Sure.
What I'm saying is its the next big thing, and that the big institutional dollars are starting to get into the fund, the way they did with MSTY, because the NAV erosion critique has "visibly" gone away with them implementing a collar strategy for their weekly trades. ULTY also invests across multiple funds that have an IV rate close to 70% or above, meme stocks, traditional blue chips, hot startups, or legacy mega cap companies with an earnings call that week etc. So the premiums are high. They have no obligation to hold these funds for longer than they feel like---they are actively traded like crazy. Along with being able to buy the underlying fund and not just otm options calls and synthetic positions, it helps limits the losses when the out of the money options go bust as the underlying can capture a percentage.
Caveman explanation
ULTY is a yieldmax fund that has an 80%+ yield and pays out weekly distributions. It has a high management fee around 1.3% but has payed out approximately 9.5 cents per share ever since switching to weekly payouts instead of monthly. Thats 52 new paychecks for you, instead of 12. Reinvest or cash out, that's up to you.
Hypothtically, at a price of $6.27 per share price right now, a 10k share buy for $62,700 averaging a .095 distro/share, would give you weekly income of approximately of $950. 950 multiplied by 52 is an extra $49,400 in your pocket for the year if it they maintain and have same success switching in and out funds currently.
For some people that means early retirement. For some that's an early switch to part time employment at Whole Foods and having them pay health insurance while your investment covers mortgage and HOA. For others, that's going to SE Asia and geoarbitrage-ing for a bit.
The margin rates being under 6% at RobinHood to loan you money to invest in income funds like ULTY that pay 80% a year is where the math comes in on managing it well and leads to the free ATM conversations on the internet.