저자: DougTheRetirementGuy · 외국인
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Granite Shares Yield Boost Tesla ETF(TSYY 맥락의 TSY 표기)를 리뷰. 2배 레버리지 테슬라 ETF에 풋옵션을 매도해 주간 분배금을 얻는 구조로, 분배율 140%대·총수익률 146%를 강조하나 기초자산 손실로 NAV 하락(66%)이 크고 비분산 위험이 큼. 진행자는 개인적으로 보유 중이며 매수 의견을 제시.
다듬은 글
Are you looking for some big returns, some big income? Well, we think we have one here for you. Welcome back to the channel. I'm Doug the Retirement Guy. We have a review of the Granite Shares Yield Boost Tesla ETF. A comprehensive review of the entire fund, the investment strategies, the performance, the risk, the suitability.
This fund has been doing very, very well. It comes on a lot of reports as being the number one dividend earner. So, it's basically we're going to put it out there. Is it time to buy, sell, or hold? So, let's we'll get into that today. Before we do, we want to welcome all the new viewers. If you're not a subscriber to the channel, don't be afraid to hit that subscribe button and hit that bell notification.
It cost you nothing and we're here to help support you. We also want to say thank you to all of our Patreon supporters and all of our YouTube members. You guys are phenomenal. We appreciate everything you do for us and if we can give you more back, we are always trying to give you as much as we possibly can.
Let's get into today's video. Notice to all viewers, the past performance does not guarantee future results. The information provided in this video is for educational andformational purposes only. It should only be considered financial or investment advice. Always ask a financial adviser before making any major investments.
Granite Shares Yield Boost Tesla ETF. It's an exchange program that generates weekly income for investors employing an options strategy on the Tesla stock. The ticker is TSY. The underlying assets is the Tesla Genuine uh stock. The swing came out in December 17th of 2024 and has over $291 million in assets already.
Now, the one thing to it is they do have an expense ratio of 1.07%. So, some people will say, "Oh, that's too high. That's too You got to look at the returns versus what they do for you, too." So, I'm not going to be one to say that that's outrageously high. Um, but it's getting anytime you get over 1%, we're starting to have issues across the board.
And so, basically, also, the underlining piece of this is that they're trying to basically get two times long the Tesla daily average. That's the goal of this thing. So, if Tesla goes up a dollar, they're trying to get $2. But the other side of the coin is if it goes Tesla goes down a dollar, this is probably going to go down $2.
Let's take a look at the core strategy of TSY. It employs a synthetic optionsbased strategy designed specifically to generate income rather than direct capital appreciation of holding Tesla stock. So this is why the granite shares has a unique piece to this. The primary objective is to create income by selling put options on leveraged ETF that tracks Tesla.
So very clearly here we are not buying the Tesla stock. What we're actually doing is we are setting up and selling uh options on another granite shares ETF fund that owns the Tesla stock. So the strategy components is sells put options on leveraged ETF. The leveraged ETF aims for two and a half or excuse me two times the daily percentage performance of Tesla.
And then it collects premiums from option buyers and aims for weekly distribution to investors. So let's put this in a complete um breakdown. Step one is that leverage ETF position. So TSY holds shares of the two times long Tesla daily ETF. it then will sell put options on those shares and they will collect the premiums from those put options.
So it's a unique way of doing it and that's why we say it's designed strictly for income. So we take a look at the performance of the fund. The first u we'll take a look at is the month. And I'll show you the different things here. And and another thing I want to make sure everyone understands is in the green you'll see is the nav and the gray will be the ts y the market what it's actually doing.
And then the light blue is what actually Tesla has been doing. So what you're seeing here is the NAV is holding on is holding very strong. So this is not a NAV loss policy. um in one month, in three months they're actually up now. Tesla went up dramatically more, but the fund is capped, of course, that you're not going to get as much of the growth.
But on the losses, the thing has been doing very, very well. In the short term, over the past three months, Tesla grew at 22.57% while TSY's return was significantly lower um about 5.18% for the market value and the NAV value went up 3.97%. indicating that the income strategy uh impacts the upside participation.
I'm very familiar with that. I know you're going to have that especially when you get anything called with covered calls across the board. you're going to limit your upside, but the downside protection was what I was interested in. And since the inception, TSY's loss is 23.79% market value, 23.64% NAV loss where um Tesla itself is down 27.83 suggesting that the level of downside protection um at the cost of the cap upside.
So what I said is you did not lose, you lost equally with what Tesla did, but you didn't get the upside into it because you're getting income. So when I take a look at the comparison of the two, I want to show you something is you look at a regular report and you'll see the fund is down 66.01%. Okay, on Tesla, you're going to see the report is basically up 7.81.
