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ACKY
VistaShares Target 15 ACKtivist Distribution ETF
Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)
Verdict
AVOID
Weighted score · 2.40 / 5
Fund Identity
What it is, who runs it, where it lives.
The VistaShares Target 15 ACKtivist Distribution ETF primarily seeks income, and secondarily, long term capital appreciation..
The Fund is an actively managed ETF with two components: an Index Strategy that invests directly or indirectly in equity securities comprising the BITA VistaShares ACKtivist Select Index (top 20 U.S.-listed holdings of Pershing Square Capital Management plus an ~10% allocation to Pershing Square USA, Ltd.), and an Income Strategy that uses options on those same underlying securities to target a 15% annual income distribution. The Fund may invest in securities directly or synthetically via options and swap agreements, and holds cash and/or short-term U.S. Treasuries as collateral. The Sub-Adviser exercises discretion in implementing both strategies, including the ability to rebalance more frequently than the Index and to invest in Pershing Square holdings not currently in the Index for regulatory or income-target purposes.
Ticker
ACKY
Issuer
Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)
Exchange
ARCX
Inception
2025-09-09 · 0.8 yrs
Mgmt style
Active
Replication
Physical (direct equity holdings) or Synthetic (swap-based and options-based) for Index exposure; options writing for income generation
Index-based
— · BITA VistaShares ACKtivist Select Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered calls (writing call options on held securities); short-dated in-the-money call options for synthetic equity exposure; purchasing calls and selling puts at identical strike prices for synthetic replication
generates income
Underlying
Individual stocks (Underlying Securities in the BITA VistaShares ACKtivist Select Index)
income exposure
MONTHLY
12.2%
DIST. RATE
100% ROC
Ordinary Income
Ordinary Income
Underlying
Individual stocks (Underlying Securities in the BITA VistaShares ACKtivist Select Index)
Strategy
Covered calls (writing call options on held securities); short-dated in-the-money call options for synthetic equity exposure; purchasing calls and selling puts at identical strike prices for synthetic replication
Tax
Ordinary Income
The Fund writes options on its Underlying Securities to generate the majority of its yield, targeting a 15% annual income distribution. It also uses short-dated in-the-money call options and call/put combinations synthetically to replicate equity exposure. Options positions are actively managed and rolled as they expire or are exercised.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · SEP '25 – JUN '26
SEP '25JUN '26
Flat-NAV reinvestment hurdle
108.5%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — destructive100%
Net Investment Income0%
Frequency
Monthly
Dist. rate
12.22%
ROC %
100%
30-day SEC
not reported
Consistency
3 w/o cut
YOC · 1yr-ago buyer
10.8%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The April 28, 2026 distribution for ACKY is $0.23850 per share, consisting entirely of Return of Capital (100%). There is no Net Investment Income or capital gains component in this distribution.
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-05-26
Ex-dividend
2026-05-26
Pay date
—
Payback Period
8.2 yr
Dist. Since Incep.
$2.2
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
42
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
No moving-average series.
Price $17.81
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
34K
Avg dollar volume
$582,066
Bid/ask spread
0.28%
Premium/discount
+0.28%
Turnover
—
Estimated bid/ask spread ~0.15% (moderate). Average daily dollar volume ~$0.6M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Rising. Source: shares×price (Massive, monthly).
AUM ($)
$49M
$54M$40M$25M
SEP '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
ACKY · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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