Key Highlights

  • MAAY (NASDAQ:MAAY) shows an indicated Yield of 224.54 percent on a USD 4.93 share price, built from USD 11.14 in trailing weekly distributions, equivalent to roughly 4.32 percent of the share price paid out every week.
  • MAAY (NASDAQ:MAAY) sells put Options on a 2x Long MARA ETF rather than owning MARA Holdings (NASDAQ:MARA) stock directly, targeting 200 percent of the income a direct options seller on the Bitcoin miner would collect.
  • MAAY (NASDAQ:MAAY) is one of the newest GraniteShares YieldBOOST funds, launched November 4, 2025, and holds just USD 3.48 million in assets.
  • Because MARA Holdings (NASDAQ:MARA) is a Bitcoin Mining company whose Earnings swing with both bitcoin's price and network mining difficulty, MAAY's (NASDAQ:MAAY) options premium, and therefore its yield, is really a bet on bitcoin-linked Volatility twice removed.

How MAAY Turns Bitcoin Mining Volatility Into a Weekly Payout

MAAY (NASDAQ:MAAY) sells put options on a 2x Long MARA ETF, targeting 200 percent of the income a direct options seller on MARA Holdings (NASDAQ:MARA) would collect, using strikes from 40 percent out-of-the-money to 10 percent in-the-money and one-week to one-month maturities. MARA Holdings mines bitcoin at industrial scale, meaning its Revenue and stock price move with both bitcoin's own price swings and the mining industry's difficulty and energy-cost dynamics, a second layer of volatility on top of crypto markets generally. Because MAAY (NASDAQ:MAAY) sells options on a 2x leveraged version of that already-volatile business, its 224.54 percent indicated yield reflects an unusually high level of implied volatility being converted directly into weekly premium income.

A Three-Month-Old Fund With a USD 3.48 Million Base

MAAY launched November 4, 2025, the same day as sister fund IOYY, making it one of the youngest members of the YieldBOOST lineup alongside RGYY and QBY, which followed three weeks later. At USD 3.48 million in Assets under management and a 1.07 percent expense ratio, MAAY (NASDAQ:MAAY) is among the smallest funds in this comparison, reflecting both its short track record and the narrower investor base drawn to a bitcoin-mining-specific income product rather than one built on a more widely held name like Tesla (NASDAQ:TSLA) or Coinbase (NASDAQ:COIN).

The Risk of Betting on Volatility in an Already-Leveraged Business

MARA Holdings (NASDAQ:MARA) already carries substantial operating Leverage as a bitcoin miner, since its costs are largely fixed while its revenue swings with bitcoin's price, and MAAY (NASDAQ:MAAY) adds a second layer of leverage and options exposure on top of that. The fund's prospectus caps gains if the underlying MARA ETF rises while leaving it exposed to the underlying's full losses, which its income may not offset, so a sustained bitcoin drawdown that hits mining Economics would likely hit MAAY's (NASDAQ:MAAY) net asset value on two fronts at once. Combined with non-diversified, single-stock concentration and options-market liquidity risk, MAAY (NASDAQ:MAAY) sits well outside the risk profile of a diversified benchmark like the Russell 2000 or Nasdaq-100.

Where Things Stand

Is MAAY just a leveraged bitcoin mining side bet dressed up as an income fund? Largely yes. The 224.54 percent yield is a function of selling options against a 2x leveraged version of MARA Holdings (NASDAQ:MARA), a bitcoin miner whose own economics already move with crypto prices, so an investor in MAAY (NASDAQ:MAAY) is really Underwriting bitcoin-linked mining volatility twice over in exchange for weekly premium income. That can be a reasonable tactical trade for someone who already wants exposure to MARA Holdings (NASDAQ:MARA) and is comfortable with capped upside, but it is not a diversified income holding, and its USD 3.48 million asset base and short history leave little precedent for how it behaves in a sustained bitcoin downturn.