NVIIREX Shares

Aug 26, 2026 · $113.7M net assets

Synthetic long — no shares held

Owns Treasuries plus an options structure that replicates the underlying. Nothing here is a stock position.

Call coverage

—

of the equity sleeve has a call written on it

Wtd moneyness

-3.70%

written out of the money

Wtd DTE

20.3d

monthly or longer

Upside room

—

to the average written strike

Capped

0/1

names already above their strike

Collateral

103.0%

cash + Treasuries

What backs the fund

Treasuries 102.4%Cash 0.6%Long options 4.5%Short options -7.53%

Notional written: calls 62.8% of NAV · puts 125.6% of NAV

The book

1 underlying · 4 contracts collapsed to one row each

Name	% NAV	Shares	Spot	Strike	DTE	Room	Cov	Long legs
NVDA	no shares	—	212.98	219.01	2d	+2.8%	—	C216.85

Room is (strike − spot) / spot — how far the stock can still run before the written call caps it. That's the holder's number. It is not the same as moneyness, which the fund quotes against the strike.

Cov is the share of the position covered by written calls, capped at 100%.

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