AAPY vs IOYY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

IOYYCGraniteShares YieldBOOST IONQ 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).

IOYY Most single-stock income funds sell options on the stock. IOYY goes one layer up: it sells options on ETFs built to move 2x IonQ's daily change, seeking double the premium of a plain IonQ overlay, and pays monthly.

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.

IOYY The fund seeks to generate twice the income from selling options on IonQ Inc. by selling options on leveraged ETFs designed to deliver twice the stock's daily performance.

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.

• IOYY The BOOST is literal. Premiums are harvested from options on leveraged ETFs designed to deliver twice IonQ's daily move, which is how the fund targets twice the income of a straight IonQ option overlay.graniteshares.com
• Distributions come monthly, so the option premium shows up on a set schedule rather than in unpredictable one-offs.
• At 1.07% a year, the fee sits right at the going rate for single-stock option-income funds. Unusual plumbing without an unusual markup.
• Standard 1940 Act fund wrapper with a clearly stated mandate, and it lands in the upper half of a crowded single-stock option-income field on how closely it follows that mandate.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.

• IOYY The IonQ exposure is synthetic, built from options on leveraged vehicles rather than owned shares, so the fund's path can look quite different from IonQ's own.
• One stock, one story: everything here rides on a single quantum computing name, amplified by 2x daily leverage in the options it writes against.
• A small, lightly traded fund launched in November 2025, so spreads are worth a look before you trade. Cheaper income routes exist too: KWIN runs 0.51%, XXV 0.85%.

Full AAPY profile⁠

Full IOYY profile⁠