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OARKYieldMax Innovation Option Income Strategy ETF

Get income3y track recordRanked #1,264 of 1,650 in this goal

Seeks current income while providing indirect exposure to the share price of the ARK Innovation ETF.

By YieldMax ETFs · Launched 2022

Annual Cost

1.00%

#5,196 of 5,861 · expensive

Fund Size

$56M

#3,543 of 5,861 · mid-size

Dividend YieldGoal

33.64%

Track Record

3 years

#2,797 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$10,022+0.2%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 104.1% of fundconcentrated

TREASURY BILL
34.0%
TREASURY BILL
27.2%
TREASURY BILL
16.7%
N/A
10.7%
TREASURY BILL
9.7%
First American Government Obli
3.2%
TREASURY BILL
2.3%
N/A
0.3%
N/A
0.0%
N/A
0.0%

Asset allocation

Cash
80.0%
Bonds
7.8%
Other
6.8%
Stocks
5.5%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
29.1%High

Year-on-year price swings

Max drawdown
-35.5%Severe

Worst peak-to-trough loss

Sharpe (3Y)
0.27Below average
Sortino (3Y)
0.37Moderate downside risk

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks current income while providing indirect exposure to the share price of the ARK Innovation ETF.
Strategy
Actively managed ETF that seeks current income through a synthetic covered call strategy and synthetic covered call spread strategy, generating options premiums while providing indirect exposure to the ARK Innovation ETF's share price returns. Invests in U.S. Treasuries for collateral and income generation.
Inception date
November 22, 2022
Fund family
YieldMax ETFs

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04