USOY
Defiance Oil Enhanced Options Income ETF
USOY is an actively managed fund that employs a put options strategy that emphasizes current income while providing exposure to the price of United States Oil Fund (USO).
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
56.5 M
ASSETS UNDER MGMT
99 bp
EXPENSES
Fund Basics
| Fund sponsor | Defiance |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | May 09, 2024 |
| Assets (mns) | $56 |
| Expense ratio | 99 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| CASH & OTHER | 24.4 % |
| UNITED STATES TREASURY BILL 02/19/2026 | 17.2 % |
| UNITED STATES TREASURY BILL 07/09/2026 | 16.1 % |
| UNITED STATES TREASURY NOTE/BOND 3.875% 01/15 | 13.7 % |
| UNITED STATES TREASURY NOTE/BOND 4.25% 10/15/ | 11.8 % |
| UNITED STATES TREASURY BILL 08/14/2025 | 9.9 % |
| UNITED STATES TREASURY BILL 11/06/2025 | 9.1 % |
| USO US 07/30/25 P75.5 | -0.8 % |
| USO US 07/30/25 P77 | -1.5 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 07/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -35.3% | -47.7% | -- | -- | -- | -- | -- | -47.4% |
| Dividend Yield | 35.6% | 55.1% | -- | -- | -- | -- | -- | 54.2% |
| Total Returns | 0.3% | 7.3% | -- | -- | -- | -- | -- | 6.8% | Ann. Volatility | 23.1% | 22.1% | -- | -- | -- | -- | -- | 21.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 301 |
| ADV traded (mns) | $3 |
| Turnover | 4.7% |
| Avg. Bid/Ask (% of price) | 0.39% |
Technical Indicators
| Recent close | $8.91 |
| 30d moving avg. | $8.87 |
| Annualized volatility | 0.0% |
| Relative strength (RSI) | 58 |
| Short interest | 2.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| USOY (99 bp) Percentile rank | 59 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| USOY | 99.0 | 38.7 | 137.7 |
| Peer Avg. | 94.4 | 32.9 | 127.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .