OARK vs SIOO

OARKFYieldMax Innovation Option Income Strategy ETF

SIOOAVistaShares Target 15 S&P 100 Distribution ETF

In short

OARK OARK owns no stock. It uses options to mirror the price moves of the ARK Innovation ETF and sells calls against that exposure, turning a growth basket that pays no dividends into an income position, with upside limited by design.

SIOO Most equity-income ETFs pay out whatever the options market hands them. SIOO starts from the answer: a 15% annual income target, paid monthly, bolted onto an S&P 100 core using index options that carry 60/40 tax treatment.

Stated mandate

OARK The Fund seeks current income while providing indirect exposure to the share-price returns of the ARK Innovation ETF, subject to limited participation in potential gains.

SIOO The actively managed ETF seeks income and, secondarily, long-term capital appreciation. It combines equity exposure based on the S&P 100 Index (OEX) with an options portfolio intended to generate income.

Why people hold it

• OARK Synthetic build: options stand in for the shares while calls are written against that exposure. A high-octane growth basket becomes a source of current income instead of pure price bets.yieldmaxetfs.com
• The prospectus states the bargain plainly: current income, indirect exposure to ARK Innovation's share-price returns, limited participation in gains. Little is left to interpretation.yieldmaxetfs.com
• The reference is a whole innovation portfolio, not one founder's stock, so no single earnings call sets the tone for the strategy.
• Payouts can include return of capital, and the fund discloses that in its own filings rather than leaving shareholders to work it out from the statements.yieldmaxetfs.com

• SIOO 0.59% expense ratio, below the 0.75% typical for options-income funds. Modest toll for an actively managed overlay.
• The overlay uses S&P 100 (OEX) index options, section 1256 contracts taxed at blended 60/40 rates, and the manager also hunts tax-loss harvesting in the equity sleeve.vistashares.com
• You keep the stocks. The equity sleeve generally mirrors the S&P 100's mega-cap roster, with the income machinery layered on top rather than replacing it.vistashares.com
• The payout target is stated up front: 15% a year, distributed monthly. A published yardstick you can hold the fund to, rather than a mystery yield.vistashares.com

Worth knowing

• OARK The fee is 1.00% a year, above the 0.74% median for its option-income group and well above cheaper peers like DJIA at 0.60%. The income has a higher bar to clear.
• Written calls cap participation in rallies while the downside exposure stays. Upside is traded away for income, which is the whole mechanism.
• It is a small fund that trades lightly, so bid-ask spreads can be wider than in the big names of the category. Limit orders are the standard tool here.

• SIOO 15% is a target, not a coupon. Distributions can include return of capital, which sends part of your own principal back and trims net asset value.vistashares.com
• Income comes from an actively managed options book, so the outcome rides on manager decisions and options pricing instead of a fixed dividend stream.
• Launched in December 2025 and still a small, lightly traded fund. Short history and wider bid-ask spreads come with that territory.

Full OARK profile⁠

Full SIOO profile⁠