Strategy Shares Files Overnight Financing ETF Targeting SOFR-Plus Returns (DEPO)

Strategy Shares has filed to launch the Strategy Shares Strawberry Fields Overnight Enhanced Yield ETF (DEPO), an actively managed fund seeking returns above the Secured Overnight Financing Rate (SOFR) while maintaining an effective duration of approximately one business day. The ETF would acquire securities and enter into offsetting total return swaps or forward contracts with bank counterparties, transferring the securities' economic returns in exchange for overnight financing payments. Eligible assets span equities, bonds, structured securities and emerging markets instruments, regardless of credit quality. Transactions would reset daily, allowing returns to adjust with short-term rates. When financing opportunities are unavailable, the fund may shift into Treasury bills, repos, money market funds or box spreads, potentially reducing yields. Key risks include counterparty dependence and transaction nonrenewal.