Peerless Option Income Wheel ETF
WEEL
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- Peerless Option Income Wheel ETF (NYSE: WEEL) is an actively managed exchange-traded fund that seeks current income through a patent-pending option wheel investment strategy involving cash-secured put writing on sector-specific exchange-traded funds (ETFs) and individual securities, followed by covered call writing on assigned positions. The fund employs a disciplined, mechanical process to generate equity-like returns over the long term via premium income collection, while aiming to dampen volatility relative to major equity indexes by simulating broad market exposure on a notional basis across diversified sectors without market timing or sector bias. Core holdings predominantly comprise sector ETFs such as those focused on technology, financials, healthcare, and consumer sectors; short put positions feature tight time frames for frequent buffer resets to manage downside risk, with assigned shares transitioning to covered calls until called away, enabling capital efficiency and income generation independent of market direction. Launched on May 16, 2024, under Tidal Trust II as the registrant, with Tidal Investments LLC serving as investment adviser, Tidal ETF Services LLC as administrator, and Peerless Wealth, LLC—an SEC-registered investment adviser founded by Erik Thompson and headquartered in Ohio—as sub-adviser, WEEL represents the first 40-Act ETF dedicated to the option wheel strategy. The fund targets individual investors, financial advisors, and institutions seeking alternative income solutions with lower volatility than traditional long-only equity portfolios; it operates in the U.S. equity market, trading on NYSE Arca, with assets under management approximating $18 million to $22 million and a net expense ratio of 1.07% to 1.09% following fee waivers through at least July 30, 2026. No major acquisitions, funding rounds, partnerships, or strategic shifts have been reported for Peerless Option Income Wheel ETF or its affiliates in the last 1-2 years beyond its inaugural launch and ongoing backtested refinements to the proprietary wheel process. Portfolio managers include Erik Thompson, Robert Pascarella, Qiao Duan, and Christopher Mullen, who oversee the dynamic allocation across approximately 24 to 32 holdings as of recent data. The fund distributes income primarily from options premiums, yielding around 12% historically, though distributions remain variable and not guaranteed.