Nov. 15, 2025 6:53 AM ETYieldMax SMCI Option Income Strategy ETF (SMCY)SMCI, SMCYBinary Tree Analytics5.43K FollowersCommentsSummarySMCY uses a synthetic long position in combination with selling calls. This complex options strategy mimics the exposure of owning SMCI, but is done to generate income.The fund's strategy sacrifices the majority of the underlying stock's gains. While SMCI delivered a 74% total return in the observed year, SMCY only delivered 25%.The fund retains almost all the downside risk of owning SMCI stock.When SMCI's price declined sharply, the ETF's performance mirrored the stock's losses, demonstrating that the strategy offers little to no buffer against severe downturns.J Studios/DigitalVision via Getty ImagesThesisSuper Micro Computer (SMCI) has been a market darling in the past few years, posting some eye-watering returns:2021: 38%2022: 84%2023: 242%It was only expected that after such aThis article was written byBinary Tree Analytics5.43K FollowersWith an investment banking cash and derivatives trading background, Binary Tree Analytics ('BTA') aims to provide transparency and analytics in respect to capital markets instruments and trades. BTA focuses on CEFs, ETFs and Special Situations, and aims to deliver high annualized returns with a low volatility profile. We have been investing for over 20 years after obtaining a Finance major at a top university.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments