CRY vs XXV

CRYDGraniteShares YieldBOOST CRCL ETF

XXVASimplify Ancorato Target 25 Distribution ETF

In short

CRY Most single-stock income funds write calls on the stock. CRY goes the other way: it sells puts on a 2x CRCL ETF, harvesting premium priced off leveraged Circle volatility, with its upside in that leveraged ETF capped.

XXV Structured-note income without the bank. XXV sells barrier put options on single stocks, and sometimes worst-of baskets, chasing an aspirational 25% annualized payout, with the options rolled continuously. The top rung of Simplify's barrier-income ladder.

Stated mandate

CRY CRY seeks option-generated income, primarily by selling put options on leveraged ETFs tracking a 2x CRCL ETF. It also seeks exposure to that leveraged ETF, with gains subject to a cap.

XXV XXV seeks high monthly income through selling barrier put options referencing individual stocks, with possible use of worst-of baskets of individual stocks. Its 25% annualized distribution goal is aspirational and not guaranteed.

Why people hold it

• CRY The YieldBOOST twist: rather than covered calls on Circle shares, it writes puts on a leveraged ETF tracking 2x CRCL, so the premium it collects is priced off amplified volatility.graniteshares.com
• The 1.07% fee sits right at the median for single-stock option-income funds, so the unusual mechanism does not carry a premium price tag.
• Plain 1940 Act ETF wrapper: daily holdings disclosure and a 1099 at tax time, not a K-1.graniteshares.com

• XXV 0.85% a year sits below the going rate in its single-stock options-income cohort, where peers like BRKC and TSMY run near 1%.
• Options are rolled automatically and continuously, and the ETF wrapper strips out the bank credit risk you take on with a traditional structured note.simplify.ussimplify.us 2
• Built around cash flow: barriers are adjusted to levels designed to support a 25% annualized distribution target, paid monthly.simplify.us
• Sub-advised by Ancorato Capital, a structured-products specialist, and one of the stronger implementations in a crowded options-income field.simplify.us

Worth knowing

• CRY Asymmetric by construction: gains on the leveraged-ETF exposure are capped, while the written puts leave the fund exposed to drops in a 2x wrapper on a volatile stock.graniteshares.com
• The fund discloses that distributions can include return of capital, meaning part of a payout may be your own money coming back rather than income earned.graniteshares.com
• A 2026 launch, still small and thinly traded, and in the lower half of its peer group. CRCO reaches the same Circle exposure for a slightly lower fee.

• XXV Barriers cushion, they do not erase. Selling puts on single stocks means the fund wears the loss when a reference name breaks through its barrier.simplify.us
• The 25% figure is an aspirational goal, not a promise, and distributions may include return of capital, which is your own money coming back.
• Launched in late 2025 and thinly traded, so bid-ask spreads can cost more than the expense ratio on the way in and out.

Full CRY profile⁠

Full XXV profile⁠