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- The record: 24 weekly distributions between April 17 and September 25, 2026, totalling $9.03 per share. The payment is not steady: it peaked at $0.512 on May 15 and was $0.219 on September 25, so it has more than halved in about four months.
- The two yields, side by side: GraniteShares' own page shows a distribution rate of 60.91% and a 30-day SEC yield of 1.11%, both as of September 28, 2026. That gap is the single most important thing on this page. The distribution rate annualises the most recent check; the SEC yield is the standardised measure of what the portfolio actually earns.
- Where the check comes from: the issuer estimates the most recent distribution at 96.47% return of capital. Most of that 60.91% is your own money coming back, not investment income. Our plain-English ROC guide explains why a high rate and a falling price so often travel together.
- What it actually holds: not options on Micron. GraniteShares' stated objective is to earn twice the income of selling options on MU by selling options on MULL, its own 2x Long MU Daily ETF — selling near-the-money puts and buying further out-of-the-money puts to limit the downside. The fund is not itself leveraged; the leverage sits in the thing it writes options on.
- Fee: GraniteShares does not publish an expense ratio on the MUYY fund page — the fund-details fields are blank as of September 29, 2026. Its own performance footnote does disclose a management-fee waiver, which means the returns shown are better than they would be without it.
A 60.91% distribution rate is not a 60.91% return, and this fund is the clearest illustration of the difference we have on the site. Over its first five-and-a-half months the share price fell from $25.61 to $18.82 while it paid out $9.03, so both halves have to be read together — and the 96.47% return-of-capital estimate is the issuer's own figure, not our inference.
Each point below is one real MUYY distribution, starting with its first on April 17, 2026. Watch the slope rather than any single check: the line starts at $0.471 and is running under half that by late September.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $9.24 per share across 25 payments — paying since Apr 2026, so no full prior-year comparison yet. What a change like that does to your income →
- Current pace: recent payments annualize to $12.04 — a projection, not a promise: the fund hasn't paid for a full year yet. Live cut & raise board →
- Record: 25 payments over 6 months; the largest single payment was $0.512 (May 2026).
- Payment drops ≥20% below trend, last 24 months: 7. Get alerted to the next one →
- Payment steadiness: the last 12 checks wobble ±13% around their median. Compare that against any fund →
Every figure above is computed from MUYY's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from MUYY's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
MUYY's fund page shows a distribution rate of 60.91% and a 30-day SEC yield of 1.11% on the same date. Both are honest; they measure different things. The distribution rate takes the latest weekly check and annualises it against NAV. The SEC yield is a standardised formula for the income the portfolio actually generated. When one is 55 times the other, the gap is being filled by something other than earnings — and the issuer names it: 96.47% of the most recent distribution is estimated return of capital.
That does not make the fund a scam, and the record is not uniformly bad. Someone who bought on day one and held is ahead, because the distributions more than covered the price decline. What it makes is a fund whose headline number cannot be used the way a dividend yield is used. If you spend every check and never look at the share price, the 60.91% feels real right up until you sell. Our ROC and NAV erosion guide walks through the arithmetic.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is MUYY's Next Ex-Dividend Date?
MUYY pays weekly — GraniteShares lists the distribution frequency as weekly, and the delivered record backs it: 24 payments between April 17 and September 25, 2026. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from MUYY's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Read the Two Yields Before Anything Else
MUYY is the cleanest example on this site of why a distribution rate and a dividend yield are not the same species of number. GraniteShares' own fund page, as of September 28, 2026, shows a distribution rate of 60.91% and a 30-day SEC yield of 1.11%. Nothing is being hidden — both figures are published, side by side, by the issuer. But only one of them describes income the portfolio earned. The other describes the size of the most recent cheque, multiplied out across a year, and the issuer's own notice estimates 96.47% of that cheque as return of capital.
What the First Five Months Actually Did
The fund's first close was $25.61 on April 14, 2026. On September 29, 2026 it closed at $18.82, a fall of 26.5%, with no splits in between. Over the same stretch it paid $9.03 per share across 24 weekly distributions. Add those together and a day-one holder who kept every cheque is up roughly 8.7% before tax — ahead, despite a share price down more than a quarter. Both halves are true, and either one quoted alone misleads: "down 26.5%" hides the cheques, and "60.91%" hides the share price.
The Payment Is Not Holding Its Level
The distribution peaked at $0.512 on May 15, 2026 and had fallen to $0.219 by September 25 — less than half, in about four months. That slope is the reason this page carries no income estimator. Projecting forward from the trailing record would quietly assume the recent cheques repeat, and the record's own shape argues against it. Option-income funds pay out of volatility; when the premium available shrinks, the cheque shrinks with it. Our cut and raise board tracks which funds are moving in which direction.
This reading would be wrong if the decline turns out to be a volatility cycle rather than a drift. Option premium is not a one-way street: if Micron's volatility widens again, the weekly cheque can rise with it. Should MUYY's distribution climb back toward its May peak while the share price holds its ground, the pattern on this page was a trough and not a trend — and the chart above will show that before any commentary does. A falling payment also isn't the same as a cut announcement; nothing has been cut here, the premium available simply shrank.
Not the Fund You Think It Is
MUYY is routinely described as the put-selling counterpart to a covered-call fund on Micron. That undersells the distance. GraniteShares' stated objective is to achieve two times the income generated by selling options on Micron, and it pursues that by selling options not on MU but on MULL, its own 2x Long MU Daily ETF — writing near-the-money puts and buying further out-of-the-money puts to cap the downside. The fund is not leveraged itself; it collects the fatter premiums available on options over a leveraged vehicle. Different underlying, opposite side of the trade, doubled income target.
Where It Sits Next to MUY
MUY, YieldMax's MU Option Income Strategy ETF, began trading September 29, 2026 and has declared nothing yet. It sells call spreads on Micron stock directly. When people search for a Micron income fund with a track record, MUYY is what they find — and this page exists so that record is visible in full rather than as a 60.91% headline. Once MUY declares its first distribution, every cheque gets charted the same way here.
Compare It Against Anything
Same chart, two tickers, one honest overlay — payouts and price erosion side by side.
Compare Any Two Funds