Target 15® ETFs are VistaShares covered call ETFs that each seek a 15% annual distribution rate, paid monthly. Each fund holds an equity portfolio and implements a data-driven options investment strategy, writing call options on that portfolio to generate income for distributions. Distributions are not guaranteed, may vary and may include return of capital, and a distribution rate is not a total return. The funds are OMAH, ACKY, DRKY, TPRY, SIOO and QUSA.

Target 15® refers to the funds' shared goal: each seeks a 15% annual distribution rate, paid monthly. The 15% is a distribution rate target, not a promised payment, a yield or a total return. Distributions are not guaranteed, may vary from month to month, there may be months with no distribution, and distributions may include return of capital. Target 15® is a registered mark owned by VistaShares.

A covered call ETF is a fund that holds stocks and sells (writes) call options on those same stocks to collect option premium, which it can pay out as distributions. A call option gives the buyer the right to buy a stock at a set price (the strike) before the option expires. Because the fund owns the stock, the call is "covered." In exchange for the premium, the fund gives up gains above the strike price while the option is open, and it still bears the stock's losses. All six Target 15® ETFs are covered call ETFs.

A covered call ETF works by pairing a stock portfolio with a recurring sale of call options. The fund collects premium each time it sells calls; if a stock stays below the strike price, the option typically expires and the fund keeps the premium and the stock; if the stock rises above the strike, the fund's gain on that stock is limited to the strike price plus the premium. The fund then writes new options. Target 15® ETFs apply this through a data-driven options investment strategy, writing calls on 100% of each fund's equity portfolio.

In general terms: in a sharply rising market, a covered call ETF usually trails the same stocks held without options, because gains above the strike prices are given up. In a flat or modestly rising market, the option premium collected can make up a larger share of the return. In a falling market, the fund bears the decline in its stocks; premium received does not prevent losses. Option premium also tends to rise and fall with expected volatility. Actual results depend on each fund's holdings and options, and past patterns do not predict future results.

No. Covered call ETFs, including Target 15® ETFs, can lose value, and no investment is free of risk. The main risks are equity market risk, since the funds hold stocks; options and derivatives risk, including the limit on gains from writing calls; focused portfolio risk, since each fund holds relatively few issuers compared with many ETFs; and distribution risk, since distributions may vary or stop. OMAH, ACKY, DRKY and TPRY also carry strategy risk: their holdings are based on public disclosures that are delayed and may differ from a manager's current portfolio. Investments involve risk, including possible loss of principal.

Many covered call ETFs pay monthly, and all six Target 15® ETFs pay distributions monthly. Each seeks a 15% annual distribution rate, paid monthly. There is no assurance a fund will make a distribution in any given month, and amounts may vary greatly. Each fund page lists its distribution calendar and its past distributions.

Target 15® ETFs pay monthly distributions, which differ from the regular payments a company makes to its own shareholders. Each 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. Distributions are not guaranteed and may vary, and a distribution rate is not a total return.

The ex-date is the first trading day on which shares trade without the right to the upcoming distribution; to receive it, you generally need to own shares before the ex-date. The record date is the date the fund checks its records to identify shareholders entitled to the distribution. The payable date is the date the distribution is paid into shareholders' brokerage accounts. Each Target 15® fund page lists these dates in its distribution calendar.

No. Each Target 15® ETF seeks a 15% annual distribution rate, paid monthly, but there is no assurance a fund will make a distribution in any given month, and amounts may vary greatly from one distribution to the next. Distributions may include return of capital. A distribution rate is not a total return; total return also reflects changes in the share price, and the value of your investment may decline. Investments involve risk, including possible loss of principal.

The distribution rate is the annual rate an investor would receive if the most recent distribution stayed the same going forward. It is calculated by multiplying the most recent distribution by 12 and dividing by the fund's NAV. It reflects a single distribution, may include return of capital, and is not a representation of the fund's total return. Each fund's current distribution rate, with its as-of date, is on the fund page.

The 30-day SEC yield represents a fund's net investment income, which excludes option income, earned over the 30-day period ended at the most recent month-end, expressed as an annual percentage rate based on the fund's share price at the end of that period. It is a standardized measure that lets investors compare the income funds earn from their holdings, such as interest and income received from portfolio companies, after expenses. Each fund's current 30-day SEC yield, with its as-of date, is on the fund page.

The distribution rate annualizes what a fund most recently paid out, while the 30-day SEC yield measures the net investment income the fund earned, excluding option income. For a covered call ETF, option premium is a main source of distributions but is excluded from the SEC yield, so a Target 15® ETF's 30-day SEC yield can be far lower than its distribution rate. Neither figure is a total return. Current figures for each fund, with their as-of dates, are on the fund pages.

Return of capital is a tax classification for part or all of a distribution. A portion designated as return of capital is generally not taxable when received; instead, it reduces the shareholder's cost basis in the shares, which may result in a higher capital gain or a lower capital loss when the shares are sold. In effect, tax on that portion is generally deferred until sale, so return of capital may offer potential tax deferral. Distributions made by the Target 15® funds have been classified as return of capital, in amounts that vary by fund and by distribution. Consult a tax advisor.

In option-writing funds, return of capital can arise when realized losses in the portfolio, on stocks or options, offset realized gains, so part of a distribution is not characterized as income or capital gains for tax purposes. The classification depends on each fund's realized results over its tax year, which is why the estimated breakdown can change from one distribution to the next. Each Target 15® fund's Section 19(a) notices give the estimated breakdown; final tax character is reported after year-end.

