Chasing Yield With MRNY: How I Made Over $4,800 in May (But Not Without a Wild Ride)

If you've been exploring unconventional ways to generate monthly income in today's volatile market, you might have come across MRNY — the YieldMax MRNA Option Income Strategy ETF. MRNY isn't your typical dividend stock. With a sky-high yield north of 170%, MRNY caught my attention earlier this year. And in May 2025, it paid off.

I held 40,000 shares of MRNY throughout the month and collected $4,860.00 in dividend income. That's a serious cash flow boost from a single ETF in just 31 days. However, the story doesn't end there, because this kind of income comes with significant price fluctuations attached.

What Is MRNY?

MRNY is an ETF that doesn't hold traditional stocks or bonds. Instead, it runs a synthetic covered call strategy on Moderna Inc. (MRNA). It generates monthly income by selling options based on Moderna's stock performance. It doesn't own Moderna stock, just derivatives that track it, while parking its capital in U.S. Treasuries and cash.

In plain English? It's an income play based on volatility, not long-term growth.

The Dividend: Big Yield, Fast Cash

Here's what drew me in: MRNY has consistently paid monthly dividends in the range of $0.23 to $0.27 per share. In May, I earned $4,860 from 40,000 shares. That was real money deposited right into my brokerage account, and the stock remained fairly consistent in value over that time.

For income-focused investors, such a return is incredibly tempting. Over the course of a year, that could easily top $50,000 in dividends. That is assuming consistent payouts.

The Catch: Volatility and Price Swings

However, let's discuss the flip side. While the income was steady in May, the stock price itself fluctuated wildly. At one point, I was sitting on a nice gain. Then, just a few days later, it dipped into the red. MRNY is extremely sensitive to Moderna's stock price, and MRNA has had a tough few years.

Moderna's stock has fallen from a high of $484 during the COVID-19 vaccine boom to about $27 today. The biotech giant is burning cash, posting a $4.7 billion loss in 2023 and projecting another $3.9 billion loss this year. Their cash reserves are shrinking fast, from $13.3 billion in 2023 to a projected $6 billion by the end of 2025.

While Moderna received FDA approval for a new COVID-19 vaccine this year (mNEXSPIKE), it's currently limited to older and high-risk patients. Other efforts, such as a bird flu vaccine and a flu-COVID combo shot, hit regulatory hurdles or were canceled.

So, while MRNY's income remains enticing, the underlying asset — MRNA — is anything but stable.

Is MRNY Worth It?

If you're looking for monthly income, MRNY can deliver. But make no mistake: this is not a "set it and forget it" ETF. It requires active monitoring, risk management, and a strong stomach for volatility.

Pros:

• Huge monthly income potential

• Passive options-based strategy (you don't have to manage the calls)

• Tied to a well-known biotech stock

Cons:

• Highly volatile share price

• Relies on Moderna's shaky fundamentals

• Income is variable and not guaranteed

My Verdict (For Now)

MRNY is not for everyone, and definitely not for the faint of heart. However, if you understand the risks, manage your position wisely, and can tolerate the price swings, this ETF can generate substantial income. For me, May's $4,860 payout made the ride worthwhile. But I'm watching Moderna, and MRNY, very closely.

Would I keep holding? For now, yes. But this isn't a long-term core position for me. It's a speculative income play, and one that's paid me well but one I wouldn't bet the farm on.

Have you invested in MRNY or considered it? I'd love to hear your thoughts — please feel free to comment below or send me a message!

Disclaimer: This article represents my personal investment strategy as a retail investor without formal financial training or professional credentials. The views expressed are based on my own research and experience, not professional expertise. This should not be considered financial advice. All investments carry risk, and past performance doesn't guarantee future results. As a non-professional investor, I strongly encourage you to conduct your own research and consider consulting with a qualified financial advisor before making any investment decisions. What works for my situation and risk tolerance may not be appropriate for yours.