저자: 미상 · 외국인
요약 보기
Vista Shares의 커버드콜 ETF DRKY(스탠리 드러켄밀러 포트폴리오 추종, 목표 분배수익률 15%)를 분석. 신규 상장 5일 미만이라 실적 판단은 불가하며, 유사 상품 OMAH의 순자산이 대체로 횡보·소폭 하락한 점을 참고. 외가격 콜 위주 운용과 옵션 커버리지 비중이 수익률과 상승 여력 제한을 좌우한다고 설명. 상위 종목 집중도(상위 3개 35%+)와 바이오·반도체·담배 노출을 짚으며 영상은 스폰서 영상임을 명시. 투자 판단은 시청자 몫이라는 중립적 결론.
다듬은 글
The first half of 2025 saw a record level of inflows into US derivative income funds. In other words, covered call ETFs are becoming increasingly popular. You probably already know this. And so, one of the things that I've been building out for the last year is the Dividendology covered call ETF database, where I provide in-depth data on over 65 different covered call ETFs.
And you can actually download this spreadsheet for free at the link in the description or in the pinned comment. And in the last week, I added an entirely new cover call ETF to the database with the symbol DRKY from Vista Shares. This is the Vista Shares Target 15 DR macro Distribution ETF, and it has a target 15% dividend yield.
So, in this video, we're going to be analyzing the fund, taking a deep dive into it, looking at what the goals are and what are the risks, and seeing if this covered call ETF should be something you should consider for your personal portfolio. Now, to be completely transparent, like always, this is a sponsored video.
So, my goal isn't to talk positive about the fund and it's not to talk negative. It's to simply give you the facts. So, let's go ahead and dive in. Now, if you aren't familiar with Vista Shares, they have four unique covered call ETFs at this moment. If you go to their website and look at their ETFs, they have OM AH, which is the Birkshshire select income ETF, QUSA, the US Quality Income ETF, ACKY, the Activist Distribution ETF, and now DRKY, the drug macro distribution ETF.
Three of these ETFs are designed to hold the holdings of super investors. For example, OMAH, the Birkshshire Select. It essentially holds the stocks in Warren Buffett's portfolio and then runs an option strategy over it to generate income. The same is true with ACKY except it does the same for Bill Aman's holdings.
But now we have DRKY. And the goal of DRKY is to essentially have the holdings of Stanley Drunken Miller. And again, they'll use an option strategy to target a 15% yield. Now, if you aren't familiar with Dereken Miller, he founded his own investment firm with just two clients and 800,000 under management back in 1981.
And he ran that firm for around 30 years. And since 2010, he's managed a private investment firm which has a market value of 3.1 billion. And it's now estimated that his net worth is around 7.8 billion. So over the decades, he's been incredibly successful. So I can see why Vista Shares would essentially want to have an ETF that mirrors his holdings.
Now the question is, will they be able to achieve that target 15% yield? Now, even though the fund has been trading for less than 5 days, we can actually dig into this by simply looking at how the fund is actually structured. Doing so will give us an idea of what we can expect from the fund's net asset value.
Will they be able to achieve that 15% yield and what will be the end results of the type of option strategies that the fund actually uses? And one of the things we can also do is simply look at OM. This ETF has been trading for a little bit longer than their other super investor ETFs. And we can see their performance has been relatively flat.
And if we simply look at the dividend distributions, we can see it looks like for the most part they've been achieving around that 15% target dividend yield. So let's dive back into the dividendology database and look at some of the key metrics for DRKY. If we zoom in, we can see plenty of key information.
The sectors diversified target 15% yield expense ratio at 0.95 monthly dividend with active management. But here's the three key metrics we really need to pay close attention to. Options moneyiness, portfolio options coverage, and whether or not the net asset value has grown since inception. Now, the last one is very critical for a fund being able to maintain and occasionally even grow its dividends over time.
Because the higher the net asset value, the more capital the fund has to write options on to generate more income. If net asset value is lowering, then there's less assets to write options on and you'll generate less income. You see, this is the case for many covered call ETFs and oftent times it's a major red flag.
Now, obviously for DRKY, it's only been trading for less than 5 days, so we can't really use this yet. But by looking at how the fund is structured, we can make estimations what exactly is going to happen with the net asset value. Now, again, for reference, OMAH has been relatively stable, slightly downward so far, and it's structured very similar to DRKY.
But let's start by talking about the options moneyiness for DRKY. We can see for the most part they use out ofthe- money calls. Now what exactly does that mean? Well, we can see out of the money calls over here. And keep in mind there's typically three main options. At the money calls, in the money calls, and out of the money calls.
How are they different? What do they mean? And what are the pros and cons? Well, for at the money calls, they typically generate higher premium so you get more income. But it caps nearly all of the upside. So oftent times this can be good in sideways or slightly bearish markets. In a bullish market, it's not going to get to take part in much of the upside.
