Weekly-pay Strategy fund gains 21% as single-stock income products lead Thursday

Own the S&P 500 and Thursday was a 1.1% session, a close at 7,748.27. Own Strategy, Robinhood, Snowflake, or the funds built on top of them, and it was a 15% to 21% day.

YieldMax's option-income fund on Strategy CMSTY gained 14.8% on $916 million of assets. The short Strategy income fund BWNTR fell 10.5%. Nasdaq added 1.4%.

Weekly-pay Strategy, Robinhood and Snowflake

Roundhill's weekly-pay funds target 1.2 times a single stock's total return over a calendar week, before fees, and pay a distribution every week. The Strategy fund CMSTW held 82% of assets in a $40-strike call on Strategy and gained 21.1% against a 17.6% rise in the stock. The Robinhood weekly-pay fund CHOOW added 19.6% as Robinhood gained 16.6%. Teucrium's 2x long XRP fund DXXRP rose 19.6%.

The covered-call versions kept less, and Wednesday's holdings show why. Snowflake's option-income fund ASNOY captured 13.9% against a 16.6% gain in the shares. Cash was 28% of the fund. A long $260 September call stood in for the shares. The fund also held Treasury bills, a Treasury note and a government money-market fund. The written calls were September 4 strikes at $337.50, $340 and $345. Snowflake closed at $356.47, above all three written strikes.

CMSTY used the same design on Strategy: cash at 20%, long $95 and $100 calls for the equity, Treasury bills and notes, and written calls from $130 to $140 into a close at $144.82. Strategy gained 17.6%; the fund kept 14.8%. The Robinhood option-income fund BHOOY rose 12.7%.

Crypto-industry equity funds moved with the coins, at roughly twice the size. Global X's blockchain fund BBKCH gained 10.5%. The spot bitcoin fund BIBIT closed up 5.8%; the spot ether fund BETHA gained 5.4%.

Federal Reserve Governor Christopher Waller said he could support holding rates steady. The 10-year Treasury yield was at 4.77%. The Nasdaq 100 tracking fund AQQQ rose 1.2%. The Russell 2000 fund AIWM gained 0.4%.

ChargePoint, Snowflake and Ultragenyx

ChargePoint Holdings, the $235 million electric-vehicle charging company, closed at $9.08, up 75%, after reporting fiscal second-quarter revenue of $116.1 million, up 18% from a year earlier, and a narrower loss.

Snowflake, the cloud data-platform company, reported product revenue of $1.49 billion, up 37% from a year earlier. Total revenue was $1.55 billion against a $1.48 billion estimate; per-share earnings were $0.62 against $0.45. The shares tagged a 52-week high of $384.55 before closing at $356.47. Broadcom fell 2.7%. The semiconductor fund ASMH added 0.4%.

Strategy, the bitcoin-treasury company, closed at $144.82. That is a 47% gain over one month, and it is still 56% below where it stood a year ago. Robinhood Markets closed at $124.72.

Ultragenyx Pharmaceutical, the rare-disease drugmaker, closed at $14.85, down 44%, after its Phase 3 Angelman syndrome study missed its primary endpoint and a key secondary measure. It set a 52-week low of $13.81. Polestar Automotive, the electric-car maker, dropped 27.5% to $8.69 after cutting its volume outlook amid U.S. restrictions and weak demand. Ciena, the optical-networking company, fell 10.4% to $317.46 even after it beat quarterly estimates; the stock has now dropped 20.6% over five sessions, and the company pointed to slimmer fourth-quarter gross margins. Campbell's lost 7.0% after cutting its dividend 36%.

Short Strategy, short bitcoin and long volatility

The other side of the same tape sat in the shorts and in long volatility. BWNTR fell 10.5%, the other side of CMSTY. ProShares' short bitcoin fund CBITI lost 5.8%. The CBOE Volatility Index dropped 5.8% to 14.32, nearer its 52-week low of 13.38 than any stress reading. Volatility Shares' 2x long VIX futures fund DUVIX fell 4.0%. ProShares' ultra short-term VIX fund CUVXY dropped 3.1%.

ChargePoint's 75% and Ultragenyx's 44% outran every fund on the board. Thursday's 21% fund session lived in the stocks that already had a weekly-pay or covered-call wrapper.