YieldMax CRCL Option Income Strategy ETF
CRCO
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ROIC.AI
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- Business
- YieldMax CRCL Option Income Strategy ETF (NYSE Arca: CRCO) is an actively managed exchange-traded fund that seeks current monthly income through an options-based strategy collateralized by U.S. Treasuries, providing capped indirect exposure to the share price return of Circle Internet Group, Inc. (NYSE: CRCL); the fund generates income primarily via premiums from selling short-dated call options (1-month or less expiration, typically 0%-15% out-of-the-money) against a synthetic long position in CRCL created by purchasing at-the-money call options and selling at-the-money put options (1-6 month terms), supplemented by credit call spreads when deemed optimal for upside capture, direct holdings in CRCL equity, swaps, or deep-in-the-money calls as secondary strategies; holdings include short-term U.S. Treasury Bills (6-month to 2-year maturities, comprising 50%-100% of net assets) for collateral and yield, with options/swaps/equity at 0%-50% of net assets but 100%+ notional exposure to CRCL. Launched on September 29, 2025, and listed the following day on NYSE Arca, CRCO represents YieldMax ETFs' targeted option income product focused on CRCL, a global financial technology company and issuer of USDC and EURC stablecoins listed in the software industry. YieldMax ETFs, the fund sponsor distributed through Tidal Financial Group with ZEGA Financial as sub-adviser, enhanced its trading and portfolio management infrastructure in January 2025 through the integration of ZEGA Financial and Tidal Investments teams, appointing ZEGA co-founder Jay Pestrichelli as Chief Trading Officer to support expansion of its options-based ETF suite amid rapid growth. In October 2025, YieldMax transitioned CRCO and certain peer funds from monthly to weekly distributions for improved shareholder access and transparency, with CRCO classified in Group D and its first payout announced October 22, 2025. The fund, with a 1.01% expense ratio and non-diversified status under the 1940 Act, targets retail and institutional investors seeking high-yield alternatives to traditional income vehicles; it operates in the U.S. market, domiciled in the United States, with Tidal Investments LLC as adviser.