AAPY vs HOYY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

HOYYDGraniteShares YieldBOOST HOOD 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).

HOYY Most single-stock income funds write options on the stock. HOYY goes one layer out and sells options on a 2x leveraged Robinhood ETF, harvesting premium off amplified swings, with gains capped and the leveraged downside left open.

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.

HOYY The Fund seeks current income by selling options on leveraged ETFs linked to Robinhood Markets, Inc.’s common stock. Its secondary objective is exposure to the related 2x leveraged ETF, subject to a cap on potential gains.

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.

• HOYY The mechanism is the story: income comes from selling options on a 2x leveraged HOOD ETF, where bigger daily swings mean fatter option premiums than writing on the shares.graniteshares.com
• At 1.07%, the fee sits right at the middle of the single-stock option-income crowd, not the expensive end.
• It is a registered 1940 Act fund, so the leveraged options trade runs inside the wrapper instead of in your own account.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.

• HOYY Upside is capped by design; the leveraged downside is not. A hard drop in Robinhood stock can outrun what the option premium brings in.
• Payouts can include return of capital, meaning part of a distribution is your own money coming back rather than earnings.graniteshares.com
• Small, lightly traded and launched in 2025, so spreads can be wide. HOOY writes on HOOD directly, costs less, and stands higher in this peer group.

Full AAPY profile⁠

Full HOYY profile⁠