COYY Cash-Secured Put Strategy

COYY (GraniteShares YieldBOOST COIN ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Coinbase Global, Inc. (NASDAQ COIN) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.

COYY (GraniteShares YieldBOOST COIN ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $35.7M, a beta of 0.32 versus the broader market, a 52-week range of 3.69-27.17, average daily share volume of 215K, a public-listing history dating back to 2025. These structural characteristics shape how COYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.32 indicates COYY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. COYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on COYY?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current COYY snapshot

As of May 15, 2026, spot at $3.77, ATM IV 93.70%, expected move 26.86%. The cash-secured put on COYY below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this cash-secured put structure on COYY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for COYY is inferred from ATM IV at 93.70% alone, with a market-implied 1-standard-deviation move of approximately 26.86% (roughly $1.01 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on COYY should anchor to the underlying notional of $3.77 per share and to the trader's directional view on COYY etf.

COYY cash-secured put setup

The COYY cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With COYY near $3.77, the first option leg uses a $3.58 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COYY chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 COYY shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$3.58N/A

COYY cash-secured put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

COYY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COYY. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

When traders use cash-secured put on COYY

Cash-secured puts on COYY earn premium while a trader waits to acquire COYY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COYY.

COYY thesis for this cash-secured put

The market-implied 1-standard-deviation range for COYY extends from approximately $2.76 on the downside to $4.78 on the upside. A COYY cash-secured put lets a trader earn premium while waiting to acquire COYY at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. As a Financial Services name, COYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COYY-specific events.

COYY cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. COYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COYY alongside the broader basket even when COYY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on COYY carry tail risk when realized volatility exceeds the implied move; review historical COYY earnings reactions and macro stress periods before sizing. Always rebuild the position from current COYY chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on COYY?
A cash-secured put on COYY is the cash-secured put strategy applied to COYY (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With COYY etf trading near $3.77, the strikes shown on this page are snapped to the nearest listed COYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are COYY cash-secured put max profit and max loss calculated?
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the COYY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 93.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COYY cash-secured put?
The breakeven for the COYY cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current COYY market-implied 1-standard-deviation expected move is approximately 26.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on COYY?
Cash-secured puts on COYY earn premium while a trader waits to acquire COYY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COYY.
How does current COYY implied volatility affect this cash-secured put?
Current COYY ATM IV is 93.70%; IV rank context is unavailable in the current snapshot.

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