The invention is a yo-yo that includes features that enable a user to adjust the yo-yo's responsiveness. Each of the yo-yo's sides has a movable shuttle having a tether engagement surface. By changing the position of one or both shuttles, a user can affect the yo-yo's ability to return on command. Preferably, the yo-yo also includes readily visible indicia associated with the shuttle's positioning apparatus so that a user can easily set and/or ascertain the yo-yo's responsiveness setting. A user can also change the yo-yo's responsiveness by replacing one set of shuttles with another set that has different tether engagement adaptations. The yo-yo may also include a conventional adjustable string gap and removable rim members.