AAPY vs QBY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

QBYDGraniteShares YieldBoost QBTS 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).

QBY QBY never touches QBTS itself. It sells put options on a 2x leveraged ETF tied to the stock, converting that amplified swing into monthly income. A derivative on a derivative, wired for premium collection rather than upside.

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.

QBY The fund seeks to generate income through options strategies, primarily by selling put options on leveraged ETFs tracking the 2x Long QBTS Daily ETF.

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.

• QBY The engine is simple: sell puts on a 2x QBTS ETF, collect the premium, distribute monthly. Leverage makes those options expensive, which is exactly the point.graniteshares.com
• The 1.07% fee sits right at the middle of the single-stock options-income pack. The exotic plumbing doesn't cost extra.
• Put writing gives the position a defined shape: income from premiums, not a leveraged long ride on the reference stock.

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.

• QBY Selling puts caps the payoff at the premium collected, while short exposure tied to a 2x fund means declines land magnified.
• A late-2025 launch that is still small and thinly traded, so spreads can be wide and there is little history to judge it by.
• Payments come monthly but vary: premium income rises and falls with volatility in the options it sells.

Full AAPY profile⁠

Full QBY profile⁠