GraniteShares YieldBOOST HOOD ETF (HOYY)

The GraniteShares YieldBOOST HOOD ETF (HOYY) is an actively managed income-oriented fund tied to Robinhood Markets (HOOD), the online brokerage platform for commission-free trading of stocks, options and crypto.

The fund seeks to generate high current income by selling put options on a leveraged ETF that provides two times the daily return of Robinhood shares, while holding U.S. Treasury bills and other short-term instruments as collateral. The option premiums collected form the main source of its distributions.

Because its income comes from writing puts, the fund's upside is limited to the premiums it receives, while declines in the underlying leveraged fund can lead to losses. HOYY is sponsored by GraniteShares as part of its YieldBOOST series and is non-diversified.