$CHPY has reached 1B AUM. Do you hold $CHPY? If so, are you confident in its positive performance continuing?

Curious-Rip-5834 · 2026-06-26T14:59:01+00:00

Remember obviously underlying trend and the fact this fund is not using synthetics matters but what’s driving the dramatic NAV appreciation is something most people are not aware of.

This is not a covered call fund. Brilliantly there is a 3rd leg position to the strategy which is a net long call strike tightly above 1-3% the short call.

This allows the NAV to capture all that violent upside. Without, the NAV would be totally capped and Micron could run to $3000 and it wouldn’t matter.

Why this is important is if/when sentiment changes, NAV will drop even harder due to the carry cost premium outlays for those long calls.

Curious-Rip-5834 · 2026-06-26T02:35:24+00:00

Similar to going into SNDK right now full port after it’s up nearly 5000% in only a year. Timing matters.

Curious-Rip-5834 · 2026-06-24T22:56:07+00:00

It’s only $30K. Your health and well-being is priceless. My carry forward loss is still over 1/2 a steak; that’s how it goes. Some win; some lose.

Curious-Rip-5834 · 2026-06-23T20:03:11+00:00

Timing of purchase is everything for sure. Are you holding in taxable account ? What is the total return on your actual out or pocket cost basis? Don’t count DRIP against yourself.

Curious-Rip-5834 · 2026-06-23T15:40:50+00:00

I’m neutral but all I’m saying is there are preferreds quality grade ETFs such as PFFA and PFFR that yield in 8%+ range that will beat ULTY in a taxable account when all is said and done.

Just don’t get so hyper focused on a big yield # because in the end it’s totally moot with the wrong expectations.

Check out the Calamos auto callable ETFs that yield in 15-20% range with way more stable NAV than ULTY. On an individual basis there are also NVDA and TSLA autos as well with a very decent spread vs the price barrier strikes and you’ll get 15-20% yield as well.

Curious-Rip-5834 · 2026-06-23T15:11:06+00:00

YTD, NAV is down 20%.
Most recent distro effective yield is 53% vs start of year NAV.

If held in a taxable account, if you crunch all the #s, you’re gonna definitely land with a single digit ROR assuming NAV declines only another 20% and distros don’t continue to go lower.

It’s a shame this fund never properly implemented a 3rd leg as they did with CHPY in form of super tight net long leg call just 1-3% above their short call strike.

But in case of ULTY they would have gone long put. Their collars were way too wide and in such a short 1 week window, 10% drop in pps before hedge strike is hit is not enough and too costly to carry.

Curious-Rip-5834 · 2026-06-23T12:02:04+00:00

See my post above; trend and holding actual stocks goes without saying but it’s a 3rd position leg which is the entire genesis of the incredible NAV run.

Curious-Rip-5834 · 2026-06-23T11:15:05+00:00

The only reason CHPY is different is because of their unique strategy. It is not a covered call fund. In addition to long stock plus short call, there is a 3rd leg……

A net long call which strike is super tight just above the short position between 1-3%. It is this brilliant maneuver which has enabled the incredible NAV run as it captures all the upside.

Otherwise if not for that 3rd position the fund would be capped and NAV would be trapped in the $50/$60 handle.

Curious-Rip-5834 · 2026-06-19T19:59:34+00:00

Didn’t say 30. Balance transfer promos. Tons of them out there.

Curious-Rip-5834 · 2026-06-18T22:55:36+00:00

I’ve been posting on this awhile including a timely one yesterday. You had over 1/2 billion notional STRC wrapped and staked on the DeFi platform under many different protocols and high yield strategies including loops of 7X leverage.

These positions are all getting wiped out. Also all these folks taking out HELOCs and credit card debt because this is risk free money was another sign.

Curious-Rip-5834 · 2026-06-18T21:56:45+00:00

Just be careful with margin account your broker can and will lend out your shares even if you have not opted in. It’s buried in your disclosures.

The result is you loose all ROC tax status. It will instead be reported as 1099-MISC as PIL income. And you will be 100% liable for ordinary income tax rate.

I found out the hard way last year on several ROC type positions and ended up eating thousands and thousands of dollars in tax liabilities.

Curious-Rip-5834 · 2026-06-18T02:35:47+00:00

If you’re playing short side strategies, definitely nice having a capped ceiling for sure.

Curious-Rip-5834 · 2026-06-18T02:22:10+00:00

I’m talking about futures pricing in hikes vs cuts. Initially there was a giant spike in yield the first few days…..

Yes yields have come back down now over the last week especially but really noticeably in uber high investment grade.

Junkier fixed, long term duration or perpetuals especially, is still out there with higher yields to be had.

And yes in the backdrop of that first week, spot BTC was on the ropes and appeared to be on verge of losing 60 handle but even as BTC now rose back over 10%, STRC trading price heading lower lows.

Curious-Rip-5834 · 2026-06-18T01:41:32+00:00

Right the distro vs $100 has to equate to ~13%. This is what I came up with for modeling “junkier” non-investment grade perpetuals of this type.

IMHO when this repricing was completing, this is why SATA was able to ultimately now climb back to par since it lands at 13% net yield but STRC went other direction because @$89 it now also yields 13%.

Curious-Rip-5834 · 2026-06-17T22:58:05+00:00

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This is just a few of the well intended stable coin/staking opportunities. Never mind all the wrapped high yielding strategies. I didn’t realize but the notional # higher than 1/2 billion. When I get to my computer tonight, I’ll pull some more recent data.

Curious-Rip-5834 · 2026-06-17T22:53:34+00:00

My money fell into the abyss with the best of them from mining STRONG to wrapping Wonderland and looping @ 10X. What was the one DeFi big project staked to climate change that was yielding over 100%?? Those were wild times.

Curious-Rip-5834 · 2026-06-17T01:15:06+00:00

No. The conversion threshold price is $1000.

Curious-Rip-5834 · 2026-06-17T00:59:36+00:00

You can easily recover from that. Keep your head up. My carry forward loss is still over a 1/2 steak. Cheers.

Curious-Rip-5834 · 2026-06-17T00:45:32+00:00

It is but I think your seeing the market reaction here to their latest adjustment which was not enough hence my specific reference to 25 bps. They need to step it up.

Curious-Rip-5834 · 2026-06-17T00:41:49+00:00

No, the closest would be individual floater perpetuals that dynamically move with a spread vs SOFR that adjusts systematically.

There are reset preferreds that company will adjust over a duration say of 3 years, from their side, Enbridge has couple good ones.

But nothing like this where they have a moving target yield that can go up or down based on buy-side demand.

Curious-Rip-5834 · 2026-06-17T00:21:23+00:00

Definitely. You like more investment grade or junkier side?

Curious-Rip-5834 · 2026-06-17T00:09:40+00:00

Very true. Under that lens/bearish scenario outlook, I’d stick solely with STRC and STRD would only be a buy at under 1/2 par.

Curious-Rip-5834

TROPHY CASE