Stock Yield funds (v2): user guide
Eight funds on Robinhood Chain, each one stock and one strategy. Deposit the stock or USDG; every Monday the fund sells one-week options on what it holds, the buyer's premium is paid into the fund in USDG and stays in the share price, and every Friday the week settles. Shares are plain ERC-20 tokens you can transfer. Money goes in and out at the weekly cutoff, in the fund's current mix of stock and USDG, and there is no instant exit.
These funds are the second generation of Stock Yield (EpochFund). The first, the NVDA Printer,
is a separate contract with its own rules and keeps running; what changed is listed
below.
:::warning Read this part
A fund is long its stock. The stock can fall and the share price falls with it; the premium only cushions that. Upside above the strike is sold every week, and the wheel buys stock on the way down. Your money is locked from Monday's cutoff to Friday's settlement every week. The contracts were reviewed internally and are tested; they have not had a third-party audit. Premiums vary week to week and can be zero when nothing is sold. Nothing here is investment advice or a promise of return.
:::
The funds
| Fund | Stock | Strategy | What it sells |
|---|---|---|---|
| hhNVDA-CC | NVDA | Covered call | a one-week call on the NVDA it holds |
| hhNVDA-WHEEL | NVDA | Wheel | a call on its NVDA and a cash-secured put on its USDG |
| hhGOOGL-CC | GOOGL | Covered call | a one-week call on its GOOGL |
| hhTSLA-CC | TSLA | Covered call | a one-week call on its TSLA |
| hhAMZN-CC | AMZN | Covered call | a one-week call on its AMZN |
| hhMETA-CC | META | Covered call | a one-week call on its META |
| hhAAPL-CC | AAPL | Covered call | a one-week call on its AAPL |
| hhMSFT-CC | MSFT | Covered call | a one-week call on its MSFT |
Every fund holds two assets, its stock and USDG, and nothing else. A covered-call fund keeps the premium as USDG, so over time it holds a growing USDG balance next to its stock. The wheel moves between the two: after a call is assigned it rotates the USDG it was paid into stock when the strategy allows; after a put is assigned it is holding stock it bought with that USDG. The funds page shows each fund's holdings, share price, phase and this week's times, read from chain.
Who can deposit
Anyone. Since 2026-10-18 every fund points at OpenDepositGate, which admits any wallet; no HEDGE stake is
needed. The owner can only ban an address from new deposits (shares are ordinary tokens, so holding or transferring
them is never gated). When a wallet is not admitted the funds page says why instead of letting the deposit fail.
HEDGE stakers are paid instead of gated: 10% of the funds' protocol fee is published weekly as a cumulative Merkle root and claimed in USDG at hedgehood.app/hedge/stake; nothing expires. The NVDA Printer (v1) keeps its staking gate, now at 10,000 HEDGE.
Each fund has a deposit cap of 100,000 USDG of value, counting what it holds, what is queued to join and what is waiting to be claimed. A deposit that would pass it is refused.
Depositing
- Approve the stock, the USDG, or both to the fund. The page shows one approve button per asset.
- Request deposit for epoch N. The tokens move into the fund and wait in that epoch's queue. You can deposit
stock, USDG, or both, whatever the strategy; a covered-call fund that is paid USDG for a deposit simply holds
it as USDG. Stock is valued at the live Chainlink price, so a stock deposit is refused while the market is
closed or the feed is down (
NoPrice); USDG can be deposited any time. - Until the cutoff, cancel with Cancel queued deposit and the whole request comes back to your wallet. After the cutoff it is committed.
- At the cutoff the fund freezes. Queued deposits are priced at the live oracle price and become shares at that moment's NAV per share. The shares appear on your next action (deposit, redeem, cancel or claim), or when anyone calls credit for your address; the page shows them as "uncredited" until then.
A second request before the cutoff joins the same queue. You hold one open deposit queue at a time: once its
cutoff has passed and until the fund has actually frozen, a new request is refused (PendingOtherEpoch) rather
than queued behind it.
The cutoff is Monday 09:30 ET; the fund's scheduler takes it from the on-chain trading calendar, so holidays move it, and the funds page shows the next one with a countdown.
One week
| When (ET) | What happens | What you can do |
|---|---|---|
| Fri after settlement → Mon 09:30 | Collecting | Request or cancel a deposit or a redemption; claim |
| Mon 09:30 | Cutoff and freeze: redemptions are paid in kind, deposits become shares, this week's holdings are fixed | Requests made now wait for next week |
| Mon 09:35 → 15:30 | Trade window: the fund sells this week's options, premium arrives in USDG | — |
| Mon → Fri | Locked | Request a deposit or redemption for next week; transfer shares; claim |
| Fri at the close | Expiry | — |
| After the close | Settlement at the finalized price; the next epoch opens | Claim, redeem, deposit |
If nothing is sold during the trade window the week is skipped: nothing is locked and no premium is earned.
