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DRKY
VistaShares Target 15 DRUKMacro Distribution ETF
Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)
Verdict
WATCH
Weighted score · 3.70 / 5
Fund Identity
What it is, who runs it, where it lives.
The VistaShares Target 15 DRUKMacro 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 seeks to track the BITA VistaShares DRUKMacro Select Index (the top 20 U.S.-listed equity securities by weight in the Duquesne Family Office's publicly disclosed 13F portfolio), and an Income Strategy that generates income through options writing on those same underlying securities. The Fund may invest directly in equities or synthetically via options and swap agreements. The Fund targets an annual income distribution of 15% (the 'Annual 15% Target'), funded primarily through options premiums, and also holds cash and/or short-term U.S. Treasuries as collateral.
Ticker
DRKY
Issuer
Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)
Exchange
ARCX
Inception
2025-10-08 · 0.7 yrs
Mgmt style
Active
Replication
Physical (direct equity ownership) or Synthetic (options/swaps) at sub-adviser discretion, combined with options writing for income generation
Index-based
— · BITA VistaShares DRUKMacro 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 for income); short-dated in-the-money call options for synthetic equity exposure; buying calls and selling puts at identical strikes for synthetic replication
generates income
Underlying
Individual stocks (the Underlying Securities comprising the BITA VistaShares DRUKMacro Select Index)
income exposure
MONTHLY
10.2%
DIST. RATE
71% ROC
Ordinary Income
Ordinary Income
Underlying
Individual stocks (the Underlying Securities comprising the BITA VistaShares DRUKMacro Select Index)
Strategy
Covered calls (writing call options on held securities for income); short-dated in-the-money call options for synthetic equity exposure; buying calls and selling puts at identical strikes for synthetic replication
Tax
Ordinary Income
The Fund writes options on its Underlying Securities to generate the majority of its yield, targeting 15% annual income. It also uses short-dated (one month or less) in-the-money call options and call/put combinations to synthetically replicate equity exposure. Options positions are actively rolled as they expire or are exercised.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · OCT '25 – JUN '26
OCT '25JUN '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
71%
ROC
Return of Capital — constructive71%
Net Investment Income29%
Frequency
Monthly
Dist. rate
10.24%
ROC %
71%
30-day SEC
not reported
Consistency
3 w/o cut
YOC · 1yr-ago buyer
10.3%
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 of $0.25438 per share for the VistaShares Target 15 DRUKMacro Distribution ETF (DRKY) consists of 28.81% from estimated net investment income ($0.07330) and 71.19% from estimated return of capital ($0.18108). No capital gains are included in this distribution.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 4 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
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
9.8 yr
Dist. Since Incep.
$2.1
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
70
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
No moving-average series.
Price $20.22
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
14K
Avg dollar volume
$268,194
Bid/ask spread
0.50%
Premium/discount
+0.50%
Turnover
—
Estimated bid/ask spread ~0.29% (moderate). Average daily dollar volume ~$0.3M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Rising. Source: shares×price (Massive, monthly).
AUM ($)
$19M
$21M$12M$3M
NOV '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
DRKY · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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