YieldMax DKNG Option Income Strategy ETF
DRAY
New York Stock Exchange Arca31.58
USD
-0.34
(-1.90%)
CIK
0001852771
ISIN
US88636R3057
CUSIP
88636R305
Return %
Stock
S&P500
1Y
-36.95
26.57
3Y
210.52
76.60
5Y
212.67
78.48
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 11755 Wilshire Blvd, Suite 2400 Los Angeles CA United States of America 90025
- IPO Date
- Jul 15, 2025
- CIK
- 0001852771
- Website
- yieldmaxetfs.com
- Similar Companies
- Business
- YieldMax DKNG Option Income Strategy ETF (Ticker: DRAY) is an actively managed exchange-traded fund that seeks to generate current income and provide capped gains through options-based strategies on DraftKings Inc. (DKNG) stock. The ETF employs a synthetic covered call strategy collateralized by cash and US Treasurys, utilizing standardized exchange-traded and FLEX options that include synthetic long exposure, covered call writing, and put selling. This strategy replicates the price movements of DKNG by purchasing and selling at-the-money calls and puts with terms of one to six months while generating income through writing call options with strike prices approximately 0% to 15% above DKNG's current share price, which limits the fund’s participation in potential price appreciation. The fund does not invest directly in DKNG shares; therefore, investors do not receive DKNG dividends. DRAY’s portfolio typically holds around 14 positions and targets income-focused investors seeking exposure to DKNG price returns with downside risk from put selling. The fund launched in July 2025 and is managed by Tidal Financial Group with assets under management around $26.7 million. Recent company developments include the introduction of weekly distributions starting August 2025 as part of YieldMax ETFs’ broader expansion of option income strategy ETFs. DRAY’s latest operational approach emphasizes risk management with the purchase of out-of-the-money call options to cap potential losses from short exposure to DKNG stock, although these come with price participation risks and potential losses in certain market environments. The fund’s presence in the market is marked by its strategy to balance income generation with controlled exposure to the price volatility of DKNG, aligning it with YieldMax’s thematic focus on flexible, alternative income solutions beyond traditional dividends and bonds. It trades on the NYSE Arca exchange under the ticker DRAY, targeting the US market primarily. The ETF fits within the derivative income category in the ETF asset space and appeals to institutional and retail investors seeking specialized exposure to the sports betting and gaming sector through option income strategies without direct stock ownership. The fund’s inception in 2025 and its distinctive options overlay position it as a recent entrant in alternative ETF offerings, supported by YieldMax’s platform of actively managed products focused on fixed income alternatives and income diversification. Headquartered operations and fund management are based in the United States. Overall, YieldMax DKNG Option Income Strategy ETF represents an innovative income-oriented financial product that harnesses options on a single underlying stock to deliver income with designed downside and upside controls, reflecting YieldMax’s strategic expansion into niche option income ETFs in the evolving US equity derivative market.
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