic long exposure to ARKK, which allows the Fund to seek to participate in the changes, up or down, in the price of ARKK’s shares.
Covered call writing (where ARKK call options are sold against the synthetic long portion of the strategy), which allows the Fund to generate income.
U.S. Treasuries, which are used for collateral for the options, and which also generate income.

1. Synthetic Long Exposure

To achieve a synthetic long exposure to ARKK, the Fund will buy ARKK call options and, simultaneously, sell ARKK put options to try to replicate the price movements of ARKK. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month to six-month terms and strike prices that are approximately equal to the then-current share price of ARKK at the time the contracts are purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with indirect investment exposure equal to approximately 100% of ARKK for the duration of the applicable options exposure.

2. Covered Call Writing

As part of its strategy, the Fund will write (sell) call option contracts on ARKK to generate income. Since the Fund does not directly own ARKK, these written call options will be sold short (i.e., selling a position it does not currently own). The Fund will seek to participate in the share price appreciation of ARKK, if any. However, due to the nature of covered call strategies, the Fund’s participation may be subject to a cap (as described below). In this strategy, the call options written (sold) by the Fund will generally have an expiration of one month or less (the “Call Period”) and generally have a strike price that is approximately 0%-15% above the then-current ARKK share price. 

It is important to note that the sale of the ARKK call option contracts will limit the Fund’s participation in the appreciation in ARKK’s share price. If the share price of ARKK increases, the above-referenced synthetic long exposure alone would allow the Fund to experience similar percentage gains. However, if ARKK’s share price appreciates beyond the strike price of one or more of the sold (short) call option contracts, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Fund’s synthetic long exposure. As a result, the Fund’s overall strategy (i.e., the combination of the synthetic long exposure to ARKK and the sold (short) ARKK call positions) will limit the Fund’s participation in gains in ARKK share price beyond a certain point. The Fund’s strategy seeks to fully cover all of the Fund’s sold call options with its synthetic long exposure.

3. U.S. Treasuries

The Fund will hold short-term U.S. Treasury securities as collateral in connection with the Fund’s synthetic covered call strategy.

The Fund intends to continuously maintain indirect exposure to ARKK through the use of options contracts. As the options contracts it holds are exercised or expire it may enter into new options contracts, a practice referred to as “rolling.” The Fund’s practice of rolling options may result in high portfolio turnover.

Fund’s Monthly Distributions

The Fund will seek to provide monthly income in the form of cash distributions. The Fund will seek to generate such income in the following ways:

Writing (selling) call option contracts on ARKK as described above. The income comes mainly from the option premiums received from these option sales. A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. The amount of these premiums is largely affected by the fluctuations in ARKK stock prices. However, other elements like interest rates can also influence the income level.
Investing in short-term U.S. Treasury securities. The income generated by such securities will be influenced by interest rates at the time of investment.

Fund’s Return Profile vs ARKK

For the reasons stated above, the Fund’s performance will differ from that of ARKK’s share price. The performance differences will depend on, among other things, the price of ARKK, changes in the value of the ARKK options contracts the Fund holds, and changes in the value of the U.S. Treasuries.

Fund Portfolio

The Fund’s principal holdings are described below:

YieldMax™ Innovation Option Income Strategy ETF – Principal Holdings

Portfolio Holdings 

(All options are based on the value of Innovation) 

Investment Terms Expected Target Maturity

Purchased call option contracts

“at-the-money” (i.e., the strike price is equal to the then-current share price of ARKK at the time of purchase) to provide indirect exposure to positive price returns of ARKK.

If the share price of ARKK increases, these options will generate corresponding increases to the Fund. 

1-month to 6-month expiration dates

Sold put option contracts

“at-the-money” (i.e., the strike price is equal to the then-current share price of ARKK at the time of sale).

They are sold to help pay for the purchased call options described above.

However, the sold put option contracts provide exposure to the full extent of any share price losses experienced by ARKK. 

1-month to 6-month expiration dates

Sold (short) call option contracts

The strike price is approximately 0%-15% more than the then-current share price of ARKK at the time of sale.

They generate current income. However, they also limit some potential positive returns that the Fund may have otherwise experienced from gains in the ARKK share price. 

1-month or less expiration dates
U.S Treasury Securities and Cash

Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government.

These instruments are used as collateral for the Fund’s derivative investments.

They will also generate income. 

6-month to 2-year maturities

The market value of the cash and treasuries held by the Fund is expected to be between 50% and 100% of the Fund’s net assets and the market value of the options package is expected to be between 0% and 50% of the Fund’s net assets. In terms of notional value, the combination of these investment instruments provides indirect investment exposure to ARKK equal to at least 100% of the Fund’s total assets.

The Fund is classified as “non-diversified” under the 1940 Act.

There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

ARKK

ARKK’s investment objective is long-term growth of capital. ARKK is an actively-managed ETF that invests under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation. ARKK’s investment adviser defines “disruptive innovation” as the introduction of a technologically enabled new product or service that potentially changes the way the world works. ARKK’s investment adviser believes that companies relevant to this theme are those that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to the areas of genomics (which ARKK’s adviser defines as “the study of genes and their functions, and related techniques, e.g., genomic sequencing); innovation in automation and manufacturing, transportation, energy, artificial intelligence and materials; the increased use of shared technology, infrastructure and services; and technologies that make financial services more efficient.

Under normal circumstances, substantially all of ARKK’s assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises. The Fund’s investments will include micro-, small-, medium- and large-capitalization companies. ARKK’s investments in foreign equity securities will be in both developed and emerging markets. ARKK may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).

You can find ARKK’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-22883 through the SEC’s website at www.sec.gov.

The information in this prospectus regarding ARKK comes from its filings with the SEC. You are urged to refer to the SEC filings made by ARKK and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of ARKK’s principal investment strategies contained herein was taken directly from ARKK’s prospectus, dated November 30, 2023.

This document relates only to the securities offered hereby and does not relate to the shares of ARKK or other securities of ARKK. The Fund has derived all disclosures contained in this document regarding ARKK from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ARKK. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ARKK is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ARKK (and therefore the price of ARKK at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ARKK could affect the value received with respect to the securities and therefore the value of the securities.

None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of ARKK.

THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH ARK ETF TRUST, ARKK, OR ARK INVESTMENT MANAGEMENT LLC.

Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry or group of industries as ARKK. As of December 31, 2023, ARKK was concentrated in the information technology sector.

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OARK - Performance

Return Ranking - Trailing

Period OARK Return Category Return Low Category Return High Rank in Category (%)
YTD -8.0% N/A N/A N/A
1 Yr 3.5% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period OARK Return Category Return Low Category Return High Rank in Category (%)
2023 -20.0% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period OARK Return Category Return Low Category Return High Rank in Category (%)
YTD -8.0% N/A N/A N/A
1 Yr 3.5% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period OARK Return Category Return Low Category Return High Rank in Category (%)
2023 20.2% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

OARK - Holdings

Concentration Analysis

OARK Category Low Category High OARK % Rank
Net Assets 68.9 M N/A N/A N/A
Number of Holdings 7 N/A N/A N/A
Net Assets in Top 10 64 M N/A N/A N/A
Weighting of Top 10 98.22% N/A N/A N/A

Top 10 Holdings

  1. United States Treasury Note/Bond 48.86%
  2. United States Treasury Bill 47.93%
  3. ARK Innovation ETF 6.06%
  4. First American Government Obligations Fund 0.17%
  5. ARK Innovation ETF -0.07%
  6. ARK Innovation ETF -0.12%
  7. ARKK 03/15/2024 45.01 P -4.60%

Asset Allocation

Weighting Return Low Return High OARK % Rank
Bonds
96.79% N/A N/A N/A
Cash
1.95% N/A N/A N/A
Other
1.26% N/A N/A N/A
Stocks
0.00% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Convertible Bonds
0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High OARK % Rank
Derivative
1.26% N/A N/A N/A
Cash & Equivalents
0.17% N/A N/A N/A
Securitized
0.00% N/A N/A N/A
Corporate
0.00% N/A N/A N/A
Municipal
0.00% N/A N/A N/A
Government
0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High OARK % Rank
US
96.79% N/A N/A N/A
Non US
0.00% N/A N/A N/A

OARK - Expenses

Operational Fees

OARK Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.19% N/A N/A N/A
Management Fee 0.99% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

OARK Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

OARK Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

OARK Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

OARK - Distributions

Dividend Yield Analysis

OARK Category Low Category High OARK % Rank
Dividend Yield 55.94% N/A N/A N/A

Dividend Distribution Analysis

OARK Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

OARK Category Low Category High OARK % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

OARK Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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OARK - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A