[Enhanced still labels Volatility Yield “Coming Soon”](https://enhanced.finance/), so there is no live vault NAV or realized premium history yet. Its 14-day calls sit 3–7% above PAXG spot, and [Ribbon’s comparable ETH backtest](https://ribbonfinance.medium.com/theta-vault-backtest-results-6e8c59adf38c) won 93% of 60 trades but still lagged buy-and-hold by 13.7%.

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