At a glance
YSPY charges 1.18% a year. It has $12.1M in assets; it paid 37.36% of its price in distributions over the past 12 months, monthly. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%).
The short version
GraniteShares YieldBOOST SPY ETF (YSPY) is an actively managed fund that earns income by selling put options (contracts that pay the buyer if a price falls) on SPXL, a leveraged ETF built to return 3 times the S&P 500's daily move. Its trailing 12-month yield was about 37.4% as of October 27, 2026. But gains are capped at the option payments collected, the fund absorbs losses when SPXL drops, and it charges 1.18% a year.
Price history
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YSPY +8.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| YSPY price data to Oct 27, 2026 | +8.0% | +8.3% | — | — | — | +10.6% |
- Over the year to Oct 27, 2026, YSPY returned +8.3%.
- The deepest fall in its price history was 18.6% (Feb 28, 2025 to Apr 8, 2025), recovered by Aug 27, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $4.0600 |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 51.84% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 33.03% | |
| Treasury Bill Bonds and notes | 18.81% |
By country
United States 51.84%By issuer
US Treasury 51.84%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $7.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.56%, +4.52%, -3.03%.
How it works
YSPY is actively managed and doesn't own S&P 500 stocks. It sells put options on a leveraged ETF built to return 3 times the S&P 500's daily move; its option positions on June 30, 2026, were puts on SPXL. A put seller collects a payment, called the premium, and must cover the buyer's loss if the price falls below a set level. GraniteShares expects options on a 3x fund to bring in about three times the premium of S&P 500 options, but this isn't guaranteed.
The fund pays out premiums at least partly before the options expire, so it aims to pay weekly even when its options run for a month. Payouts can vary widely and may be treated as return of capital, meaning part of an investor's own money is handed back. Gains are capped at the premiums received, but the fund bears SPXL's declines, likely about three times the S&P 500's. Managers may buy puts to form a 'put spread', which limits some losses but lowers income.
The fund's cash can go into short-term holdings such as Treasury bills, money market funds or GraniteShares' own Short Term Box ETF (LBOX). On June 30, 2026, two Treasury bills made up about 52% of the fund's $12.1 million in net assets. The fund's board can change its objective with 60 days' notice.
What it really costs
- YSPY charges 1.18% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.14% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $120 in the first year and $1,578 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YSPY | $120 | $405 | $710 | $1,578 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Its very high, variable payouts come from selling puts on a 3x leveraged S&P 500 fund, with capped upside, a record only since February 2025 and a 1.18% expense ratio.
YSPY's appeal is cash flow: its trailing 12-month yield was about 37.4% as of October 27, 2026, and it aims to pay weekly. But payouts vary, aren't guaranteed, may include return of capital and can erode the share price over time. Launched in February 2025, it has no record through the 2008, 2020 or 2022 sell-offs, and no full calendar year. Its deepest drop, 18.6% from February 28 to April 8, 2025, took about 4.6 months to recover. Someone who must sell or lean on payouts in a deeper slump could fare worse: the prospectus says the fund bears SPXL's losses, likely about three times the S&P 500's.
It costs 1.18% a year; on $10,000, the SEC's standard example puts costs at $120 after one year and $1,578 after ten. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking large, frequent payouts who accept varying weekly amounts that may include return of capital; trailing yield 37.4% as of October 27, 2026.
- People wanting a small satellite stake in an S&P 500 option-income strategy, held in a tax-advantaged account where ordinary-income taxation of option payouts matters less.
- Investors who expect the S&P 500 to drift sideways or rise modestly, accepting gains capped at premiums from puts sold on SPXL.
Look elsewhere if
- Anyone wanting full S&P 500 growth: YSPY doesn't own the index's stocks, and its gains are capped at option premiums.
- Retirees who can't absorb sharp drops: the fund bears losses on a 3x leveraged ETF and fell 18.6% within weeks of its 2025 launch.
- Those wanting low costs and a long record: it charges 1.18% a year and has traded only since February 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How often does YSPY pay dividends?
YSPY aims to pay distributions weekly, according to its prospectus filed October 28, 2026. It can do this because it pays out option premiums at least partly before the options it sold expire. The prospectus also warns that a payout isn't assured in any given month and that amounts will likely vary greatly from one payment to the next. Some payouts may also be return of capital, meaning investors get part of their own money back rather than income.
Why is YSPY's yield so high?
YSPY's yield is high because it sells put options on SPXL, a fund designed to deliver 3 times the S&P 500's daily return, and options on more volatile assets bring bigger premiums. Its trailing 12-month yield was about 37.4%, or $5.67 a share, as of October 27, 2026. The catch: the fund bears SPXL's losses, its gains are capped at the premiums, and the prospectus warns that repeated payouts may significantly erode the share price.
Is YSPY the same as owning SPY or the S&P 500?
No. Despite its name, YSPY doesn't own SPY, the stocks in the S&P 500, or SPXL directly. It sells put options on SPXL and holds short-term Treasury bills, which made up about 52% of net assets on June 30, 2026. Its upside is capped at the premiums it collects, so it can trail in strong rallies, but it still bears SPXL's declines. Its expense ratio is 1.18%.
Is YSPY good for retirement income?
It may suit only a small, higher-risk slice of a retirement portfolio. YSPY aims to pay large weekly distributions, but they vary, aren't guaranteed, may include return of capital, and can erode the share price over time. The fund launched in February 2025, so it hasn't been tested in a long bear market. Its deepest drop was 18.6%, from February 28 to April 8, 2025, and it recovered by August 27, 2025. Option income is usually taxed as ordinary income.
What is YSPY's expense ratio?
YSPY's expense ratio is 1.18% a year after a 0.14% fee waiver, according to its prospectus filed October 28, 2026. The management fee alone is 0.99%. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs total $120 after one year, $405 after three, $710 after five and $1,578 after ten.