BIOY vs XLSI

BIOYFGraniteShares YieldBOOST Biotech ETF

XLSIAState Street Consumer Staples 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.

XLSI Covered calls on the market's quietest aisle. XLSI owns the classic consumer staples sector fund and sells calls on it, turning soup, soap and razors into monthly income while giving up gains above the strike.

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.

XLSI The fund uses an actively managed strategy intended to provide current income while preserving prospects for long-term capital growth. It invests in the Consumer Staples Select Sector SPDR ETF and sells call options on that ETF to generate additional 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

• XLSI Simple plumbing: it holds shares of the staples Select Sector fund (XLP) and writes calls on that same ETF, so the equity sleeve is the plain sector basket, not a synthetic stand-in.ssga.com
• 0.35% sits right at the median for its option-income sector cohort, the same sticker as siblings XLVI, XLUI and XLEI.
• Pays monthly, and the call overlay is actively managed: a manager sets the strikes rather than following a fixed published formula.ssga.com
• Sticks tightly to the mandate on the tin, and ranks among the stronger builds in its sector-overlay 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.

• XLSI The calls cap the top end: gains above the strike on the underlying staples fund are traded away for premium.ssga.com
• Option premiums rise and fall with volatility, so the monthly payout moves around. Income, not a coupon.
• Launched in 2025 and small next to the giant option-income names, so the record is short and trading is light. Spreads can widen.

Full BIOY profile⁠

Full XLSI profile⁠