TPRY · Streamfolio

🔒

You're viewing the free teardown. Pro unlocks the deeper sections on this fund — risk assessment, scoring & verdict, track record vs. the underlying, holdings & concentration, peer comparison, pros & cons, and the analyst commentary.

Start your 7-day free trial

ARCX · Active · options-income

TPRY

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)

Verdict

WATCH

Weighted score · 3.00 / 5

AUM

$1M

assets under mgmt

Avg Volume

shares · daily

Distribution

3.5%

Monthly · 93% ROC

Expense Ratio

0.95%

0.95% gross

1Y Return

—

vs underlying

Sharpe

0.97

Max DD -10.8%

Fund Identity

What it is, who runs it, where it lives.

The VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF primarily seeks income, and secondarily, long-term capital appreciation..

The Fund is an actively managed ETF with two components: (1) an Index Strategy that invests directly or indirectly in the top 20 U.S.-listed equity securities held by Appaloosa Management L.P. as tracked by the BITA VistaShares TEPRTantrum Select Index, and (2) an Options Strategy that sells options on those underlying securities to generate premiums targeting approximately 1.3% per month. The Fund targets an annual cash distribution level of 15% of NAV. Synthetic exposure may be achieved via in-the-money call options and/or swap agreements, with cash and U.S. Treasuries held as collateral.

Ticker

TPRY

Issuer

Tidal Investments LLC (Adviser); VistaShares Advisors LLC (Sub-Adviser)

Exchange

ARCX

Inception

2026-02-26 · 0.3 yrs

Mgmt style

Active

Replication

Physical (direct equity holdings) or Synthetic (swap-based and options-based) plus Derivatives (options/futures) for premium generation; sub-adviser chooses between direct and synthetic on a security-by-security basis

Index-based

— · BITA VistaShares TEPRTantrum 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 call spreads (primary); short-dated in-the-money call options for synthetic replication; also may use long call + short put combinations; options writing to generate premiums

generates income

Underlying

Individual stocks (Underlying Securities in the BITA VistaShares TEPRTantrum Select Index / Appaloosa portfolio)

income exposure

MONTHLY

3.5%

DIST. RATE

93% ROC
Ordinary Income

Underlying

Individual stocks (Underlying Securities in the BITA VistaShares TEPRTantrum Select Index / Appaloosa portfolio)

Strategy

Covered call spreads (primary); short-dated in-the-money call options for synthetic replication; also may use long call + short put combinations; options writing to generate premiums

Tax

Ordinary Income

The Fund writes options on some or all of its underlying securities to generate net premiums targeting approximately 1.3% per month to support the 15% annual distribution target. The primary options strategy is covered call spreads. The Fund also uses options synthetically to replicate equity exposure without direct ownership, including short-dated in-the-money calls and risk reversal-type structures.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · FEB '26 – JUN '26

FEB '26JUN '26

Max DD

-10.8%

Volatility

27.1%

Sharpe

0.97

Sortino

1.48

Calmar

—

Beta

—

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

3.7%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

93%

ROC

Return of Capital — constructive93%

Net Investment Income7%

Frequency

Monthly

Dist. rate

3.52%

ROC %

93%

30-day SEC

not reported

Consistency

3 w/o cut

YOC · 1yr-ago buyer

3.7%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

93% Return of Capital

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 $0.24538 per share for TPRY is composed almost entirely of Return of Capital (92.59%, or $0.22720 per share), with a small Net Investment Income portion of 7.41% ($0.01818 per share). No capital gains are included 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

28.4 yr

Dist. Since Incep.

$0.7

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

No moving-average series.

Price $20.62

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

Avg dollar volume

$66,171

Bid/ask spread

0.41%

Premium/discount

+0.41%

Turnover

—

Estimated bid/ask spread ~0.18% (moderate). Average daily dollar volume ~$0.1M (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 ($)

$1M

$3M$2M$1M

FEB '26JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

TPRY · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.