Key Highlights

  • COYY (NASDAQ:COYY), HOYY (NASDAQ:HOYY), MTYY (NASDAQ:MTYY), SMYY (NASDAQ:SMYY) and MAAY (NASDAQ:MAAY) all show indicated yields between 224.54 percent and 310.43 percent, equivalent to weekly payouts of roughly 4.32 to 5.97 percent of each share price, generated by selling put Options on 2x leveraged single-stock ETFs rather than holding the underlying shares.
  • Three of the five underlyings, Coinbase (NASDAQ:COIN), Strategy Inc (NASDAQ:MSTR) and MARA Holdings (NASDAQ:MARA), are direct or leveraged proxies on bitcoin's price, meaning much of this basket's Yield ultimately traces back to crypto volatility.
  • GraniteShares reverse split COYY (NASDAQ:COYY) 1-for-6 and MTYY (NASDAQ:MTYY) 1-for-6 in June 2026 after their per-share prices eroded, while HOYY (NASDAQ:HOYY), SMYY (NASDAQ:SMYY) and MAAY (NASDAQ:MAAY), all launched more recently, have not yet needed one.
  • Every fund in this group charges a 1.07 percent expense ratio and holds a small asset base ranging from USD 1.55 million at MTYY (NASDAQ:MTYY) to USD 17.66 million at COYY (NASDAQ:COYY).

COYY (NASDAQ:COYY): The Highest Yield and the Clearest Warning Sign

COYY (NASDAQ:COYY) tops this group with a 310.43 percent indicated yield on a USD 15.03 share price, built from USD 46.86 in trailing distributions. It sells puts on a 2x Long COIN Daily ETF rather than owning Coinbase (NASDAQ:COIN), targeting 200 percent of the income a direct options seller on the stock would collect, with strikes from 40 percent out-of-the-money to 10 percent in-the-money. Launched July 28, 2025, COYY (NASDAQ:COYY) already needed a 1-for-6 reverse split by June 2026, a visible marker of the net asset value erosion built into the strategy after less than a year of trading. At USD 17.66 million in Assets and a 1.07 percent expense ratio, it is the largest fund in this basket by assets, yet still tiny by mainstream ETF standards, and its return remains capped the moment Coinbase (NASDAQ:COIN) rallies past the fund's sold strikes.

HOYY (NASDAQ:HOYY): The Youngest Fund, Still Untested by a Reverse Split

HOYY (NASDAQ:HOYY) shows a 257.91 percent yield on a USD 4.78 share price from USD 12.48 in distributions, selling puts on a 2x Long HOOD Daily ETF tied to Robinhood (NASDAQ:HOOD). Launched September 30, 2025, it is barely a year old and holds just USD 6.09 million in assets, the smallest base in this group alongside MTYY. Robinhood's meaningful crypto trading Revenue makes its options unusually volatile, which is exactly why HOYY's (NASDAQ:HOYY) yield sits second-highest here, but the fund has not yet lived through the kind of sustained drawdown that forced reverse splits on its older siblings, meaning its long-run net asset value path is still an open question rather than a demonstrated fact.

MTYY (NASDAQ:MTYY): A Leveraged Bet on an Already-Leveraged Bitcoin Proxy

MTYY (NASDAQ:MTYY) shows a 243.19 percent yield on a USD 17.55 share price from USD 42.85 in distributions, selling puts on a 2x Long MSTR Daily ETF tracking Strategy Inc (NASDAQ:MSTR), the bitcoin treasury company formerly known as MicroStrategy. Because Strategy Inc (NASDAQ:MSTR) is itself effectively a leveraged bitcoin bet, MTYY (NASDAQ:MTYY) layers options exposure on top of an already-leveraged position, and its per-share price eroded enough since its September 2025 launch that GraniteShares reverse split it 1-for-6 in June 2026, the same round of corporate actions that also reset COYY. At just USD 1.55 million in assets, MTYY (NASDAQ:MTYY) is the smallest fund in this comparison despite tracking one of the market's most actively discussed stocks.

SMYY (NASDAQ:SMYY): Betting on Super Micro's Volatility, Not Its Fundamentals

SMYY (NASDAQ:SMYY) shows a 238.08 percent yield on a USD 5.87 share price from USD 14.11 in distributions, selling puts on a 2x Long SMCI Daily ETF tied to Super Micro Computer (NASDAQ:SMCI). Launched September 30, 2025 alongside HOYY, SMYY (NASDAQ:SMYY) holds USD 6.88 million in assets and rides the same headline-driven volatility, tied to Super Micro Computer's (NASDAQ:SMCI) past accounting and filing controversies, that has made the stock's options unusually rich in premium. The fund is agnostic to direction within its strike range, profiting from Volatility itself rather than from Super Micro Computer's (NASDAQ:SMCI) fundamentals improving or deteriorating, which means a quiet, low-volatility stretch for the stock would actually shrink SMYY's (NASDAQ:SMYY) future premium income.

MAAY (NASDAQ:MAAY): A Second Layer of Leverage on Bitcoin Mining

MAAY (NASDAQ:MAAY) shows the group's lowest yield at 224.54 percent on a USD 4.93 share price from USD 11.14 in distributions, selling puts on a 2x Long MARA ETF tied to MARA Holdings (NASDAQ:MARA), a bitcoin miner whose own Earnings already swing with bitcoin's price and mining difficulty. Launched November 4, 2025, MAAY (NASDAQ:MAAY) holds just USD 3.48 million in assets, reflecting both its short track record and a narrower investor base than more widely held names like Coinbase (NASDAQ:COIN) or Tesla (NASDAQ:TSLA) attract. A sustained bitcoin downturn would hit MARA Holdings' (NASDAQ:MARA) mining Economics and MAAY's (NASDAQ:MAAY) options-based net asset value at the same time, a double exposure to the same underlying driver.

Where Things Stand

Is this basket free money or a trap built on volatility? It is neither exactly, it is compensation for volatility, paid out weekly and funded by options premium rather than earnings. All five funds, COYY (NASDAQ:COYY), HOYY (NASDAQ:HOYY), MTYY (NASDAQ:MTYY), SMYY (NASDAQ:SMYY) and MAAY (NASDAQ:MAAY), cap their upside if the underlying rises while remaining exposed to its full downside, a structure that has already forced reverse splits on COYY and MTYY and could eventually reach the newer, smaller HOYY, SMYY and MAAY if their underlyings see a sustained decline. Because three of the five, COYY, MTYY and MAAY, trace their volatility back to bitcoin through Coinbase (NASDAQ:COIN), Strategy Inc (NASDAQ:MSTR) and MARA Holdings (NASDAQ:MARA), this entire basket is more concentrated in a single macro driver, crypto sentiment, than the headline diversity of five different tickers suggests, a very different exposure than a diversified benchmark like the Nasdaq-100 or Russell 2000. None of these five funds charges more than a 1.07 percent expense ratio, and none holds more than USD 17.66 million in assets, small enough that Liquidity and tracking behavior deserve as much scrutiny as the headline yield before sizing any position.