FIYY vs JUCY

FIYYFGraniteshares YieldBOOST 20Y+ Treasuries ETF

JUCYBAptus Enhanced Yield ETF

In short

FIYY Most Treasury option-income funds sell options on bonds. FIYY sells them on a 3x leveraged Treasury ETF, chasing three times the premium of a plain 20+ year Treasury overlay, with its own upside capped.

JUCY Treasuries with a payout target attached. Aptus pairs U.S. government fixed income with an income overlay and, per its own shareholder report, aims to keep monthly distributions in roughly the 5% to 12% range, topping up with return of capital when income runs short.

Stated mandate

FIYY The fund seeks to earn three times the income produced by selling options on the ICE U.S. Treasury 20+ Year Bond Index, using options on leveraged ETFs targeting three times the index’s daily performance. It also seeks exposure to that leveraged ETF, subject to a gain cap.

JUCY The retrieved SEC material establishes that JUCY's pre-June 24, 2025 fixed-income and equity-linked-note strategy no longer represents its current objective. The replacement objective is not stated in the available evidence.

Why people hold it

• FIYY Rather than writing options on Treasury bonds, it writes them on a 3x leveraged Treasury ETF, aiming for three times the income of selling options on the 20+ year Treasury index.graniteshares.com
• Premium isn't the whole story: the fund also seeks exposure to that leveraged Treasury ETF, so a rally in long bonds can contribute, up to a stated gain cap.graniteshares.com
• It's a standard 1940 Act ETF, so the option selling happens inside one ticker: no margin agreement, no option approvals, no contracts to roll yourself.graniteshares.com

• JUCY The payout policy is written down, not improvised: relatively stable monthly distributions targeted at roughly 5% to 12% a year rather than whatever coupons and premiums happen to land.sec.gov
• The foundation is U.S. government fixed income, not corporate credit, and the fund grades itself against the Bloomberg U.S. Aggregate Bond Index with a short-dated Treasury index alongside it.sec.gov
• Actively managed by a team that can dial the overlay, and it sits in the upper half of its small group of Treasury-overlay income ETFs. Running since 2022.

Worth knowing

• FIYY At 1.07% a year, it costs roughly triple the plain 20+ year buy-writes TLTW and BUCK (0.35% each). The fee buys a leveraged engine, not a cheaper one.
• Writing options on a 3x fund means long-rate moves land about three times as hard, while the fund's own upside is limited by a gain cap.
• Launched in 2026, so there's little history behind it, and the prospectus discloses that distributions may include return of capital.

• JUCY At 0.60% the fee is mid-pack: TLTX (0.29%), TLTW and BUCK (0.35%) run their versions of Treasury-plus-options income for less.
• Hitting the distribution target can involve return of capital: the fund states it may pay some back when monthly payouts exceed the income it earned. That trims your cost basis.sec.gov
• The strategy was reworked in mid-2025, so the record spans two different recipes. The earlier equity-linked-note approach is not what you own today.

Full FIYY profile⁠

Full JUCY profile⁠