81%. So those are the two areas that we're talking about because TSY is not buying Tesla, it is not following Tesla, is doing it with the other ETF. So, the leverage option strategy that they use, as we said, was two times the Tesla daily average um ETF that they're purchasing under the Granite Shares logo is they're doing put options.
They're selling put options on that leverage ETF to collect those premiums and they're targeting that weekly thing uh weekly uh income. So, what is how does it work? Well, the distribution rate right now is 140.36%. Which is great because it allows us to have a little bit of that up that downward fall and we've been able to cover that.
Now, the SEC uh SEC yield is 1.45 because that's where they put the money just sitting on the sidelines. They put it in the uh the treasury bills. So here's what we have again is 1 140.36 plus the 1.45 gives you a total dividend total yield of 146.12%. So some very very solid numbers on the distribution side.
So when we take a look at the distribution and again this is one of those things that happened um back basically in June that they switched to weekly. So when we take a look at this and see a 66% drop everyone immediately is like whoa whoa whoa whoa hold on this is way too much. But since they've switched to that weekly they've a balanced out their income levels.
You can pretty much see they're about a 24 cent per share per month um balanced dividend return and they have secured themselves as a more level performance of a fund. So when we take a look at what happened is when they switched they're only down 22.151%. Now don't go at me wrong. I know 22% is very very big.
But when you are collecting 146% and you are losing 22%. I don't care how you want to do the math. And I'm going to do the math the other way. 146 losing 66. Forget about the weekly changeover. Forget about everything else. 146US 66 is a 80.11% return. This is what makes TS YY such a cash cow that this thing can generate the income from those uh distributions.
So let's talk about risk. Well, the cap gain potential is huge. you will not see this thing rise very very high and unfortunately this is common place with everyone when we talk about selling options. Okay, the derivatives risk the fund invests at least 80% of its nest assets into derivatives. Okay, those are the contracts specifically to put calls on that leveraged ETF.
So what it's really saying is is we have the risk of what happens with that fund that we're getting 80% drop off. Nav erosion is always a risk. Okay, NAV erosion will be a very big concern of this because as the funds value goes down, you're going to have a drop in the product, but we can we don't have the tool to raise it back up very quickly.
So, the fall downside risk and basically the non diversification. Non-diversification is we're only dealing with one fund here, guys. We're dealing with one thing and that's Tesla. Even though we're buying an ETF, we're still buying Tesla. If Tesla goes up, great. Tesla goes down, fine. We are dealing with Tesla.
We forget everything else in the market. That's why non-diversification risk. This is why you need to build yourself a diversified portfolio. And then the putr writing strategy risk. If the underlying stock is going up up, then you're not going to get much from your put calls because you're looking for things to go down.
But when you take a look at the professionals, you look at the the real reports, you're seeing Tesla's market um is really looking about a 100 point drop um over the next I think it's next uh 90 days is what they're looking at. So you're falling right into the principle, right into the right spot for it.
So what kind of a investor should be into TSY? One, someone who has risk tolerance. I always call this the roller coaster uh stomach. You got to be able to accept the highs, the lows, the sideways, the ups and downs, the the rocky roads that you're going to run into because this thing's going to have a lot of fluctuation.
Market outlook. The market outlook is neutral and moderate and bullish short-term outlooks. the Tesla stock price. I just told you the experts tell me there's about a 100% or a 100 point drop off, you know, in Tesla. They think it's overvalued, but that's not going to drop in one day. That's not going to drop tomorrow.
It's going to have a slow steady back and forth what goes on in the marketplace. So the neutral and moderate bullish short-term investment objectives the goal primary goal should always be that generating that income. If you're going to be in this program you're going to want to be in the income and knowledge requirements.
You got to understand how the options and the derivative strategies all work. Um you can't, you know, you can always just buy a fund. You can always just go buy it, put it there, and not even know what's going on with it. We try to educate you a little bit more and say, "Hey, look at we do these things for one reason, one reason only to give you more education.
So, knowing about how this product works is really what we just went through. Knowing that you're not buying Tesla stock, but you're working off of another ETF. And then knowing the inner workings of how they sell their put options versus call options, how to know what the thing what the fund is actually doing.
So my final assessment, I believe that this one is a buy. Um, and that's our stance on this fund. The 23 cent uh a share dividend. The growth over the last month and Tesla is overall performance. I think this thing is just a personal fund. I personally own it. I enjoy the dividends that we get out of it.
I really think that this thing is done very very well. The high distribution rate is unique for this options trading platform. The potential for downside protection is in stable markets. I love the protection that I have on the downside of this. The capped upside, yep, I bought it. I'm buying it low.
So, I'm not really worried about the cap growth because I'm buying it at nearly the bottom of the package. and then the full downside exposure uh to the underlying asset volatility. I'm willing to take that gamble on my personal side of it because I understand it. I know what we're looking at. So to me, like I said, this to me across the board
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