AAPY vs SMYY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

SMYYCGraniteShares YieldBOOST SMCI 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).

SMYY Most single-stock income funds sell calls on the stock. SMYY flips it: the income comes from selling put options on a 2x leveraged SMCI ETF, and the cash goes out 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.

SMYY The Fund seeks income primarily by selling put options on leveraged ETFs designed to deliver twice the daily performance of SMCI. It also seeks capped exposure to the performance of that leveraged 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.

• SMYY A different engine than the covered-call crowd: premiums are harvested by selling puts on a 2x SMCI ETF, where leverage inflates option pricing.graniteshares.com
• Income is paid on a monthly cadence, not quarterly.
• The 1.07% fee sits right at the median for single-stock option-income funds, so the exotic plumbing carries no premium price tag.
• Rates in the upper half of a crowded single-stock overlay peer group on our review.

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.

• SMYY The shape is lopsided by design: exposure to the leveraged ETF is capped on the way up, while drawdowns pass through.
• Everything rides on one volatile AI-server maker, viewed through a 2x daily-reset ETF that compounds sharp moves.
• A 2025 launch with a small asset base and light trading, which tends to mean wider bid-ask spreads than household-name ETFs.

Full AAPY profile⁠

Full SMYY profile⁠