Share-split context: A reverse split was recorded on Jun 2, 2026 with coefficient 0.166667. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

Educational Report: GraniteShares YieldBoost Coin ETF (COYY)

The GraniteShares YieldBoost Coin ETF (COYY) is a single-stock, crypto-related ETF that uses an option-income strategy to generate cash distributions. While it offers a very high distribution yield, it has experienced a significant decline in share price over the last year.

What this ETF is trying to do

COYY is designed to provide income to investors. It focuses on a single stock related to cryptocurrency and uses options to create extra cash payments. This is known as an option-income strategy.

What the numbers show

The share price of COYY is $14.13 as of October 7, 2026. The fund has seen a sharp decline in its share price:

• Year-to-Date (YTD) Price Return: -70%

• One-Year Price Return: -86.51%

When looking at Total Return, which includes the cash distributions paid to investors, the numbers are still negative but less severe than the price return alone:

• YTD Total Return: -37.16%

• One-Year Total Return: -60.04%

This shows that while the distributions provided some value, they did not offset the large drop in the share price.

Income and Distribution Explanation

COYY pays distributions very frequently, often weekly (mostly on Fridays). In the last 12 months, it has made 52 payouts. The distribution yield is 76.53%, which is very high.

It is important for beginners to remember that a high distribution yield does not guarantee a profit. In this case, the high yield happened alongside a significant share-price decline.

Price and NAV Erosion Explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the price-based evidence is significant. COYY has a severe erosion-risk flag and an erosion score of 10, which is labeled as "Severe price erosion."

Additionally, the fund has a history of a reverse split (most recently on June 2, 2026). In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the per-share price. This mechanical increase does not restore lost investment value.

Pros

• Frequent Income: The fund provides very frequent cash distributions (weekly-like).

• High Yield: It offers a very high distribution yield for those seeking immediate cash flow.

Cons

• Severe Price Decline: The share price has dropped significantly over the last year.

• High Risk: The fund has a "Severe" price erosion label and an income rating grade of "F."

• Reverse Split History: The use of a reverse split is often a structural warning sign.

Beginner Takeaway

COYY is a high-risk ETF that pays out a large amount of cash frequently. However, the total return is negative, meaning the cash payments have not been enough to make up for the loss in share price. This highlights why investors should look at total return rather than just the distribution yield.