Key Highlights

  • IOYY (NASDAQ:IOYY), RGYY (NASDAQ:RGYY) and QBY (NASDAQ:QBY) all sell Options on 2x leveraged ETFs tracking Quantum Computing names IonQ (NYSE:IONQ), Rigetti Computing (NASDAQ:RGTI) and D-Wave Quantum (NASDAQ:QBTS), with yields from 194.03 to 222.52 percent, equivalent to weekly payouts of roughly 3.73 to 4.28 percent of each share price, on companies still largely pre-revenue at commercial scale.
  • TSYY (NASDAQ:TSYY), the category's oldest fund since December 2024, shows a 183.04 percent Yield after GraniteShares reverse split it 1-for-8 in June 2026, the steepest split among its sister funds.
  • WNTR (NYSEARCA:WNTR) is the only inverse product here, using a Treasury-collateralized short options strategy on Strategy Inc (NASDAQ:MSTR) to show a 168.99 percent yield, though its most recent distribution was 93.48 percent estimated return of capital.
  • Combined Assets across this basket are uneven, from USD 2.16 million at QBY (NASDAQ:QBY) to USD 67.61 million at WNTR (NYSEARCA:WNTR), the largest fund in this comparison, and expense ratios range from 1.00 percent at WNTR (NYSEARCA:WNTR) up to 1.15 percent at TSYY (NASDAQ:TSYY).

IOYY (NASDAQ:IOYY): Selling Volatility on a Pre-Revenue Quantum Bet

IOYY (NASDAQ:IOYY) shows a 222.52 percent yield on a USD 5.89 share price from USD 13.08 in trailing distributions, selling put options on a 2x Long IONQ Daily ETF tied to IonQ (NYSE:IONQ) rather than owning the stock, with strikes from 40 percent out-of-the-money to 10 percent in-the-money. Launched November 4, 2025, IOYY (NASDAQ:IOYY) holds USD 5.46 million in assets and channels the funding and cash-runway concerns that have dogged quantum computing stocks through 2026 directly into elevated options premium. The fund caps gains if IonQ (NYSE:IONQ) rises while carrying full exposure to its losses, a structurally different bet than owning the stock outright, and its charges a 1.07 percent expense ratio like most of its GraniteShares siblings.

RGYY (NASDAQ:RGYY): The Smallest, Youngest Way to Trade Rigetti's Swings

RGYY (NASDAQ:RGYY) shows a 198.07 percent yield on a USD 5.82 share price from USD 11.47 in distributions, selling puts on a 2x Long RGTI Daily ETF tied to Rigetti Computing (NASDAQ:RGTI). Launched November 25, 2025 alongside QBY, RGYY (NASDAQ:RGYY) holds just USD 2.89 million in assets and barely a year of trading history, meaning there is limited data on how it behaves across a full cycle of Rigetti Computing's (NASDAQ:RGTI) own sentiment-driven volatility. Like its quantum-computing peers in this list, RGYY (NASDAQ:RGYY) has not yet needed a reverse split, but it also has not yet been tested by a sustained downturn in its underlying.

QBY (NASDAQ:QBY): D-Wave's Own Unsettled Story, Packaged Into a Yield

QBY (NASDAQ:QBY) shows a 194.03 percent yield on a USD 5.68 share price from USD 11.05 in distributions, selling puts on a 2x Long QBTS Daily ETF tied to D-Wave Quantum (NASDAQ:QBTS). D-Wave Quantum itself transferred its stock listing from the New York Stock Exchange to Nasdaq around July 27, 2026, a reminder the company is still evolving even as QBY (NASDAQ:QBY), the smallest fund in this basket at USD 2.16 million in assets, converts its volatility into weekly premium income. QBY (NASDAQ:QBY) and RGYY share an identical launch date, expense ratio and general structure, differing mainly in which quantum name's options they sell.

TSYY (NASDAQ:TSYY): The Category's Longest Record, and Its Steepest Reverse Split

TSYY (NASDAQ:TSYY) shows a 183.04 percent yield on a USD 19.88 share price from USD 37.23 in distributions, selling puts on a 2x Long TSLA Daily ETF tied to Tesla (NASDAQ:TSLA). Launched December 18, 2024, TSYY (NASDAQ:TSYY) is nearly two years old, the longest track record of any fund in either list, yet it still needed a 1-for-8 reverse split in June 2026, the steepest ratio applied to any GraniteShares YieldBOOST fund. At USD 62.10 million in assets and a 1.15 percent expense ratio, higher than its siblings, TSYY (NASDAQ:TSYY) shows that a long history and a large, liquid asset base did not prevent the same net asset value erosion seen in its much younger peers.

WNTR (NYSEARCA:WNTR): The Only Fund Here Betting Against Its Underlying

WNTR (NYSEARCA:WNTR) shows a 168.99 percent yield on a USD 15.33 share price from USD 25.69 in distributions, but unlike every other fund in this comparison, it profits if Strategy Inc (NASDAQ:MSTR) falls or stays flat, using a Treasury-collateralized synthetic covered put rather than a long-side put-selling structure. YieldMax's own disclosure shows WNTR's (NYSEARCA:WNTR) most recent payout was 93.48 percent estimated return of Capital against a 30-day SEC yield of just 2.32 percent, the widest gap between headline and actual income anywhere in this comparison. Launched March 26, 2025, WNTR (NYSEARCA:WNTR) holds USD 67.61 million in assets, the largest base in either basket covered in this pairing of listicles.

Where Things Stand

These five funds share a triple-digit indicated yield and little else. IOYY (NASDAQ:IOYY), RGYY (NASDAQ:RGYY) and QBY (NASDAQ:QBY) sell options on speculative, pre-revenue quantum computing names where the underlying Business case is still unproven, and all three launched within three weeks of each other in November 2025 with near-identical structures and a 1.07 percent expense ratio. TSYY (NASDAQ:TSYY) shows that even a nearly two-year track record and the largest, most liquid fund in the family were not enough to avoid a reverse split, in this case the steepest one in the category at 1-for-8. WNTR (NYSEARCA:WNTR) stands apart entirely, structured to profit from Strategy Inc (NASDAQ:MSTR) falling rather than rising, yet its own numbers show the bulk of its distribution is shareholders' capital coming back to them rather than new income, a 2.32 percent SEC yield hiding behind a 168.99 percent headline. Does a single one of them deliver real income? Not in the traditional sense: across all five, a triple-digit yield is the price paid for Underwriting real, uncapped downside risk on volatile or speculative underlyings, not a signal that any of these five names is a safer income holding than a diversified benchmark like the S&P 500 or Nasdaq-100.