비스타쉐어즈 타겟 15® ACKtivist Distribution ETF

ACKY is the ticker of the VistaShares Target 15® ACKtivist Distribution ETF, a covered call ETF that seeks a 15% annual distribution rate, paid monthly. Its equity portfolio generally mirrors the top publicly disclosed holdings of William (Bill) Ackman’s Pershing Square Capital, and the Fund writes call options on that portfolio. Distributions are not guaranteed, may vary and may include return of capital, and a distribution rate is not a total return. ACKY is not affiliated with Pershing Square Capital Management or with Bill Ackman.

ACKY is not shares of a single company; it is an exchange-traded fund (ETF) whose shares trade on the NYSE like a stock. A share of ACKY represents an interest in a portfolio that generally mirrors Pershing Square Capital’s top publicly disclosed holdings, with call options written on it. The share price reflects that portfolio and its options throughout the trading day.

Yes. ACKY, the VistaShares Target 15® ACKtivist Distribution ETF, holds a portfolio that generally mirrors the top publicly disclosed holdings of Bill Ackman’s Pershing Square Capital and writes call options to seek a 15% annual distribution rate, paid monthly. Disclosures are delayed, so ACKY may differ from Pershing Square’s current portfolio. ACKY is not affiliated with Pershing Square Capital Management or with Bill Ackman.

ACKY seeks to generate high monthly income by investing in an equity portfolio that generally mirrors Pershing Square Capital’s top publicly disclosed holdings and implementing a data-driven options investment strategy. The Fund seeks a 15% annual distribution rate, paid monthly. There is no assurance of a distribution in any given month, and distributions may vary and may include return of capital.

ACKY는 헤지 펀드인 Pershing Square Capital의 상장 주식에 일반적으로 유사한 주식을 보유하고 있으며, 해당 주식에 대한 콜 옵션도 보유하고 있습니다. 전체 주식 목록은 펀드 페이지에 있으며 매일 업데이트됩니다.

ACKY holds a relatively focused portfolio based on Pershing Square Capital’s top publicly disclosed holdings, so it owns fewer companies than many ETFs. The full list is on the fund page and is updated daily. With fewer issuers, poor performance by one or a few stocks can have a larger effect on the Fund.

ACKY provides full cap range equity exposure, meaning its holdings can include companies of any market capitalization that appear among Pershing Square Capital’s top publicly disclosed holdings. The mix depends on what Pershing Square has disclosed. Current holdings, with their as-of date, are on the fund page.

ACKY can hold shares of Pershing Square Holdings and Pershing Square USA (PSUS), alongside the companies among Pershing Square Capital’s top publicly disclosed holdings. Owning those shares does not create any relationship: ACKY is not affiliated with PS, PSUS, PSHZF, PCM, or PSI from Pershing Square Holdings. Current holdings are on the fund page, updated daily.

VistaShares Advisors LLC is ACKY’s investment adviser, and the VistaShares Investment Committee runs the Fund’s portfolio and its options strategy. Foreside Fund Services, LLC is the distributor. Bill Ackman and Pershing Square have no role in managing ACKY. See VistaShares에 관하여 for more on the firm.

Yes. ACKY is actively managed and follows a rules-based methodology: its stock portfolio generally mirrors Pershing Square Capital’s top publicly disclosed holdings, and the VistaShares Investment Committee runs the options strategy on it. The prospectus describes the methodology in full.

ACKY’s stock portfolio is based on Pershing Square’s Form 13F filings and is updated quarterly. Those filings report positions with a delay. Because of the delay, ACKY may hold positions Pershing Square has since changed or sold.

ACKY combines a stock portfolio that generally mirrors Pershing Square Capital’s top publicly disclosed holdings with call options written on those stocks. The option premium is a main source of the monthly distributions through which ACKY seeks a 15% annual distribution rate. In exchange, the Fund gives up part of its stocks’ upside while keeping their downside. ACKY writes calls on 100% of its portfolio.

Yes. ACKY writes call options on stocks it owns, a covered call strategy, applied to a portfolio built on Pershing Square Capital’s top publicly disclosed holdings. Because a Pershing Square-based portfolio holds relatively few companies, each option position is tied to a meaningful part of the Fund. Writing covered calls may limit potential gains in exchange for premium income.

