RY 133.63 -0.2836% TD 81.33 0.3455% SHOP 97.62 -1.4238% CNR 168.09 -0.8962% ENB 49.02 -0.2645% CP 108.89 -1.457% BMO 123.56 0.1297% TRI 209.08 -0.3574% CNQ 105.2 -1.5258% BN 55.39 -1.248% ATD 76.82 -1.1071% CSU 3561.4199 -1.4036% BNS 63.36 -0.189% CM 64.595 -0.301% SU 53.1 -2.1198% TRP 49.08 -0.1424% NGT 56.29 -2.5619% WCN 224.25 -0.3112% MFC 32.22 -0.1549% BCE 44.84 0.2459%
Yieldmax Meta Option Income Strategy ETF
FBY is designed to fulfill the primary objective of generating monthly income for investors while providing exposure to the price movements of Meta Platforms stock (META), with a cap on potential investment gains. Employing a synthetic covered call strategy, the fund utilizes a combination of standardized exchange-traded and FLEX options, incorporating three essential elements: i) synthetic long exposure, ii) covered call writing, and iii) US Treasuries.
The synthetic long exposure component of FBY seeks to replicate the price fluctuations of META by executing buying and selling activities of at-the-money call and put options, typically with maturities ranging from six months to one year. To generate income, the fund engages in writing call options with an expiry of one month or less, and with strike prices set approximately 5%-15% higher than the prevailing share price of META. This strategy is intended to limit the fund's potential gains in case the value of META shares experiences an increase.
Conversely, the short put positions within FBY expose investors fully to the downside risk associated with META stock. Furthermore, the fund maintains holdings of cash and short-term Treasury securities as collateral. It is essential to highlight that FBY does not directly invest in Meta Platforms stocks, thus investors do not receive any dividends from META.
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