DRAY vs XXV

DRAYCYieldMax DKNG Option Income Strategy ETF

XXVASimplify Ancorato Target 25 Distribution ETF

In short

DRAY One stock, DraftKings, run through a weekly option-income machine. DRAY sells call spreads on DKNG instead of plain covered calls, giving up some upfront premium in exchange for continued participation if the shares run past the short strike.

XXV Structured-note income without the bank. XXV sells barrier put options on single stocks, and sometimes worst-of baskets, chasing an aspirational 25% annualized payout, with the options rolled continuously. The top rung of Simplify's barrier-income ladder.

Stated mandate

DRAY DRAY is actively managed to generate weekly income by selling call spreads on DraftKings Inc., seeking option premiums while retaining participation in DKNG’s share-price appreciation.

XXV XXV seeks high monthly income through selling barrier put options referencing individual stocks, with possible use of worst-of baskets of individual stocks. Its 25% annualized distribution goal is aspirational and not guaranteed.

Why people hold it

• DRAY Call spreads, not plain covered calls: the fund also buys a further out-of-the-money call, so participation continues above that upper strike instead of stopping cold.yieldmaxetfs.comyieldmaxetfs.com 2
• Weekly pay schedule. Distributions are declared every week rather than monthly or quarterly.yieldmaxetfs.com
• Actively managed, so strikes and expirations get reset as DraftKings' volatility shifts rather than following a fixed calendar rule.yieldmaxetfs.com
• At 1.03% a year, it sits a touch under the typical single-stock option-income fund, though that is still premium pricing next to a plain index fund.

• XXV 0.85% a year sits below the going rate in its single-stock options-income cohort, where peers like BRKC and TSMY run near 1%.
• Options are rolled automatically and continuously, and the ETF wrapper strips out the bank credit risk you take on with a traditional structured note.simplify.ussimplify.us 2
• Built around cash flow: barriers are adjusted to levels designed to support a 25% annualized distribution target, paid monthly.simplify.us
• Sub-advised by Ancorato Capital, a structured-products specialist, and one of the stronger implementations in a crowded options-income field.simplify.us

Worth knowing

• DRAY Single-issuer exposure: one sports-betting stock drives everything, so DraftKings earnings and regulatory headlines land straight on the fund.yieldmaxetfs.com
• Payouts can include return of capital, meaning part of the check is your own money coming back, which can weigh on net asset value over time.yieldmaxetfs.com
• Small and thinly traded since its 2025 launch, so bid-ask spreads can add cost beyond the headline expense ratio.

• XXV Barriers cushion, they do not erase. Selling puts on single stocks means the fund wears the loss when a reference name breaks through its barrier.simplify.us
• The 25% figure is an aspirational goal, not a promise, and distributions may include return of capital, which is your own money coming back.
• Launched in late 2025 and thinly traded, so bid-ask spreads can cost more than the expense ratio on the way in and out.

Full DRAY profile⁠

Full XXV profile⁠