저자: Dividendology채널진행자 · 외국인
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신규 커버드콜 ETF ACKY(빌 애크먼 포트폴리오 추종, 목표 연 15% 분배)를 분석. 외가격 콜 전략이라 상승장에 유리하고, 옵션 커버리지 100%로 상방을 제한. OMAH(버크셔 추종 동일 구조)는 4월 관세 충격 후 회복력을 보였음. 보유 종목 상위 3개가 약 50% 차지. 분석 목적상 스폰서 영상이라고 명시.
다듬은 글
Over the last 9 months, I've been building out the largest database of covered call ETFs out there. And these are funds that have really exploded in popularity in the last few years. And you can actually download this sheet for free at the link in the description. But in the last week alone, I actually added a brand new covered call ETF to this database.
And that ETF is AC Kyaki from Vista Shares. This is the Vista Shares Target 15 Activist Distribution ETF. This is a covered call ETF that's targeting a 15% annual dividend yield. So, it's looking to make large dividend payments. And the idea behind the fund is it's mimicking the holdings of the legendary investor Bill Aman.
So, in this video, we're going to be analyzing the fund, looking at their option strategy, and of course, looking at all the necessary and relevant information we need to know about this new covered call ETF. I also want to say thank you to Vista Shares for sponsoring this video. And to be completely transparent, like always, because this is a sponsored video, I'm not looking to talk good about the fund and I'm not looking to talk bad.
I'm simply going to tell you the facts. So, let's go ahead and jump in. Now, one of the things that's interesting about covered call ETFs is even though this ETF has only been trading for about 5 days, we can actually get a pretty good idea of what this fund is going to do in the future simply by looking at how it's structured.
Let me give you a few examples of what I mean. In the covered call ETF database, again, it's available for free at the link in the description. There's plenty of relevant information, but there's three key items that most investors gloss over that can really tell you a lot about the fund. And those three key metrics are options moneyiness, portfolio options coverage, and whether or not the net asset value has grown since inception.
Now, as it relates to ACKY, we can see they use out ofthe- money calls. So, what does this mean in regards to the fund? What should we expect? Well, we have to remember there's typically three different option strategies we'll use. We'll see at the money calls, in the money calls, or out ofthe- money calls.
And just to quickly summarize, when it comes to out of the money calls, this is typically used by other ETFs you're probably familiar with like JPI and DIVO. And essentially what this does, it typically provides lower premiums, but at times can also allow some upside. So, this is going to be better in bullish markets.
The key here is it has the ability to take part in the upside. Now the caveat to that is the portfolio options coverage is 100%. Now when you see portfolio options coverage at 100% it means the fund is really focused on trying to generate as much income as possible. If this was sitting at 50% it would give the fund more potential to take part in the upside.
So really what's happening here is we are capping the upside. So the perfect market environment for a CKY would obviously be a bull market. What's interesting is that's not necessarily true for all covered call ETFs. And then of course we have to know what's going to happen with the NAV, the net asset value.
A growing net asset value allows the fund to continue to generate large dividend payments and potentially even grow them over time. But if it's declining, those dividend payments will likely get smaller and smaller, which is unfortunately the case for many covered call ETFs. Now, so far, AI's only traded for about 5 days, but it's actually already up by about 1%.
Now, obviously, that doesn't mean much, but one of the things we can look at is how another fund that's essentially structured the exact same way has traded since its inception, and that's OM. This is another fund from Vista Shares, and it's targeting a 15% dividend yield, and it focuses on the holdings of Burkshshire Hathway.
And this fund has actually become very popular. In just a short amount of time, about 6 months of trading, it's already grown to about 500 million in assets under management. So there seemed to be a lot of investors interested in this type of fund. Now, what's interesting is if we take a close look at what's actually been happening with the share price and basically the net asset value, we can see it's remained relatively stable over the last 6 months.
It's down slightly since inception. But here's the good news. We can see when we saw the tariff scare right here in early April when the market sold off, this fund was actually able to bounce back. Now, this is a big deal because a lot of covered call ETFs when they have a large decline in their net asset value never recover because of the way that their option strategy is structured.
So, to me, seeing this recovery is a good sign from OMAH. And we have to make note that ACKY is pursuing the exact same strategy. Now, if you actually take a deep dive into the fund's prospectus, here's one of the things you'll make note of. Because this fund is actively managed, they don't limit themselves to call options only.
In fact, they state that they're looking to use a variety of different strategies depending on things like the market environment and the fact that their goal is to generate 15% income. Now, the idea behind using all these different option strategies is yes, again, to generate income, but also potentially reduce risk as well.
So you can see for each of these what the best case scenario would be, what the goal of them would be, and what the risk of them would be. And for a lot of these different types of option strategies, they can offset each other. I feel like we commonly hear about how risky options can be, but professional investors use them all the time simply to hedge risk.
For example, selling callers. This is when you sell a call and buy a put to limit downside while giving up some upside. So essentially, you protect against large moves and limit your losses. So in a case where this fund used that strategy, if the stock stayed flat, they would be able to generate a lot of income.
So again, it's important to understand the different option strategies used. Now, if we jump over to the funds fact sheet, they give us three key reasons to consider this fund. Number one is to seek high monthly income. ACKY seeks to generate high monthly income by investing in an equity portfolio and implementing a data-driven options investment strategy.
Two is core equity exposure. ACKY provides full cap range equity exposure that can be considered a portion of the core equity allocation in a well diversified portfolio. And then number three is portfolio options management which essentially falls in line with what we were just talking about. So what we still need to talk about here is the core equity exposure.
What does this actually look like? Well, this is where Bill Aman comes into play. Essentially the equity holdings that you're going to have exposure to are going to be the exact same holdings as the legendary investor Bill Aman. And so those holdings are going to be Uber, Brookfield, Restaurant Brands International, Howard Hughes, Amazon, Google, Chipotle, Google again, but Classy Shares, Hilton, Hertz, and Seapport Entertainment Group.
Now, one of the things we obviously have to make note of is essentially these first three holdings are going to make up close to 50% of the entire portfolio. And in total, there's only 11 different holdings in this portfolio. Now whether or not that's a good or bad thing depends on your take and what you actually think about the holdings in the portfolio.
Now the good news is some of these companies actually have a bit of volatility. Take stocks like Uber or even Google for example. More volatility at least when it comes to covered call ETFs typically means they can generate more income. But very generally speaking if you're bullish on these holdings and you're looking for the options overlay that would be a reason to consider this fund.
If you look at these holdings and don't like what you see, and if you don't think Bill Aman's going to be making wise decisions in the future, then this would be a fund to stay away from. If we look at the distribution table for this fund, we can see it looks like most of the time the distributions will be paid out right at the end of the month.
And the first declaration date will be September 26th, first X dividend date September 29th. So essentially, be sure if you're interested in this fund to get in before that date. So, there's a lot we can tell about this fund simply by looking at how it's structured with the out-ofthe money calls. Bull markets are typically better 100% portfolio options coverage.
It's looking to generate aggressive income. And by looking at how OMAH has traded so far since it's essentially structured the same way, we can see in the environment we've been operating, the share price has been relatively stable and was even able to bounce back from the tariff scare. And so far looks like OMAH has done a decent job of getting that 15% target yield annually which would come out to about 1.25% on a monthly basis.
So in the coming months and really in the coming years I'll be interested to see how this fund performs. I'll continue to track it in the covered call ETF database which again you can download for free his fund in the comments down below. And like always, please don't forget to like and subscribe to the
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