Running a GOLY wheel strategy lets you generate consistent premium income on Strategy Shares Gold Enhanced Yield ETF while setting your own entry and exit prices on the underlying. Strategy Shares Gold Enhanced Yield ETF's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own GOLY, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best GOLY wheel strategy setups in real time.
The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on GOLY, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable GOLY wheel from a losing one.
GOLY aims to provide monthly distributions through a diversified portfolio of bonds, gold, and commodities. However, these payments may include a return of capital rather than net profits. Investments consist of USD-denominated corporate bonds and US Treasuries, maintaining investment-grade credit quality through quantitative metrics and fundamental analysis. Simultaneously, it hedges against inflation and currency risks via total return swaps on near-month gold futures. Lastly, it uses a long/short approach to energy, industrial metals, and precious metals commodities, capitalizing on market inefficiencies.
Using leverage, the fund achieves 200% notional exposure, with 100% to bonds and 100% to gold and commodities. A portion of the strategy is executed through a Cayman Islands subsidiary, which manages swaps and collateral. Note that using leverage magnifies potential gains and losses, particularly in volatile markets. Before Feb 1, 2024, the fund traded under the ticker GLDB.
The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the GOLY wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your GOLY wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.