It is the approach the VistaShares Investment Committee uses to write call options on the Fund’s Pershing Square-based portfolio in order to seek high monthly income, drawing on the research process used across VistaShares’ options-based income ETFs. The calls cover the whole portfolio. Option prices are volatile, and the strategy carries options and derivatives risk.

When ACKY’s stocks rise, the calls it has written limit the gains the Fund keeps above the options’ strike prices until expiration. A concentrated portfolio can move sharply, so in a strong rally in one of Pershing Square’s large positions, ACKY may capture noticeably less of the gain than holding that stock alone. The Fund continues to receive option premium.

If ACKY’s stocks trade sideways, the Fund continues to collect option premium while the share prices of its holdings change little. In general terms, this is when a covered call strategy gives up the least upside. Results still depend on how each of ACKY’s relatively few holdings moves and on the Fund’s 0.95% expense ratio.

In a falling market, ACKY generally declines along with its stocks; option premium may offset only part of a decline, and the Fund is not a buffer or hedged strategy. Because ACKY holds a focused portfolio, a drop in one or two large Pershing Square-based positions can have an outsized effect. Investments involve risk, including possible loss of principal.

Yes. Each call ACKY writes caps the gain it keeps on that stock above the strike price until expiration, in exchange for premium received upfront. In a strong move higher in its Pershing Square-based holdings, ACKY may trail owning those stocks directly. The calls do not limit the stocks’ downside.

Option prices depend on, among other things, the anticipated volatility of the underlying stocks and the time remaining until expiration. When expected volatility in ACKY’s holdings rises, premium from writing calls generally rises, and when it falls, premium generally falls. Concentrated holdings can see volatility shift quickly, which is one reason ACKY’s distributions may vary.

Yes. Premium does not offset large or prolonged declines in the stocks ACKY holds, and with relatively few holdings a sharp drop in one position can move the whole Fund. Its share price can fall below what you paid, and its holdings may experience sudden, unpredictable drops. The value of your investment may decline. Investments involve risk, including possible loss of principal.

ACKY pays monthly distributions rather than a traditional company payout to shareholders. The Fund seeks a 15% annual distribution rate, paid monthly, and each distribution may include option premium, income from the Fund’s holdings, capital gains, interest and return of capital. There is no assurance of a distribution in any given month, and amounts may vary. A distribution rate is not a total return. See our guide to 월별 배당 ETF 및 배분.

ACKY pays distributions monthly; the ex-date, record date and payable date of each one are in the distribution calendar on the fund page, along with past distributions. You generally need to own ACKY shares before the ex-date to receive a distribution.

ACKY seeks a 15% annual distribution rate, paid monthly: it aims for distributions that, annualized, equal about 15% of its NAV. It is a target for distributions, not for returns, and it has no connection to any payout by Pershing Square. Distributions are not guaranteed, may vary and may include return of capital, and a distribution rate is not a total return.

No. There is no assurance ACKY will make a distribution in any given month, and amounts may vary greatly. The 15% annual distribution rate is what the Fund seeks, not a commitment. The distribution calendar on the fund page shows upcoming dates and past amounts.

ACKY’s distribution rate takes the most recent distribution, multiplies it by 12 and divides by the Fund’s NAV. It shows what an investor would receive over a year if that one distribution stayed the same, and it does not represent ACKY’s total return. The current figure, with its as-of date, is on the fund page.

ACKY’s distribution rate annualizes its most recent distribution, which can include option premium and return of capital. Its 30-day SEC yield measures only net investment income, excluding option income, earned over the 30 days ended at the most recent month-end, annualized on the share price. For a fund whose income comes mainly from options, the two can be far apart. See our guide to the 유통률 대 30일 SEC 수익률.

ACKY’s distributions may be comprised of option premiums, dividends, capital gains and interest payments, and the Fund’s distributions have been classified as return of capital for tax purposes. ACKY’s Section 19(a) notices on the fund page give the estimated sources of each distribution; the final tax character is reported after year-end.

Yes. ACKY’s distributions have been classified as return of capital, a label that describes how a distribution is treated for tax purposes. That portion is generally not taxed when you receive it; it lowers your cost basis in ACKY shares and may offer potential tax deferral until you sell. In option-writing funds like ACKY, it can arise when realized losses in the portfolio offset realized gains, leaving part of a distribution not characterized as income. Estimates are in the Section 19(a) notices, with final tax character reported after year-end. Consult a tax advisor. See our guide to ETF 배분에서 자본의 반환.

The portion of an ACKY distribution classified as return of capital generally lowers your cost basis in your shares. A lower basis can mean a larger reported gain, or smaller loss, when you sell. ACKY’s Section 19(a) notices show the estimated breakdown, and your broker tracks basis for your account. Consult a tax advisor about your own situation.

No. The return of capital label on ACKY’s distributions is a tax classification and says nothing by itself about the Fund’s NAV or results. ACKY’s NAV depends on its total return: how its concentrated Pershing Square-based holdings and the calls written on them perform, net of the 0.95% expense ratio. Current NAV and performance, with their dates, are on the fund page.

ACKY’s Section 19(a) notices are on the fund page. Each notice estimates how much of a distribution comes from net investment income, capital gains and return of capital when the distribution is not paid entirely from net investment income.

ACKY does not claim to be tax efficient. Because its distributions have been classified as return of capital, the classified portion is generally not taxed when received and instead lowers your cost basis, which may offer potential tax deferral; tax may then arise when you sell. Estimated sources are in the Section 19(a) notices, and final character is reported after year-end. Your own result depends on your circumstances; consult a tax advisor.

ACKY’s distributions may be characterized as ordinary income, capital gains or return of capital, each taxed differently; return of capital is generally not taxable when received but reduces basis. Estimates appear in the Section 19(a) notices through the year, and the final tax character of ACKY’s distributions is reported after year-end. Treatment depends on your situation and account type; consult a tax advisor.

Many brokerage firms offer automatic reinvestment of ETF distributions in additional shares. Whether you can do this with ACKY, and on what terms, depends on your broker. Reinvesting does not change the tax character of a distribution, including any portion classified as return of capital.

A covered call ETF owns stocks and sells call options on them, collecting premium while giving up gains above the strike prices. ACKY applies this to a concentrated portfolio that generally mirrors Pershing Square Capital’s top publicly disclosed holdings and seeks a 15% annual distribution rate, paid monthly. For a full explanation, see our guide: 커버드 콜 ETF란 무엇인가?

No investment is free of risk, and ACKY can lose value. Its specific risks include a concentrated portfolio built on Pershing Square’s top disclosed holdings, holdings based on delayed public data, options and derivatives risk, new fund risk, and distributions that may vary or stop. Writing calls limits gains but does not prevent losses. Investments involve risk, including possible loss of principal.

One way to get exposure to the stocks in Bill Ackman’s publicly disclosed portfolio is ACKY, which generally mirrors Pershing Square Capital’s top disclosed holdings and adds a covered call strategy seeking a 15% annual distribution rate, paid monthly. ACKY does not replicate Pershing Square’s full strategy, activist engagement or current positions, because disclosures are delayed. ACKY is not affiliated with Pershing Square Capital Management or with Bill Ackman.

No. ACKY is not affiliated with Pershing Square Capital Management or with Bill Ackman. ACKY is not affiliated with PS, PSUS, PSHZF, PCM, or PSI from Pershing Square Holdings. The Fund’s portfolio is based on publicly available data, and neither Bill Ackman nor Pershing Square has any role in selecting, managing or endorsing it.

Owning the stocks yourself gives you their full upside and control over timing and weights. ACKY packages Pershing Square Capital’s top publicly disclosed holdings in one ETF, updates as disclosures change, and writes calls to seek a 15% annual distribution rate, paid monthly. In return, it charges a 0.95% expense ratio and gives up part of the gains in strong rallies.

All six Target 15® funds write call options on an equity portfolio and seek a 15% annual distribution rate, paid monthly. ACKY’s portfolio generally mirrors Pershing Square Capital’s top disclosed holdings across the full cap range. OMAH is built on Berkshire Hathaway’s holdings, DRKY and TPRY on the Duquesne Family Office’s and Appaloosa Management’s, SIOO on the S&P 100, and QUSA on quality U.S. companies. ACKY’s expense ratio is 0.95%; SIOO’s is 0.59%.

