--- title: "Strategy Shares files DEPO, aiming above SOFR by financing banks overnight" url: "https://etf.net/news/overnight-bank-financing-etf-files-2026-10-28" published_at: "2026-10-28T12:08:10.485Z" updated_at: "2026-10-28T12:08:10.485Z" byline: "ETF.net Research" --- # Strategy Shares files DEPO, aiming above SOFR by financing banks overnight The prospectus is still marked subject to completion, the fee is blank, and Strategy Shares proposes effectiveness 75 days after the Oct. 27, 2026 filing, on Jan. 10, 2027. By ETF.net Research. Published Oct 28, 2026. Strategy Shares filed on Oct. 27, 2026, to register a fund that would finance banks overnight and aim to earn a return above the Secured Overnight Financing Rate, or SOFR. The proposed fund is the Strategy Shares Strawberry Fields Overnight Enhanced Yield ETF, DEPO. It carries the name of Strawberry Fields Corporation, where Yang Tang, who would run the fund, is founder and chief executive. Rational Advisors would advise it. In a [preliminary prospectus](https://www.sec.gov/Archives/edgar/data/1506213/000158064226007137/strawberryfields_485a.htm), Strategy Shares proposes that the filing become effective 75 days after Oct. 27, 2026, on **Jan. 10, 2027**. ## What the bank would be paying for The fund would buy securities and other instruments and, at the same time, pass each instrument's full return to a bank. The bank would get the exposure without carrying the asset on its balance sheet. That relief is what it pays for. While the trade is in place, the fund would not share in the instrument's gains or losses. It would collect an overnight financing charge instead. "In effect, the Fund provides financing to the Counterparties on a secured, overnight basis, and the return the Fund earns is the price those organizations pay for that financing." The trades would be done through total return swaps and forward contracts. On a swap, the fund would pay the bank the instrument's total return and receive a payment based on SOFR, plus or minus a spread the two sides negotiate. A forward would lock in today the price at which the fund later sells the instrument to the bank. Each trade would mature the next business day, and a new one would be struck only if both sides agree. The prospectus names no spread and no expected yield. SOFR, which the filing calls a broad measure of the cost of borrowing overnight in transactions collateralized by Treasury securities, was **3.93%** on Oct. 26, 2026, from 3.92% on Oct. 23, according to the Federal Reserve Bank of New York. ## What the holder owns if the bank stops The extra yield is pay for that structure, not a stand-in for cash. "The Fund's yield is compensation for bearing the structural risks described below and is not a substitute for the yield on a deposit, a money market fund or a Treasury security." If a counterparty fails, the fund could lose amounts it is owed and collateral it has posted. It would also lose the offset, and then it would be holding the instrument itself. The prospectus says those instruments may include emerging-markets assets and securities of any maturity or credit quality, including junk bonds. It says the asset left behind may be long-dated, junk, or restricted from sale. The prospectus calls the structure novel, more complex than that of most exchange-traded funds, and dependent on contracts with a small number of financial institutions that are renegotiated every business day. The fund may at times have all or substantially all of its exposure with one counterparty. The trades would not be exchange-traded or centrally cleared. When the overnight trades are unavailable, or Rational Advisors chooses not to enter them, the filing says the yield is likely to approximate short-term U.S. government rates, and to be lower, potentially substantially lower, than what the overnight trades are meant to earn. That is a different promise from a fund that simply targets the rate. In its [prospectus dated Jan. 28, 2026](https://www.sec.gov/Archives/edgar/data/1633061/000121390026008353/ea0273008-24_497k.htm), the Amplify Samsung SOFR ETF, SOFR, seeks current income equal to the returns of SOFR, principally through repurchase agreements. DEPO is filed to aim above that rate, and only if a bank will pay for the financing each day. ## What the prospectus leaves open The fee is not in the document. The management fee, other expenses and total annual operating expenses are blank, and so is the cost example on a $10,000 investment. The management fee is described as a unified fee, with the adviser paying routine fund expenses out of it, but no rate is given. The only figure in the fee table is a 0.00% distribution and service fee. A Rule 12b-1 plan, which would allow a distribution fee of up to 0.25% of average daily net assets a year, has been adopted and not put into effect. The filing says there are no plans to charge it. The prospectus and a later part of the same filing, the statement of additional information, do not agree on the objective. The prospectus says it is current income. The statement of additional information says it is long-term capital appreciation and income. They also disagree on the payout. The prospectus says the fund intends to declare dividends on investment income weekly. The statement of additional information says it intends to distribute net investment income annually. Tang led rates structuring at Deutsche Bank from 2017 to 2018, then was head of solutions sales for the Americas at Credit Agricole from 2018 to 2022. He joined Rational Advisors in 2026. A registration on this clock can still be amended, delayed or withdrawn. Until a later filing fills in the fee and drops the subject-to-completion line, there is nothing here to buy. Source: etf.net, https://etf.net/news/overnight-bank-financing-etf-files-2026-10-28. Please cite the page URL.