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Rating:With a Familiar Ally, an FL Shop Starts a 5-ETF Suite Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 6, 2024

With a Familiar Ally, an FL Shop Starts a 5-ETF Suite

by: Neil Anderson, Managing Editor

The folks at a Sunshine State asset manager are teaming up with a familiar Empire State ally to start a new suite of funds that combine shorting with generating income.

The YieldMax Short TSLA Option Income Strategy ETF (CRSH on the NYSE Arca) debuted last week. Filings indicate that the new, active ETF is the first of at least five planned ETFs in the new YieldMax short option income ETF suite. Massapequa, New York-based Tidal Investments, LLC [profile] and Palm Beach Gardens, Florida-based ZEGA Financial, LLC serve as investment advisor and subadvisor to CRSH, respectively, and they will do so for the other planned ETFs, too.

The other planned YieldMax short option income ETFs revealed in the filings include: the YieldMax Short AAPL Option Income Strategy ETF (ROTN); the YieldMax Short COIN Option Income Strategy ETF; the YieldMax Short Innovation Option Income Strategy ETF (OARD); and the YieldMax Short NVDA Option Income Strategy ETF (DIPS).

CRSH's inception date was last Wednesday, May 1, and as of Friday it had $2.5 million in AUM. The new fund is a series of Tidal Trust II (and the new funds will be, too). The expense ratio for CRSH, and for the planned ETFs, is 99 basis points.

The PM team for CRSH, and for the planned ETFs, includes: Mick Brokaw, portfolio manager at Zega; Christopher Mullen, PM at Tidal; Jay Pestrichelli, PM at Zega; and Michael Venuto, chief investment officer of Tidal.

CRSH is designed to generate monthly income using options in a "synthetic covered put strategy" on stock in Tesla, thus offering indirect inverse exposure to the company. The other planned ETFs will do the same, with DIPS offering inverse exposure to Nvidia, FIAT offering inverse exposure to CoinBase Global, OARD offering inverse exposure to the Ark Innovation ETF (ARKK), and ROTN offering inverse exposure to Apple. (Over the last several years, other fund firms have also launched or prepped ETFs to offer investors different ways to bet against Apple, ARKK, Nvidia, and Tesla.)

The new ETF suite's other service providers include: Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; Sullivan & Worcester LLP as counsel; Tidal ETF Services LLC as administrator; U.S. Bancorp Fund Services LLC (dba U.S. Bank Global Fund Services) as fund accountant, sub-administrator, and transfer agent; and U.S. Bank National Assocation as custodian. 

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