What the fund sells, and what it is paid
Covered calls. During the trade window the fund sells one-week calls on the stock it holds, struck above the price. The buyer pays the premium in USDG into the fund at once. The fund's holdings back the sale, so it is locked until the week settles.
Cash-secured puts (wheel only). The NVDA wheel also sells one-week puts, struck below the price, backed by its USDG. If the put is assigned, the fund ends up holding stock it paid for with that USDG.
Two books. Each fund sells through two order books of its own:
- a quoted book, where listed buyers take the keeper's reference quote (the listed option's bid, signed, at most two minutes old), and
- an open-bid book, which may use up to 20% of the fund's assets, filled from public bids collected through the bids page. Every fill is at or above the reference quote, best price first.
The quoted book takes whatever the open book did not lock. The contracts enforce, on both: the strike is out of the money by at least the book's floor and within the week's deviation band; the premium is between the book's floor and 10% of notional; the price used is the live oracle, which refuses to answer while the market is closed.
Which strike. The keeper picks strikes by the same rule as the NVDA Printer, stated in full on its rules page: among the listed calls expiring that Friday within 1–6.5% above the price and with delta at most 0.40, the farthest whose premium is at least 0.88% of notional for the week; in a week where none pays that, the nearest strike within delta 0.40. The wheel's put leg uses the same band mirrored below the price, 1–6.5% under it, with the same delta cap and premium target. Expensive weeks sell farther from the price, quiet weeks nearer, never outside the band. 0.88% is a target, not a promise, and the rule is a keeper setting the contracts do not enforce; what they enforce is the table above.
The premium stays in NAV. It is USDG in the fund the moment a sale is made, so it is in the share price that week; there is nothing to claim. Hedgehood's fee is 20% of the premium, paid to the treasury at settlement (the contract caps it at 30%, and once a fund has holders an increase waits 7 days). There is no deposit, redemption or management fee at the fund.
Void. For one hour after a sale the owner can void it with a stated reason. The buyer gets 90% of that premium back and depositors keep 10%; the holdings are untouched.
Settlement
The week settles at the stock's finalized price for the expiry (the attested official close, or Chainlink), with
P the settlement price and K the strike:
- Call,
P ≤ K: the fund keeps all of its stock and the premium. - Call,
P > K: the buyer is paid, in stock, the value above the strike ((P − K) / Pof the covered stock). What the fund keeps is worth the strike per covered share, plus the premium. The gain above the strike is what was sold. - Put,
P ≥ K(wheel): the fund keeps all of its USDG and the premium. - Put,
P < K(wheel): the fund pays the buyer the shortfall below the strike in USDG, from the USDG that backed the put. Combined with the wheel's rotation back into stock, the fund has in effect bought the stock at the strike, above the market.
Payouts are capped at the collateral that backed the position. Without a finalized price 7 days after expiry, every position settles out of the money. If a book has not settled 10 days after expiry, anyone can force the fund to settle it; a book that cannot produce a valid result pays nothing and is cut off from the fund. Settlement moves no tokens: buyers and the fee recipient claim what they are owed, so a paused stock token cannot hold the fund in a locked week. The next epoch opens once every book that sold has settled.
Rotation (wheel). Outside a locked week, the keeper may rotate the fund's USDG into stock or stock into USDG through an approved liquidity provider, only in the direction the strategy allows and only at no worse than the oracle price less the rotation band (at most 2%). The covered-call funds never rotate.
Redeeming
- Request redemption for epoch N with the number of shares (Max is everything you hold, including shares not yet credited). The shares move into escrow at once and stay exposed to the current week.
- Until the cutoff, cancel with Cancel queued redemption and the shares return to your balance.
- At the cutoff the redemption is paid in kind: your share of the fund's stock and of its USDG, pro rata, at that moment's mix. The page previews the payout at today's mix; the freeze uses its own.
- Claim. After the freeze the assets are credited to you on your next action or when anyone calls credit for your address, and Claim sends them to your wallet. They wait for you; nothing expires.
Redemptions are paid from the fund's holdings at the freeze, before that cutoff's deposits are priced, so a redemption never depends on a buyer. You hold one open redemption queue at a time, like deposits.
There is no instant exit. A redemption requested during a locked week is paid at the next Monday's cutoff, after that week has settled. The only way out between cutoffs is to transfer or sell the shares.
Shares are ERC-20 tokens. They move freely between wallets (never to the fund itself), so they can be held in any wallet, sent to someone, or put in a basket. Whoever holds them at the cutoff is who can redeem them. A wallet may also approve a position manager, a contract or account allowed to redeem, cancel and claim for it, which is how a router acts across several funds in one transaction.
What the owner can and cannot do
The owner of every fund is the team's 2-of-3 Safe. It can set the deposit cap, the deposit gate and the allowlist, pause, list and retire the fund's books with their caps (a new book or a higher cap applies only to cutoffs at least 7 days away once a fund has holders; cuts apply at once), set the rotation band and the scheduler and rotation modules, and void a sale within an hour. Ownership cannot be renounced and nothing is a proxy or upgradeable.