No single covered call ETF suits every investor, and VistaShares does not rank funds. ACKY is a covered call ETF built on Pershing Square Capital’s top publicly disclosed holdings that seeks a 15% annual distribution rate, paid monthly, with a 0.95% expense ratio. Compare covered call ETFs on their underlying portfolio, how much upside the options give up, fees, distribution history and risks, ideally with a financial advisor.

ACKY’s ticker is ACKY, its CUSIP is 45259A316, and its shares are listed on the NYSE. The Fund’s full name is VistaShares Target 15® ACKtivist Distribution ETF.

You can buy ACKY through a brokerage account like any listed stock: search for ACKY and place an order during market hours. Shares trade at market prices that can be above or below NAV, and commissions and bid-ask spreads may apply. The minimum investment is one share. A financial advisor can also buy ACKY for you.

ACKY’s expense ratio is 0.95%, as stated on the fund page on Nov 12, 2026. It is the Fund’s annual operating cost as a percentage of assets and is reflected in NAV rather than billed separately. The prospectus has full fee details.

ACKY’s inception date is September 9, 2025. As a recently organized fund, it has a limited operating history on which investors can base decisions.

ACKY is a listed ETF, so it can generally be held in brokerage retirement accounts that allow ETFs, subject to the provider’s rules. Return of capital and other distributions are treated differently in taxable and tax-advantaged accounts. Check with your account provider and a tax advisor.

ACKY, like all VistaShares ETFs, is US-listed, on the NYSE. International investors should check with their local broker whether they can buy it.

Current figures, with their as-of dates, are on the fund page: distribution rate, 30-day SEC yield, NAV, market price, holdings and performance, along with the distribution calendar and Section 19(a) notices.

ACKY’s prospectus, summary prospectus, SAI and shareholder reports are all linked on the fund page. The prospectus sets out the Fund’s objective, strategy, risks and fees; read it before investing. For fund information, call (844) 875-2288. Foreside Fund Services, LLC is the distributor.

ACKY’s main risks include equity market risk; options and derivatives risk, including the limit on gains from writing calls; focused portfolio risk; strategy risk from delayed public disclosures of Pershing Square’s holdings; distribution risk; and new fund risk. Investments involve risk, including possible loss of principal.

Option prices are volatile and respond to changes in the value and expected volatility of ACKY’s stocks, time to expiration, fiscal and monetary policy, and political and economic events. Writing calls caps ACKY’s gains above strike prices while leaving the Fund exposed to declines, and option income can vary month to month. Investments involve risk, including possible loss of principal.

ACKY holds a relatively focused portfolio drawn from Pershing Square Capital’s top disclosed holdings, with exposure to fewer issuers than many ETFs. That may increase the risk that the Fund’s value falls because of poor performance by one or a few investments. Investments involve risk, including possible loss of principal.

ACKY’s holdings are based on public disclosures that may be delayed relative to Pershing Square’s current portfolio. ACKY may therefore not reflect Pershing Square’s most recent positions and may deviate substantially from its actual current portfolio, for example after Pershing Square exits or adds a position. ACKY is not affiliated with Pershing Square Capital Management or with Bill Ackman. Investments involve risk, including possible loss of principal.

There is no assurance ACKY will make a distribution in any given month, and amounts may vary greatly, partly because option premium on a concentrated portfolio shifts with volatility. ACKY’s distribution rate annualizes one distribution and is not a total return, so it does not show how the Fund has done. The Section 19(a) notices explain how each distribution is classified for tax purposes. Investments involve risk, including possible loss of principal.

ACKY is designed to seek high monthly income, targeting a 15% annual distribution rate paid monthly, from a portfolio that generally mirrors Pershing Square Capital’s top publicly disclosed holdings, and it can be considered a portion of the core equity allocation in a well-diversified portfolio. The portfolio is concentrated, writing calls limits gains in strong rallies, and distributions are not guaranteed and may include return of capital. Whether ACKY is appropriate depends on your objectives and circumstances; discuss it with your financial advisor and read the prospectus.