Key Highlights

  • QBY (NASDAQ:QBY) shows an indicated Yield of 194.03 percent on a USD 5.68 share price, built from USD 11.05 in trailing weekly distributions, equivalent to roughly 3.73 percent of the share price paid out every week.
  • QBY (NASDAQ:QBY) sells put Options on a 2x Long QBTS Daily ETF rather than owning D-Wave Quantum (NASDAQ:QBTS) stock, targeting 200 percent of the income a direct options seller on the name would collect.
  • QBY (NASDAQ:QBY) launched November 25, 2025, the same day as sister fund RGYY, and holds just USD 2.16 million in assets.
  • D-Wave Quantum (NASDAQ:QBTS) itself transferred its own stock listing from the New York Stock Exchange to Nasdaq in July 2026, a reminder that the underlying company is still working through basic corporate logistics even as QBY (NASDAQ:QBY) packages its options Volatility into a headline yield.

QBY's Yield Is a Function of D-Wave's Own Unsettled Story

QBY (NASDAQ:QBY) sells put options on a 2x Long QBTS Daily ETF, targeting 200 percent of the income a direct options seller on D-Wave Quantum (NASDAQ:QBTS) would collect, using strikes from 40 percent out-of-the-money to 10 percent in-the-money and one-week to one-month maturities. D-Wave Quantum, a quantum annealing specialist, has drawn investor attention for both its technical progress and its funding needs, and it changed its own primary stock exchange listing from the New York Stock Exchange to Nasdaq effective around July 27, 2026, a corporate housekeeping move that nonetheless reflects a company still establishing itself. That level of ongoing change and uncertainty feeds directly into elevated implied volatility, which is what produces QBY's (NASDAQ:QBY) 194.03 percent indicated yield.

A Small, New Fund on a Small, New-to-Nasdaq Stock

QBY launched November 25, 2025 and holds USD 2.16 million in Assets against a 1.07 percent expense ratio, making it one of the smallest funds in the GraniteShares YieldBOOST lineup alongside sister fund RGYY, which launched the same day. The fund does not own D-Wave Quantum (NASDAQ:QBTS) shares directly, only options contracts tied to a 2x leveraged version of the stock, collateralized by Treasury bills and cash, a structure identical to the rest of the YieldBOOST family.

What Happens If D-Wave Stock Breaks Lower

QBY's (NASDAQ:QBY) prospectus caps gains if the underlying QBTS ETF rises while exposing the fund to all potential losses if it declines, losses its income may not offset. Because D-Wave Quantum (NASDAQ:QBTS) remains a pre-commercial-scale Business whose valuation depends heavily on investor sentiment toward Quantum Computing broadly, a sector-wide risk-off move or a company-specific funding disappointment could send the stock sharply lower, a decline QBY's (NASDAQ:QBY) weekly premium income would not come close to covering. Non-diversified, single-stock concentration in a speculative, still-evolving company is a fundamentally different risk than a diversified holding in something like the Nasdaq-100.

Where Things Stand

Is QBY just trading D-Wave's volatility for income? Essentially yes, and that is the honest way to think about the product. QBY (NASDAQ:QBY) converts D-Wave Quantum's (NASDAQ:QBTS) elevated, still-unsettled implied volatility into a weekly payout, but it caps the fund's upside while leaving it exposed to the underlying's full downside, so the 194.03 percent yield compensates for real risk rather than eliminating it. With just USD 2.16 million in assets and roughly a year of trading history, QBY (NASDAQ:QBY) is best approached as a tactical way to monetize an existing view on D-Wave Quantum (NASDAQ:QBTS), not as a core income holding.