When it comes to in the money calls, it's going to generate the highest premium, but completely sacrifices the upside. So, definitely better in bare markets. But now we come to out of the money calls. These will typically generate slightly lower premiums, but it still allows them to take part in some of the upside.
So, typically this will actually be better in bullish markets. Now, I'm a fan of out-of-the-money calls personally because what do we know about the markets overall? Over time, markets continue to go up. Yes, we'll have periods of bare markets. We'll have downward markets, but history shows us that the market will continue to climb higher and higher as the companies in the S&P 500 continue to generate stronger earnings.
Out of the money calls is definitely what I prefer to see, and when done well, it should allow some covered call ETFs, depending on a few other variables, to continue to grow their net asset value over time. But perhaps even more important than using out-of-the-money calls is the portfolio options coverage percentage.
Now, portfolio options coverage is essentially telling us what percentage of the portfolio is actually having options written on it. Now, this is important because if they're writing options on 100% of the portfolio, they can certainly generate more income, but it will cap more of the upside. On the flip side, maybe there is a fund with 50% portfolio options coverage.
It would still generate decent options income, but it would cap much less of the upside. So, it's clear to achieve that 15% yield, they're more focused on writing a lot of options. Now, let's actually get a better understanding of DRKY and what the goals are by looking at the fact sheet. Vista Shares target 15 drug macro distribution ETF offers investors a core equity portfolio that generally mirrors the top publicly disclosed holdings of the private investment firm of Stanley Drunken Miller employing a discretionary global macroeconomic strategy.
We leverage the experience of the portfolio management team to seek to generate high monthly income. Now they list off three reasons to consider. Number one is to seek high monthly income. I think we all know that would be number one on the list. Number two is core equity exposure. you get 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 professional options management. Now, one of the things that I've learned about Vista Shares from talking with their fund manager is they employ a variety of different strategies when it comes to their options. And in fact, I made this simple spreadsheet to kind of break down what the goal is of each strategy that they use.
Because yes, while obviously the end goal is to generate income, they can also try to minimize risk and maximize upside by utilizing different strategies. And we can see a few different examples here. For example, the one we typically see is selling calls where they sell call options on held securities to generate premium income.
So it generates income. The best case scenario, the stock stays flat, so you get the income. And the risk would be if the stock rises above the strike price, which would mean you miss some of the upside. But then on the flip side we can see sometimes they use strategies like cash secured put selling.
They sell put options while holding cash to buy the stock if assigned which allows them to earn income or buy the stock at a lower net price. So the best case scenario would actually be if the stock rises or stays flat and the risk would be if the stock drops forced to buy at the strike price. So you can see how depending on the market environment we're operating in, it's nice for the management team to have a variety of different options available to them.
Now, it's really interesting to actually look at the top holdings of this fund. For example, to start, we can see it's highly concentrated. The top position is over 17%. The second position close to 10% and the third over 8.61%. The top three holdings make up over 35% of the entire portfolio. And if you really start to dig into this more, you can see there are some themes going on here.
There's a focus on biotech and healthcare, a focus on semiconductors and tech, but at the same time, there's also even some tobacco exposure. Philip Morris International, which has performed extremely well in the last year and paid out very large dividends. And now they're getting the options overlay on it to generate even more income.
So yes, absolutely. This is a more aggressive portfolio, aggressive holdings, and it's very concentrated, but at the same time, I wouldn't say it's speculative. For example, Taiwan Semiconductor, although probably pretty volatile, it's a massive company that will continue to grow earnings at a high rate in the future.
Philip Morris, on the other hand, is somewhat more predictable and dependable with their free cash flow and with their dividends. But some of these top holdings are certainly more high-risk, highreward. So whether or not this type of ETF could make sense to you depends on what your conviction is really with the top holdings you're seeing right here.
Now, if we look at the distribution table to see when we can expect to be paid by this ETF, they've already filed out the first three months. We can see X dividend dates, we have October 27th, November 24th, and then it looks like December 29th. So, in order to get paid, you will need to be holding by the end of the month essentially.
And it looks like they'll be paying pretty closely right at the end of every single month. So, now we have four different Vista shares covered call ETFs in the Dividendology database. Again, you can download for free and we can see a few have grown net asset value since inception and so far a few haven't.
And if you want to take a very deep dive into all these different ETFs, especially the new one, then I'd highly suggest you go to Vista Shar's website and actually read the prospectus. It'll break down everything you need to know and lay out all of the risks. So, I'm going to be really interested to see how DRKY performs over the next few months, what goes on with its net asset value, if they're able to achieve that 15% target annual yield.
And I'll also be sure to continue to watch any of the new products that Vista Shares puts out, especially when it comes to their Legends Plus income ETF suite. Again, like always, if you'd like to go to download the Dividendology Covered Call ETF database absolutely for free, then you can do so at the link in the description or in the pinned comment down below.
So, go ahead and let me know what you think of DRKY in the comments down below. And like always, don't forget to like and subscribe to the
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