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QUSA
VistaShares Target 15 USA Quality Income ETF
Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)
Verdict
WATCH
Weighted score · 3.60 / 5
Fund Identity
What it is, who runs it, where it lives.
The VistaShares Target 15 USA Quality Income ETF primarily seeks income, and secondarily, long term capital appreciation..
The Fund is an actively managed ETF combining two components: (1) an Equity Strategy that purchases 20–50 U.S. equity securities with high quality characteristics (high ROE, low debt-to-equity, low earnings variability) across large- and mid-cap companies, and (2) an Options Strategy that generates income by writing options contracts on the underlying equity securities, targeting an annual income of 15%. The Fund may also hold up to 10% in cash or short-term U.S. Treasuries as collateral and supplemental income. VistaShares selects the equity securities on a quarterly (or more frequent) basis, while Tidal Investments manages the options overlay.
Ticker
QUSA
Issuer
Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)
Exchange
ARCX
Inception
2025-05-06 · 1.1 yrs
Mgmt style
Active
Replication
Physical (full replication) for equities plus Derivatives (options/futures) overlay for income generation
Index-based
—
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 securities already held by the Fund); may also employ other options strategies based on market outlook
generates income
Underlying
Individual U.S. equity securities held in the Fund's portfolio
income exposure
MONTHLY
15.1%
DIST. RATE
32% ROC
Ordinary Income
Ordinary Income
Underlying
Individual U.S. equity securities held in the Fund's portfolio
Strategy
Covered Calls (writing call options on securities already held by the Fund); may also employ other options strategies based on market outlook
Tax
Ordinary Income
The Fund writes (sells) options contracts on some or all of its underlying equity securities to collect premium income, targeting an annual income of 15%. The Adviser actively manages the options positions, selecting strategies based on market outlook and volatility conditions. As options expire or are exercised, the Fund rolls into new contracts to maintain continuous income generation.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
36.6%
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
32%
ROC
Return of Capital — mixed32%
Net Investment Income68%
Frequency
Monthly
Dist. rate
15.09%
ROC %
32%
30-day SEC
not reported
Consistency
3 w/o cut
YOC · 1yr-ago buyer
14.1%
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 $0.22738 per share for the VistaShares Target 15 USA Quality Income ETF (QUSA) is composed of approximately 67.89% estimated net investment income and 32.11% estimated return of capital. No capital gains are included in this distribution. These figures are estimates and may be revised for final tax reporting purposes.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 6 months.
DIST ($/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
6.6 yr
Dist. Since Incep.
$3.1
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
100
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$18.8$18.0$17.1$16.3
FEB '26JUN '26
Price $18.77
50-DMA $18.23
200-DMA $17.48
Bullish — 50-DMA above 200-DMA
Price $18.77 is above the 200-day SMA ($17.48); 50-day SMA $18.23. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
12K
Avg dollar volume
$223,224
Bid/ask spread
0.22%
Premium/discount
+0.22%
Turnover
—
Estimated bid/ask spread ~0.14% (tight). Average daily dollar volume ~$0.2M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$18M
$19M$13M$6M
MAY '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
QUSA · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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