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Classification
How Beacon categorizes this fundWhere to buy
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to provide current income.
- Strategy
- Primarily invests in common stock of Space Exploration Technologies Corp. (SPCX) and/or derivatives on SPCX, backed by Fixed Income Instruments. Uses options, including FLEX options, to gain exposure to SPCX. May create synthetic long positions via call options and sold puts. Invests at least 80% of net assets in SPCX or derivatives. May employ various option strategies to generate income, including covered call writing and uncovered call/put writing. The Fund is actively managed and may invest in high yield securities.
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Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
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 2026-06-18