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USOYDefiance Oil Enhanced Options Income ETF

Get income2y track recordRanked #1,158 of 1,628 in this goal

Seeks current income with exposure to the performance of the United States Oil Fund, LP (USO).

By Defiance ETFs LLC · Launched 2024

Annual Cost

1.12%

#5,193 of 5,573 · expensive

Fund Size

$62M

#3,371 of 5,573 · mid-size

Dividend YieldGoal

66.64%

Track Record

2 years

#3,564 of 5,573 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$12,561+25.6%

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

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 9 holdings = 98.6% of fundconcentrated

TREASURY BILL
23.8%
TREASURY BILL
20.8%
TREASURY BILL
15.8%
TREASURY BILL
13.9%
US TREASURY N/B
11.4%
TREASURY BILL
10.8%
First American Government Obli
3.2%
N/AUSO 12 P70
-0.4%
N/AUSO 12 P71
-0.6%

Asset allocation

Cash
56.7%
Bonds
51.6%
Other
2.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
31.6%High

Year-on-year price swings

Max drawdown
-19.8%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
NASDAQ Global Select Market

Full fund details

Objective
Seeks current income with exposure to the performance of the United States Oil Fund, LP (USO).
Strategy
Actively managed ETF aiming for current income while providing indirect exposure to USO's share price. Generates options premiums from sold options when USO's price increases.
Inception date
May 9, 2024
Fund family
Defiance ETFs LLC

Our take

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

Covered call
Warning

Covered call ETF — yield ≠ total return

The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.

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

Why we flagged this: strategy=option_income + option_income_strategy

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 2026-06-20