SPYT
Defiance S&P 500 Income Target ETF
Distribution Rate *
20.00%
Payable As of 04/30/2025
Distribution Frequency
Monthly.
30-Day SEC Yield **
As of 04-30-2025
0.59%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
Aim to achieve a target annual income of 20% in the S&P 500 using options, paid out monthly***
Strategy Overview
SPYT is an actively managed exchange-traded fund (“ETF”) dedicated to generating current income. Our strategy revolves around holding shares of ETFs that track the S&P 500’s performance and engaging in the selling of daily credit call spreads on the Index.
Enhanced Potential Yield
Our options strategy involves selling a call option while simultaneously buying another call option at a higher strike price. By focusing on short-term options, we aim to offer an “enhanced” yield compared to traditional option-based strategies.
Income Generation
SPYT’s investment approach is meticulously designed to generate income through option premiums derived from selling Index call spreads, the primary driver of the Fund’s yield. We sell at-the-money or near-the-money call spreads to retain upside growth potential and aim for a target annual income level of 20%.
Trading
Each day, SPYT sells credit call spreads on the S&P 500, prioritizing options with near-term expiration. This entails selling call options at or near the money strike prices and buying call options above that strike price. Should the S&P 500 value rise above the upper strike price, SPYT stands to profit from further upside appreciation in the Index’s value.
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*** The fund intends to pay distributions, if any, on a monthly basis.
There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. While the ETF seeks to provide monthly income, there is no assurance a distribution will be made. If distributions are made, it is likely such distributions will vary greatly from one distribution to the next.
Distribution from SPYT include the following estimated return of capital per the 11/4/24 19-a1 Notice: 76.69%. Distributions which include return of capital decrease the Fund’s NAV and trading price which over time can result in losses on an investment.
Fund Details
Data as of 05/13/2025
Net Assets
$108.82M
Premium/discount
-0.07%
NAV
$17.62
Closing Price
$17.61
Shares Outstanding
6,175,000
Median 30 Day Spread
0.18%
Fund inception
03/07/24
Ticker
SPYT
Primary Exchange
NYSE
CUSIP
88636J568
Fund Holdings
5
NAV Symbol
SPYT.NV
Expense Ratio
0.87%
30 Day SEC Yield*
0.59%
* Yield as of 04-30-2025
SPYTMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -6.09% | -1.23% | -8.00% | -3.69% | 6.12% |
| Market Price (%) | -5.58% | -0.60% | -7.28% | -3.16% | 6.94% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | 7.84% | xx.xx% | xx.xx% | 5.27% |
| Market Price (%) | 8.53% | xx.xx% | xx.xx% | 5.97% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -4.92% | -5.69% | -4.92% | -3.26% | 7.44% |
| Market Price (%) | -5.01% | -5.96% | -5.01% | -3.24% | 7.59% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | 5.60% | xx.xx% | xx.xx% | 6.91% |
| Market Price (%) | 5.53% | xx.xx% | xx.xx% | 7.05% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | 0.82% | -1.23% | -1.56% | 4.36% | 13.93% |
| Market Price (%) | 1.02% | -0.80% | -1.42% | 4.89% | 14.41% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | 2.07% | 2.07% | 4.69% | 7.98% | 15.35% |
| Market Price (%) | 1.83% | 1.83% | 4.43% | 7.99% | 15.33% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -2.36% | 1.75% | 6.58% | 13.00% |
| Market Price (%) | xx.xx% | -2.41% | 1.86% | 6.82% | 13.26% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 5.04% | 6.01% | 12.41% | 15.73% |
| Market Price (%) | xx.xx% | 5.09% | 6.39% | 12.68% | 16.05% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -0.79% | 3.14% | 11.97% | 10.18% |
| Market Price (%) | xx.xx% | -0.68% | 3.41% | 12.08% | 10.43% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 1.73% | 4.74% | 9.16% | 11.06% |
| Market Price (%) | xx.xx% | 1.93% | 4.86% | 9.06% | 11.18% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 2.20% | 6.03% | xx.xx% | 9.17% |
| Market Price (%) | xx.xx% | 2.14% | 5.90% | xx.xx% | 9.08% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 0.74% | 8.56% | xx.xx% | 6.82% |
| Market Price (%) | xx.xx% | 0.72% | 8.39% | xx.xx% | 6.80% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 2.98% | 4.22% | xx.xx% | 6.03% |
| Market Price (%) | xx.xx% | 2.95% | 4.00% | xx.xx% | 6.03% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 4.63% | xx.xx% | xx.xx% | 2.96% |
| Market Price (%) | xx.xx% | 4.53% | xx.xx% | xx.xx% | 3.00% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -3.28% | xx.xx% | xx.xx% | -1.60% |
| Market Price (%) | xx.xx% | -3.35% | xx.xx% | xx.xx% | -1.47% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | 1.74% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | 1.95% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 2024 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.
Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Ishares Core S&p 500 Etf | IVV | $590.28 | 99.95% | 184,320 | $108,800,410 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 0.89% | 973,471 | $973,471 |
| Spx 05/15/2025 5904.37 C | 4SPX 250515C05904370 | $16.62 | 0.32% | 211 | $350,682 |
| Spx 05/15/2025 5892.58 C | 4SPX 250515C05892580 | $21.80 | -0.42% | -211 | $-459,980 |
| Cash & Other | Cash&Other | $1.00 | -0.74% | -809,632 | $-809,632 |
Data as of 05/15/2025. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings
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Distributions
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 3/28/2024 | 4/1/2024 | 4/2/2024 | 4/4/2024 | $0.34 | |
| 4/30/2024 | 5/1/2024 | 5/2/2024 | 5/6/2024 | $0.3238 | |
| 5/31/2024 | 6/3/2024 | 6/3/2024 | 6/5/2024 | $0.3302 | |
| 6/28/2024 | 7/1/2024 | 7/1/2024 | 7/3/2024 | $0.3369 | |
| 7/30/2024 | 7/31/2024 | 7/31/2024 | 8/2/2024 | $0.3302 | |
| 8/30/2024 | 9/3/2024 | 9/3/2024 | 9/5/2024 | $0.3333 | |
| 9/30/2024 | 10/1/2024 | 10/1/2024 | 10/3/2024 | $0.3338 | |
| 10/31/2024 | 11/1/2024 | 11/1/2024 | 11/4/2024 | $0.3324 | |
| 11/29/2024 | 12/2/2024 | 12/2/2024 | 12/4/2024 | $0.3356 | |
| 12/30/2024 | 12/31/2024 | 12/31/2024 | 1/3/2025 | $0.3284 | |
| 01/31/2025 | 02/03/2025 | 02/03/2025 | 02/04/2025 | $0.3272 | |
| 02/28/2025 | 03/03/2025 | 03/03/2025 | 03/04/2025 | $0.3156 | |
| 03/31/2025 | 04/01/2025 | 04/01/2025 | 04/02/2025 | $0.2979 | |
| 04/30/2025 | 05/01/2025 | 05/01/2025 | 05/02/2025 | $0.2835 |
| Distribution Rate *
Payable As of 04/30/2025 |
20.00% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of 04-30-2025 |
0.59% |
