GraniteShares YieldBOOST COIN ETF (COYY) Covered Calls

The GraniteShares YieldBOOST COIN ETF is an actively managed fund designed to provide high current income through a specialized options strategy on Coinbase Global, Inc. (COIN). By selling put options on leveraged ETFs like the 2x Long COIN Daily ETF (CONL), the fund seeks to amplify income generation while providing exposure to COIN’s price performance. COYY is intended for investors seeking outsized yields and are willing to accept capped upside and full downside risk.

You can sell covered calls on GraniteShares YieldBOOST COIN ETF to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for COYY (prices last updated Fri 4:16 PM ET):

GraniteShares YieldBOOST COIN ETF (COYY) Stock Quote
Last Change Bid Ask Volume P/E Market Cap
5.10 -0.04 5.06 5.15 317K - 0.0
Covered Calls For GraniteShares YieldBOOST COIN ETF (COYY)
Expiration Strike Call Bid Net Debit Return
If Flat		 Annualized
Return If Flat
Feb 20 5 0.00 5.15 -2.9% -70.6%
Mar 20 5 0.00 5.15 -2.9% -24.6%
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Extended Business Description

GraniteShares YieldBOOST COIN ETF is a next-generation derivative-income fund that utilizes an innovative "YieldBOOST" strategy to monetize the high volatility of the digital asset sector. Unlike traditional covered call funds that write calls against a long stock position, COYY primarily generates income by selling (writing) put options on leveraged ETFs, specifically the GraniteShares 2x Long COIN Daily ETF. This unique approach allows the fund to target significantly higher premiums than standard single-stock income products.

Core Strategy and Operations

  1. Leveraged Option Writing: The fund seeks to achieve approximately two times (200%) the income typically generated by selling options directly on COIN. It accomplishes this by writing options on the 2x leveraged version of the stock (CONL). This "leverage on leverage" strategy is designed to harvest elevated volatility risk premiums during periods of crypto market expansion or consolidation.
  2. Weekly Distribution Schedule: As of early 2026, COYY follows a high-frequency weekly distribution model. These payouts are derived primarily from the premiums collected via its put-writing activities and interest earned on its substantial collateral holdings.
  3. Collateral and Risk Management: To support its derivative obligations, the fund maintains a large portfolio of U.S. Treasury bills and cash equivalents. While the strategy includes elements of "autocallable" structures to provide some capital protection, the fund remains exposed to the full downside of COIN and may experience significant NAV erosion if the underlying stock enters a prolonged bear market.

Competitive Landscape

COYY competes in the aggressive "yield-maximized" segment of the ETF market. Its most direct peer is the YieldMax COIN Option Income Strategy ETF, which uses a synthetic covered call approach. It also competes for income-focused capital with other YieldBOOST products like NVYY (Nvidia) and TSYY (Tesla). For investors seeking crypto-correlated income without the single-stock concentration, it is often compared to the Amplify Bitcoin 2% Monthly Option Income ETF or the YieldMax Universe Fund of Option Income ETFs.

Strategic Outlook and Innovation

In 2026, COYY is positioned as a "volatility harvester" for portfolios that require extreme yield to offset inflation or low-growth environments. A key strategic focus for GraniteShares is the management of the fund's expense ratio, which is contractually capped at 1.15% through December 31, 2026. Innovation within the fund is centered on "Dynamic Put Striking," where managers adjust the distance of the sold puts based on the 30-day implied volatility of Coinbase to optimize the balance between income and NAV preservation. As Coinbase continues to solidify its role as the primary regulated exchange in the U.S., COYY aims to remain the premier high-frequency income vehicle for investors looking to capitalize on the "reflexive" volatility of the blockchain economy. By providing a regulated, exchange-traded way to access sophisticated "autocallable-like" returns, COYY serves as a high-octane alternative to traditional fixed-income assets.