Tuttle Capital Meme Stock Income Blast ETF (MEMY)

On our desk, looking at MEMY's launch in January 2026, we see a niche product targeting retail-driven volatility through synthetic exposure and put spreads. However, with AUM languishing around $810K and an expense ratio of 0.99%, it feels more like a structural experiment than a viable long-term holding. The indicated yield of roughly 7.5% sounds attractive on paper, but the heavy insider selling in underlying meme stocks directly contradicts the retail hype.

Watching the retail sentiment on X and various forums, the initial energy surrounding MEMY's concept has cooled off significantly. The market alignment at launch with a NAV near $24.78-$24.83 was neutral, but subsequent price erosion of over 17% all-time indicates that the income engine isn't compensating for the underlying equity decay. Insiders at major meme names like GameStop and AMC are heavily selling, which undercuts the narrative that institutional smart money is backing the hype.

As a risk manager reviewing the fund's mechanics, I am deeply concerned by the structural profile of combining meme stocks with put spreads. These high-velocity equities can gap unpredictably, and a put-spread approach caps your upside gains while leaving you fully exposed to the violent downside shocks typical of these names. The Spline-GARCH volatility forecasts show baseline volatility ticking around 36% to 42%, yet short-run deviations decay with a half-life of just 2 days, making timing extremely precarious.

From a quant perspective, running analytics on MEMY reveals an active strategy tracking no underlying index, relying heavily on listed and FLEX options to generate option premium. With average daily volumes hovering around 3K shares and dollar volumes near $60K, liquidity is a major friction point. If you are building execution protocols for this ticker, you must account for wide bid-ask spreads and the risk of getting trapped in a low-float vehicle.

In our portfolio strategy sessions, we noted that MEMY distributes option-derived income that is treated as ordinary income or capital gains, hitting investors with top-tier tax rates up to 39.6% for short-term gains. When you combine this tax friction with the 0.99% management fee and a sub-$1M AUM structure, the net risk-adjusted return profile deteriorates rapidly compared to holding direct equities or cleaner derivatives.