Amplify Ethereum Max Income Covered Call ETFEHY

The Amplify Ethereum Max Income Covered Call ETF, EHY, debuted on Nasdaq this summer with the kind of thematic flourish that usually accompanies a crypto ETF launch, but its mandate is quietly domestic: it does not hold Ethereum itself, nor does it trade ether on any exchange. Instead, EHY tracks the Solactive Ethereum Max Income Covered Call Index, a rules-based benchmark that overlays covered call writing on a basket of equities deemed correlated to Ethereum’s fortunes. In practice, that means investors get exposure to a set of companies Amplify has selected, plus a systematic options overlay intended to juice yield via premium income.

What the fund actually holds remains opaque to outsiders: the SEC filing for EHY confirms the index methodology and the 0.75% expense ratio, but it does not publish the top ten holdings, nor does it disclose the exact composition of the underlying basket beyond its Ethereum linkage and covered-call sleeve. That opacity is standard for index-tracking ETFs, yet it sits uneasily with the fund’s ‘max income’ promise, which sounds like a guarantee but is in fact a mechanical outcome of the index rules and the fee schedule.

The fund’s prospectus, lodged with the SEC, states that EHY is an actively managed ETF structured as a covered-call income vehicle, with daily rebalancing of the options overlay and quarterly reconstitution of the equity basket. The filing also discloses the 0.75% annual management fee and the fact that the fund’s index is Solactive’s Ethereum Max Income Covered Call Index, a benchmark launched in 2025 and designed to capture equity beta to Ethereum while monetising volatility via short call overlays. The fund’s existence and fee are confirmed by FINRA’s Fund Analyzer, which also labels EHY as an actively managed ETF tracking a non-transparent index-meaning the basket can shift without public notice beyond the mandated reporting cadence.

There is no parsed performance history, no dividend yield data, and no live holdings file available to retail eyes; the Nasdaq quote page shows live pricing and liquidity ticks, but those move with the order book and do not reveal the underlying basket’s composition. The fund’s liquidity profile, therefore, is whatever Nasdaq’s depth and market-maker appetite decide on any given day, which is not a promise of tight spreads but a statement about venue depth.

What we can say with certainty is that EHY’s fee is real, its mandate is thematic but executed via a rules engine, and its actual holdings are not Ethereum but a basket of companies Amplify deems correlated to Ethereum, topped with a systematic covered-call overlay. The fund’s performance will therefore depend on two moving parts: the equity beta to Ethereum and the income generated by the call overlay, minus the 0.75% annual drag. There is no parsed data yet on how those parts interact in practice, nor any live performance history to benchmark. If you’re buying EHY, you are betting on the wrapper’s mechanical thesis and the correctness of Amplify’s stock selection, with no public insight into the basket beyond what the prospectus hints at.