At a glance
OARK charges 1.0% a year. It has $30.8M in assets; it paid 51.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned −4.9% with distributions reinvested; over three years it returned +19.4% a year.
The short version
YieldMax Innovation Option Income Strategy ETF (OARK) is an actively managed fund that uses options on ARKK, an ETF of disruptive-innovation stocks, to mirror ARKK's price and earn option income; it holds Treasury bills, not ARKK shares. Its trailing 12-month yield was 51.5% as of October 27, 2026, though part may be return of capital (investors' own money handed back). It carries ARKK's full downside, gives up some upside and charges 1.00% a year.
Price history
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OARK -4.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OARK official prospectus, to Dec 31, 2025 | — | +20.17% | — | — | — | +12.00% |
| OARK price data to Oct 27, 2026 | +8.0% | -4.9% | +19.4% | — | — | +9.5% |
- Over the year to Oct 27, 2026, OARK returned -4.9%.
- Its worst full calendar year was 2024 (+7.4%); its best was 2023 (+20.2%).
- The deepest fall in its price history was 35.4% (Feb 14, 2025 to Apr 8, 2025), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.1% | — |
| 2025 | +12.5% | +20.17% |
| 2024 | +7.4% | +8.46% |
| 2023 | +20.2% | +20.15% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $10.6520 | |
| 2025 | $19.6520 | -19.2% |
| 2024 | $24.3100 | -25.8% |
| 2023 | $32.7650 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 106.55% of assets, and 3.93% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 32.45% | |
| TREASURY BILL Bonds and notes | 31.86% | |
| TREASURY BILL Bonds and notes | 28.11% | |
| TREASURY BILL Bonds and notes | 10.39% | |
| TREASURY BILL Bonds and notes | 3.75% |
By country
United States 106.55%By issuer
US Treasury 106.55%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $13.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.75%, -1.42%, -9.28%.
How it works
OARK, issued by Tidal Financial Group, is actively managed around one underlying fund: ARKK, an ETF investing in companies its adviser believes are capitalizing on disruptive innovation. OARK does not own ARKK shares. Instead, it trades standard and FLEX call and put options on ARKK (FLEX options are exchange-listed but allow custom terms). Together, they form a synthetic (option-built) position that aims to copy 100% of ARKK's price moves, up and down.
The fund then sells call options on ARKK, a “synthetic covered call” strategy. Buyers pay a premium for the right to ARKK's gains above a set “strike” price; that cash helps fund the weekly payouts it aims to make. The trade-off: OARK keeps only part of any rally but bears all of ARKK's declines. A permitted “call spread” version adds purchased higher-strike calls to keep some gains in big rallies, for less premium. It will not turn defensive in bad markets, and holders get no ARKK dividends.
Most assets sit in short-term US Treasury bills, which back the options and earn interest. As of July 31, 2026, five T-bills averaging 0.2 years to maturity made up about 106.6% of $30.8 million in net assets, alongside nine ARKK option positions. The total tops 100% because the options had a net negative value of about 14.7% of assets.
What it really costs
- OARK charges 1% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OARK | $102 | $318 | $552 | $1,225 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its large payouts come from options on one innovation ETF, and it carries that ETF's full downside, so it fits a small slice rather than a core income role.
OARK could add large, frequent cash payouts: its trailing 12-month yield was 51.5% as of October 27, 2026, and the prospectus says it aims to pay weekly. But part of that cash may be return of capital, investors' own money handed back. Launched in November 2022, the fund has no record in the 2008, 2020 or 2022 crashes. It fell 35.4% from February 14 to April 8, 2025, and recovered by September 11, 2025, about five months later. Cashing out near that low would have locked in a heavy loss.
Every full calendar year was positive, with 2024 the weakest at 8.46%, per the prospectus, but that covers just three years. Its 1.00% annual cost equals $102 in year one on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want large weekly payouts (a 51.5% trailing yield as of October 27, 2026) and accept part may be return of capital.
- Investors upbeat on ARKK's disruptive-innovation holdings who will trade part of the upside for option premiums while still bearing the full downside.
- Those filling a small, higher-risk satellite slot in tax-advantaged accounts, where ordinary-income tax on option premiums matters less.
Look elsewhere if
- Retirees needing stable principal: OARK bears ARKK's full downside and fell 35.4% between February 14 and April 8, 2025.
- Cost-focused investors: the 1.00% expense ratio (annual fee) adds up to $1,225 over 10 years on $10,000 in the SEC's standard example.
- Investors wanting diversification or ARKK's full gains: all its stock exposure runs through one ETF, and the options limit its share of rallies.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does OARK pay weekly dividends?
Yes. Its prospectus, filed February 24, 2026, says the fund seeks to pay cash distributions weekly. Over the 12 months to October 27, 2026, payouts totaled about $14.42 per share, a trailing yield of 51.5%. These are not ARKK dividends, which OARK does not receive. Much of the cash comes from option premiums, usually taxed as ordinary income rather than as qualified dividends. A portion, sometimes significant, may be return of capital, meaning investors get their own money back.
Why is OARK's yield so high?
OARK's 51.5% trailing yield, as of October 27, 2026, reflects large premiums from selling options on ARKK, a fund of disruptive-innovation stocks. Option buyers pay more when the underlying asset swings a lot. But a high yield is not a high return. The prospectus warns that a portion of payouts, sometimes significant, may be return of capital, which hands investors back their own money. The fund's one-year return was a loss of 4.9% as of October 27, 2026.
What's the difference between OARK and ARKK?
ARKK is an ETF that owns stocks of companies its adviser believes are capitalizing on disruptive innovation; OARK owns none of them. OARK holds Treasury bills and uses options on ARKK to copy its price moves while selling call options for income. As a result, OARK is exposed to all of ARKK's declines, which premiums may not offset, but captures only part of its gains. It gets no ARKK dividends and charges a 1.00% expense ratio.
How has OARK performed since it launched?
From its November 22, 2022 launch through December 31, 2025, OARK returned an average of 12% a year, according to its prospectus. Calendar-year returns were 20.15% in 2023, 8.46% in 2024 and 20.17% in 2025. The ride was bumpy: its strongest quarter gained 30.11% (ended June 30, 2025) and its weakest lost 16.12% (ended March 31, 2025). Based on prices, it returned 19.4% a year over the three years to October 27, 2026.
Is OARK good for retirement income?
It can produce big payouts, but it is a high-risk income source rather than a steady one. Part of its 51.5% trailing yield (as of October 27, 2026) may be return of capital, and it bears ARKK's full downside: it fell 35.4% between February 14 and April 8, 2025, before recovering by September 11, 2025. Launched in November 2022, it has no record in the 2008, 2020 or 2022 crashes, and it costs 1.00% a year.