It cannot move a depositor's stock, USDG or shares. Pause stops new deposits and new sales; redemptions, cancellations, crediting and claims continue, and deposits frozen while paused are refunded instead of becoming shares. If the oracle has no price for 3 days after a cutoff, the fund freezes anyway: redemptions are paid in kind and that cutoff's deposits are refunded, so a dead feed cannot lock exits.
What changed from v1
| NVDA Printer (v1) | Stock Yield funds (v2) | |
|---|---|---|
| Stocks and strategies | one NVDA covered-call vault | seven stocks; covered call and an NVDA wheel |
| What the vault holds | NVDA only | the stock and USDG, directly |
| USDG deposits | swapped to NVDA through a Uniswap zap | accepted as USDG |
| Income | claimable USDG rewards, optional reinvest | stays in NAV; nothing to claim |
| Shares | non-transferable | transferable ERC-20 |
| Early exit | exit pool, mid-week, 1% | none; transfer or sell shares |
| Sale | one signed sale to one buyer | a quoted book and an open-bid book, several buyers |
| Broker-report mode | present but disabled by the operator contract | does not exist |
| HEDGE stake | 10,000 HEDGE, checked at deposit, locked while invested | none: open to everyone; stakers earn 10% of the fee instead |
| Shared contracts | per-vault desk, zap, scheduler | one registry, quote desk, bid desk and scheduler for all funds |
What can go wrong
- The stock falls. Every fund is long its stock. NAV falls with it; the premium is a cushion, not a hedge.
- The stock rallies. Everything above the strike is sold every week.
- Assignment on the way down (wheel). A put assigned in a falling market has the fund buying stock above the market. That is the wheel working as designed, and it is a loss against holding USDG.
- The lock. From Monday's cutoff to Friday's settlement nothing can be redeemed, every week.
- In-kind payouts. A redemption pays the fund's current mix, which after an assignment may be mostly USDG or mostly stock, not what you deposited.
- Prices. Deposits are priced and options are settled from Chainlink and, for attested weeks, an official close inside a band. A stale feed stops stock deposits and sales rather than pricing them; a 3-day outage freezes a cohort without a price (refunds and in-kind redemptions, no new shares).
- Premiums vary. A quiet week pays little; a week with no sale pays nothing. There is no target or floor on what a fund earns.
- The stock token. The issuer can pause it; while it is paused nothing moves in or out.
- Keys. The quote signer, buyer and attester keys are operational keys, bounded by the floors and bands above. Lost, they delay a week, which anyone can then settle.
- No third-party audit. Internal review and tests, including against a fork of the live chain, are not an audit.
Contracts
Robinhood Chain (4663). Deployed 2026-10-15, owned by the Safe, source verified on Sourcify. Every address links to Blockscout.
| Address | |
|---|---|
| hhNVDA-CC | 0x4a1c42b0E0D229B677D574d3dCdc2A5Dff848373 |
| hhNVDA-WHEEL | 0x78FA8c1294553894F7AD7f2eDf4D1E17B61188bD |
| hhGOOGL-CC | 0x70E8198C7281d9FC42eE828DD7fa80732b0dBF13 |
| hhTSLA-CC | 0x2b62087D9065D106FEb5547e63370A67b6097b8C |
| hhAMZN-CC | 0x40ddB6576840F636122A9C7afe94f45Cf744902d |
| hhMETA-CC | 0x4E41Ef5EBdad32fA336E4b6d8968a974E71ccb1F |
| hhAAPL-CC | 0xE0bBb2aAB7399E6140cA48970894333f0618CE80 |
| hhMSFT-CC | 0xaEBfBDc1965C6466988b8F55a04945FC25a43e89 |
| VaultRegistry | 0x868502F926AE068B61EA9CC55042A9F962651e76 |
| QuoteDesk | 0xb18634604054E8DA361e570b2DfEB590eC5ce4CF |
| BidDesk | 0x6edf5f55e5DE157cFE92048e5f17570eA1356462 |
| OpenDepositGate (every fund's deposit gate since 2026-10-18) | 0x337B27c931873e6Ef087e8f84034b96F1d6eeFA5 |
| Owner Safe (2 of 3) | 0xB5C9e27F50599687eD141ABe337414B79061489b |
| HEDGE | 0x3f9108a3bECa998C14c6dda822a7e8EaEb88E20D |
| USDG | 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168 |
Each fund's books, deposit gate, stock token and oracle are read from the fund itself and listed on its page.
Source: github.com/0xHedgeHood/hedgehood-vaults,
contracts/src/v2/EpochFund.sol.
Live numbers — holdings, NAV per share, cap used, this week's times, your queued requests and what you can claim — are on the funds page. Open bids are on the bids page.
Next: the NVDA Printer (v1) · glossary