BIOY vs XLEI

BIOYFGraniteShares YieldBOOST Biotech ETF

XLEIAState Street Energy Select Sector SPDR Premium Income ETF

In short

BIOY Most sector income funds sell calls on the sector itself. BIOY goes one level up: it sells puts on a 3x leveraged biotech ETF, mining the fat premiums that come with one of the market's twitchiest wrappers, and pays cash out weekly.

XLEI State Street's 1998-vintage energy sector fund, wrapped in a call-writing overlay. Same oil and gas majors, monthly income from selling options against them, minus some of the upside when crude runs.

Stated mandate

BIOY The Fund seeks to generate three times the income from selling options on the S&P Biotechnology Select Industry Index through options on leveraged ETFs, while also seeking exposure to the leveraged ETF’s performance subject to a cap.

XLEI The fund seeks current income while preserving prospects for long-term capital growth by investing in an energy-sector ETF and selling call options on it to generate additional premium income.

Why people hold it

• BIOY The income engine is the whole point: writing puts on a 3x biotech ETF harvests the elevated implied volatility leveraged funds throw off, with distributions paid weekly.graniteshares.com
• It doesn't hold the leveraged biotech ETF. Exposure runs through the options book, aiming at 3x the income from selling options on the S&P Biotechnology Select Industry Index.graniteshares.com
• One ticker replaces a standing options program: strike selection, short-dated expiries and the weekly roll are handled inside a 1940 Act fund.graniteshares.com
• GraniteShares discloses that payouts can include return of capital, so the character of each distribution is documented rather than left to guesswork.graniteshares.com

• XLEI Underlying is the original energy sector SPDR, trading since 1998: market-cap-weighted S&P 500 oil, gas and services names. No stock picking, just an overlay on a known quantity.stockanalysis.com
• Pays monthly, and the mandate is written to seek income while preserving prospects for long-term growth rather than sell away all the upside.ssga.com
• Calls are written on the sector ETF itself, not dozens of single stocks, so the overlay runs off one liquid options chain.ssga.com
• The 0.35% fee sits right at the median for sector covered-call funds, and the build stands among the stronger ones in that peer group.

Worth knowing

• BIOY At 1.07%, the fee runs about triple the 0.35% median of its sector-overlay peer group, where the State Street Premium Income funds (XLVI, XLUI) sit.
• The payoff shape is lopsided: upside is capped by design while the put book absorbs the downside of a 3x daily biotech ETF, a tool built for one-day moves.
• Small and thinly traded, and it only started trading in 2026, so there is little history behind it and execution costs deserve attention.

• XLEI Written calls cap the rally: above the strike, further gains go to the option buyer and the fund keeps the premium instead.ssga.com
• One narrow sector, market-cap weighted, so the integrated majors dominate. Nothing inside cushions a broad crude selloff.stockanalysis.com
• A 2025 launch, so there is no record through a full energy cycle yet, and it trades lightly next to the sector fund it holds.

Full BIOY profile⁠

Full XLEI profile⁠