YieldMax lists a Micron income fund that caps gains inside a band

YieldMax listed —MUY, a fund that seeks income from options on Micron Technology, on Nasdaq on Tuesday, September 29. Its call spread limits a rally only inside a band, and that limit can come off. BMUYY, GraniteShares' Micron income fund, caps the gain at the premium it collects.

The fund does not own Micron shares. The September 25 summary prospectus lets it sell a plain covered call against a stand-in for the stock, which gives away gains above the sold strike, or a call spread, which sells one call and buys another at a higher strike.

The spread limits gains only while the share price is between those strikes, minus the premium received. Above the higher strike, the limit comes off. The plain covered call does not.

The fund's holdings as of Sunday showed call spreads expiring Friday, October 9. It had sold Micron calls at $1,100, $1,110 and $1,120, and bought calls at $1,145, $1,150, $1,155 and $1,160. Micron traded at $1,064 late Monday morning, below every one of those strikes.

The stand-in is a November call the fund bought and a November put it sold, both at $1,050.01. The prospectus says that pair leaves the fund open to most or all of a fall in Micron.

Micron was up 277% this year through Friday. Selling calls means giving away part of a rise like that.

The fee is 1.01% a year, and the September 25 fee table shows no waiver. BMUYY's summary prospectus, dated September 11, 2025, lists 1.07%, a gap of 0.06 percentage points, and agrees to hold operating expenses to 1.15% through December 31, 2026, not counting brokerage, interest, taxes and some other items. Its report for the period ended June 30, 2026 shows an expense ratio of 2.25%, and 1.15% after the waiver.

GraniteShares listed its Micron fund in April

BMUYY began trading on Nasdaq on Tuesday, April 14. It seeks weekly income by selling puts on CMULL, GraniteShares' fund that resets each day to twice Micron's move, and on other funds built for that same daily target. Its prospectus says the gain is capped at the premium those puts bring in.

In its report for the period ended June 30, 2026, the fund distributed $5.26 a share and classified $3.48 of that as a return of capital, a return of the investor's own money. Investment operations added $4.04 a share. Net asset value ended at $23.78, from $25 at the start.

For anyone choosing between them, the question is whether a further rise in Micron can still show up in the fund. —MUY can take part once the price clears the higher strike. BMUYY is tied to a fund that doubles each day's move, and the gain stops at the premium.