ARCX · Active · options-income

State Street Consumer Discretionary Select Sector SPDR Premium Income

SSGA Funds Management, Inc. (SSGA FM)

Weighted score · 3.50 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · — ROC

Expense Ratio

0.35% gross

1Y Return

vs underlying

Sharpe

Max DD -12.3%

The Fund seeks to provide current income while maintaining prospects for long term growth of capital..

The Fund invests at least 80% of its net assets in a combination of Consumer Discretionary company securities (directly or through the State Street Consumer Discretionary Select Sector SPDR ETF) and investments that produce premium income. The Fund achieves its objective by holding shares of the Underlying Select Sector Fund and systematically selling (writing) call options on that fund to generate incremental income. Call options typically have expirations of less than one year (approximately one to two months) and strike prices are set using delta-based optimization to balance premium income with potential for price appreciation. The Fund may also invest directly in Consumer Discretionary equities and use futures contracts for investment purposes.

The Fund systematically sells (writes) call option contracts with expirations of less than one year, typically approximately one to two months, on the Underlying Select Sector Fund to generate premium income. Strike prices are set using delta-based optimization to balance income and upside participation. The Adviser rolls short options positions before expiration based on market and liquidity conditions; both listed options and FLEX Options may be used.

NAV HISTORY · JUL '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

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.

Composition · Recent Distribution

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 Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, and/or capital gains. Some distributions may be treated as a return of capital for tax purposes. Frequent selling of call options may result in increased distributions, including potentially increased distributions taxable as ordinary income.

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bearish — 50-DMA below 200-DMA

Price $22.97 is above the 200-day SMA ($22.86); 50-day SMA $22.83. The 50-day SMA sits below the 200-day — an established downtrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.03% (very tight). 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.

AUM ($)