SDAY pays twice a month, and has paid four distributions so far in its existence. It trades on the NEO Exchange and we do not have live pricing on this exchange yet (working on this!). It is very similar to other covered call funds, except it utilizes 'zero day to expiry' (0DTE) options and thus sell options every day. We think 0DTE options are ridiculous securities for gamblers only, but that is for investors that BUY them. The ETFs are selling to these buyers and we have no issue with the strategy of taking advantage of these gamblers. The ETF also uses 25% leverage, adding risk but potential boosting returns as well. As noted it pays twice a month, which some investors will certainly like. Indicated yield is 19.4% based on the four payments to date. Assets are now $44M. We would like to see how performance and options liquidity go here and would prefer to wait a bit. But we have no particular issue on the set up or strategy of the funds, for those that understand options and are OK with some leverage. An investor will benefit from income in all markets. There will be some downside protection in a falling market, but this will largely be offset by the leverage impact. They can benefit from a volatile market through higher options premiums. The strategy will likely outperform in a bouncy market that ultimately does not move much over time. It focused on US dividend-paying companies.
HYLD.U is quite similar but uses 'regular' options. It also uses 25% leverage and has a bit more sector diversity. But in terms of securities holdings would be quite similar. It has $66M in assets so far and yield is lower, paid monthly, at 11.93% currently.