AAPY vs CRY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

CRYDGraniteShares YieldBOOST CRCL ETF

In short

AAPY Apple income without slamming the brakes on upside: AAPY builds its Apple exposure with options, sells calls above the market rather than at it, and pays monthly. Fee is 0.99% net of a waiver through September 30, 2027 (1.15% gross).

CRY Most single-stock income funds write calls on the stock. CRY goes the other way: it sells puts on a 2x CRCL ETF, harvesting premium priced off leveraged Circle volatility, with its upside in that leveraged ETF capped.

Stated mandate

AAPY The Fund seeks current income while providing exposure to Apple Inc.'s share price, with potential gains limited by its options strategy.

CRY CRY seeks option-generated income, primarily by selling put options on leveraged ETFs tracking a 2x CRCL ETF. It also seeks exposure to that leveraged ETF, with gains subject to a cap.

Why people hold it

• AAPY The calls it sells sit out of the money, and the prospectus allows buying higher-strike calls and put spreads, a toolkit aimed at keeping some room above the sold strike.sec.govsec.gov 2
• 0.99% net of a waiver through September 30, 2027 (1.15% gross) comes in under APLY, the other Apple options-income ETF, at 1.04%.
• Collateral sits in Treasury bills, income is paid monthly, and the portfolio matches what the filings describe.sec.gov
• One of the stronger builds in a crowded field of single-stock options-income funds.

• CRY The YieldBOOST twist: rather than covered calls on Circle shares, it writes puts on a leveraged ETF tracking 2x CRCL, so the premium it collects is priced off amplified volatility.graniteshares.com
• The 1.07% fee sits right at the median for single-stock option-income funds, so the unusual mechanism does not carry a premium price tag.
• Plain 1940 Act ETF wrapper: daily holdings disclosure and a 1099 at tax time, not a K-1.graniteshares.com

Worth knowing

• AAPY Apple's full downside comes through the synthetic long position, while share-price gains are limited by the options strategy.sec.gov
• Monthly payouts can include return of capital, meaning part of a distribution may be your own money coming back.kurvinvest.com
• Small fund that trades thinly, so spreads can be wider than a mega-ETF's and large orders can move the price.

• CRY Asymmetric by construction: gains on the leveraged-ETF exposure are capped, while the written puts leave the fund exposed to drops in a 2x wrapper on a volatile stock.graniteshares.com
• The fund discloses that distributions can include return of capital, meaning part of a payout may be your own money coming back rather than income earned.graniteshares.com
• A 2026 launch, still small and thinly traded, and in the lower half of its peer group. CRCO reaches the same Circle exposure for a slightly lower fee.

Full AAPY profile⁠

Full CRY profile⁠