EFAA vs SEMY

EFAAAInvesco MSCI EAFE Income Advantage ETF

SEMYDGraniteShares YieldBOOST Semiconductor ETF

In short

EFAA An MSCI EAFE index core with an option-income overlay running on only about half the portfolio, so the rest keeps its upside uncapped. The fee is 0.39% net of a waiver through August 31, 2027, below the typical option-income fund.

SEMY Most income ETFs sell calls on calm blue chips. SEMY sells puts on a 3x leveraged semiconductor fund, converting one of the market's most violent corners into option premium. An income engine bolted onto a volatility furnace.

Stated mandate

EFAA The fund seeks total return through current income and long-term capital growth while providing MSCI EAFE exposure through an active option-income overlay intended to generate income and help mitigate downside risk.

SEMY The Fund seeks to generate income through options strategies, primarily by selling put options on leveraged ETFs tracking the 3x Long ICESEMI Daily ETF. Its secondary objective is exposure to that leveraged ETF, subject to a cap on potential gains.

Why people hold it

• EFAA Half-and-half by design: covered calls and cash-secured puts run on roughly 50% of the book; the rest tracks the index. Premiums fund the monthly distributions.invesco.com
• 0.39% net of a waiver through August 31, 2027 (0.42% gross), below the category median and under HOLA, the other fund on this MSCI EAFE index, at 0.68%.
• Developed-market international is thin ground here: most option-income peers wrap US large caps or bonds. Roughly 700 holdings across Europe, Japan and the Pacific.
• One of the stronger builds in its peer group, with index-based equity exposure rather than a stock-picked substitute.

• SEMY The mechanism is the point: writing puts on a 3x semiconductor ETF harvests premium priced off triple-leveraged swings, not the milder volatility of ordinary chip shares.graniteshares.com
• No chip stocks on the books. Exposure runs through options on a leveraged fund, so the income comes from premium collected rather than dividends passed through.graniteshares.com
• Built as a standard 1940 Act fund: shares trade intraday like any ETF and tax reporting arrives on a 1099, not a K-1.graniteshares.com

Worth knowing

• EFAA Calls cap gains on the overlaid half when markets run; cash-secured puts collect premium that cushions declines but does not stop losses.invesco.com
• Option premiums move with volatility, so monthly payouts vary rather than arrive at a fixed amount.
• Launched in 2024, so the live record is short, and it trades in smaller size than the headline US covered-call names.

• SEMY The 1.07% expense ratio runs above what most options-income peers charge. That is the sticker price on actively managed put-writing rather than a passive overlay.
• Upside is capped by design. A short put collects premium and leaves the big rally to someone else, while the pain side still references a 3x semiconductor fund.
• Launched in late 2025, so there is little history to judge it by, and the fund discloses that distributions can include return of capital (your own money handed back).

Full EFAA profile⁠

Full SEMY profile⁠