For all you guys who got in earlier in the year and are riding cost basis in the $5 handle, and nearly 40% to ROI major props to you and God speed. 

For us later comers, couple things. I’ve now confirmed with a securities/CPA because this fund no longer dabbles in synthetics, rather physical spot underlying stocks, that 100% ROC classification is out the window. 

From what I’m reading on here there are definitely some folks who need to factor that in with respect to ROI projections. This taxable variable will greatly diminish that “gross” ROI. 

I personally have been riding nearly 30,000 shares for a few weeks and decided to punt this morning as I was up about $1500 in terms of my distributions + cost basis vs market price. Figured I can at least cover my tax liability and be even. 

With that said looking I’m looking now at options angle as a back door here to get to cap gains exclusively and I think I found a way. 

This morning someone hit the bid, selling a mother load of puts on the January 2026 $7 strikes for $2.25. That’s gonna put cost basis @ $4.75 per share. BUT…….

The most interesting aspect is that dollar amount will most likely beat the aggregate on the ULTY total weekly distributions up to that expiration date.  Pretty brilliant move and guarantees 100% cap gain classification. Thoughts ??

Keep in mind as I type this, been drinking single straight from the barrel Kentucky bourbon. LFG.  

ROC & giant long/put sell trade this AM