AAPY vs MAAY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

MAAYDGraniteShares YieldBOOST MARA 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).

MAAY Most single-stock income funds write options on the stock. MAAY goes one floor up: it sells options tied to a 2x leveraged MARA ETF, aiming to wring double the premium out of a bitcoin miner's volatility, and it 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.

MAAY The Fund seeks to produce twice the income from selling options on MARA Holdings Inc. by using leveraged ETFs linked to twice the stock's daily performance. It also seeks capped exposure to that leveraged ETF's 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.

• MAAY The premium engine runs on a 2x MARA vehicle rather than MARA shares, so income is harvested from twice the daily move. Distributions are made monthly.graniteshares.com
• Fee is 1.07%, sitting at the middle of the single-stock option-income pack rather than the pricey end.
• A 1940 Act ETF wrapper: one ticker, no margin account, no rolling your own contracts on one of the market's twitchiest miners.graniteshares.com
• Different animal from MARO, which writes on MARA directly. MAAY's reference is the leveraged version, a distinct premium and risk profile.

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.

• MAAY Upside is capped by design. You collect option premium plus a limited slice of the leveraged ETF's gains, not the full melt-up.graniteshares.com
• The downside is not capped, and the reference resets its 2x exposure daily, so choppy stretches in MARA can erode the underlying even without a clear trend.
• Launched November 2025, small and thinly traded. Spreads deserve a look and limit orders earn their keep here.

Full AAPY profile⁠

Full MAAY profile⁠