No. A return of capital classification by itself does not describe how a fund's NAV has performed. NAV depends on the fund's total return: the change in value of its stocks and options, plus income and premium earned, minus expenses and distributions paid. A fund can classify a distribution as return of capital in a period when its NAV rose or fell. Current NAV and performance for each Target 15® fund, with their as-of dates, are on the fund pages.

A Section 19(a) notice is a written notice a fund provides when a distribution comes from sources other than net investment income. It estimates how much of the distribution comes from net investment income, capital gains and return of capital. The amounts are estimates; final tax character is reported after year-end. Each Target 15® fund publishes its 19(a) notices on its fund page.

In general, a covered call ETF's distributions are taxed according to their character: ordinary income, capital gains or return of capital, which is generally not taxed when received but reduces cost basis. Gains or losses on the options a fund writes are part of how its distributions are characterized. Some index options, such as the S&P 100 Index (OEX) options SIOO may use, are classified as Section 1256 contracts, which are generally taxed 60% as long-term and 40% as short-term gains or losses. Tax treatment depends on each investor's situation; consult a tax advisor.

No claim is made that the Target 15® funds are tax efficient; how they fit your tax situation depends on your circumstances. Distributions made by the funds have been classified as return of capital in varying amounts, which may offer potential tax deferral because that portion generally reduces cost basis rather than being taxed when received. SIOO seeks to take advantage of tax loss harvesting opportunities and may use OEX options classified as Section 1256 contracts. Each fund's Section 19(a) notices give estimated breakdowns. Consult a tax advisor.

The six funds share the covered call design and the 15% annual distribution rate target, paid monthly, but hold different equity portfolios. OMAH generally mirrors Berkshire Hathaway's 20 largest holdings plus BRK.B. ACKY generally mirrors Pershing Square Capital's top publicly disclosed holdings. DRKY generally mirrors the Duquesne Family Office's top publicly disclosed holdings. TPRY holds the top 20 U.S.-listed holdings of Appaloosa Management from its most recent 13F filing. The four manager-based portfolios are based on Form 13F filings and updated quarterly. SIOO holds all 100 S&P 100 companies and writes S&P 100 Index (OEX) options. QUSA holds U.S. companies with high profitability, low earnings variability and low leverage and is rebalanced quarterly.

Four Target 15® ETFs generally mirror publicly disclosed holdings of well-known investors: OMAH (Berkshire Hathaway), ACKY (Bill Ackman's Pershing Square Capital), DRKY (Stanley Druckenmiller's Duquesne Family Office) and TPRY (David Tepper's Appaloosa Management). Public disclosures are delayed, so each fund may differ from the manager's current portfolio. The funds are independent: OMAH is not affiliated with Berkshire Hathaway, Greg Abel or Warren Buffett; ACKY is not affiliated with Pershing Square Capital Management or with Bill Ackman; DRKY is not affiliated with the Duquesne Family Office or with Stanley Druckenmiller; TPRY is not affiliated with Appaloosa Management L.P. or with David Tepper.

As stated on the fund pages on Nov 12, 2026, SIOO's expense ratio is 0.59%, and OMAH, ACKY, DRKY, TPRY and QUSA each have an expense ratio of 0.95%. The expense ratio is an annual fee charged as a percentage of fund assets and is reflected in each fund's NAV. Brokerage commissions and bid-ask spreads may also apply when you trade. See each prospectus for full fee details.

Every Target 15® ETF is actively managed. The investment adviser is VistaShares Advisors LLC, and the portfolios are run by the VistaShares Investment Committee, which applies a data-driven options investment strategy to each fund's equity portfolio. More about the firm is at About VistaShares. The funds' distributor is Foreside Fund Services, LLC. For fund information, call (844) 875-2288.

You can buy Target 15® ETFs through a brokerage account, like a listed stock, using the tickers OMAH, ACKY, DRKY, TPRY, SIOO and QUSA. All six are listed on the NYSE and trade at market prices during market hours, which can be above or below NAV. The minimum investment is one share. A financial advisor can also buy them for your account.

Listed ETFs such as the Target 15® funds can generally be held in brokerage IRAs and other retirement accounts, subject to the account provider's rules. How distributions, including any return of capital, are treated inside a retirement account differs from a taxable account; consult a tax advisor.

The full holdings list for each Target 15® ETF is on its fund page and is updated daily. Each fund page also shows current figures such as the distribution rate, 30-day SEC yield, NAV and performance, with their as-of dates, and the distribution calendar.

Each Target 15® fund page links the fund's prospectus, summary prospectus, statement of additional information (SAI) and shareholder reports. The prospectus describes each fund's objective, strategy, risks and fees and should be read before investing. For fund information, call (844) 875-2288.

VistaShares ETFs are US-listed. International investors should check with their local broker whether they can buy them.

There is no single answer, and VistaShares does not rank funds. The Target 15® ETFs are covered call ETFs that seek a 15% annual distribution rate, paid monthly, on six different equity portfolios, from Berkshire Hathaway's largest holdings (OMAH) to the S&P 100 (SIOO) and quality U.S. companies (QUSA). When comparing covered call ETFs, look at each fund's objective, holdings, options approach, distribution sources including return of capital, fees and risks, and review them with a financial advisor.

Target 15® ETFs are designed to seek high monthly income, targeting a 15% annual distribution rate paid monthly, from equity portfolios that can be considered a portion of the core equity allocation in a well-diversified portfolio. Writing calls limits gains in strong rallies, each portfolio is relatively focused, and distributions are not guaranteed, may vary and may include return of capital. Whether a Target 15® ETF is appropriate depends on your objectives and circumstances; discuss it with your financial advisor and read the prospectus.