PEPS vs YSPY

PEPSBParametric Equity Plus ETF

YSPYDGraniteShares YieldBOOST SPY ETF

In short

PEPS Active management at index-fund pricing. PEPS holds a U.S. large-cap base, then writes S&P 500 calls against offsetting long exposure: a beta-neutral overlay built to add return rather than swap upside for income.

YSPY Most S&P 500 income funds sell calls on stocks they own. YSPY sells puts on the 3x SPY ETF instead, aiming for triple the option premium, at 1.15% net of a waiver through December 31, 2026.

Stated mandate

PEPS The Fund seeks long-term capital appreciation. It is actively managed, using a U.S. large-cap equity base and beta-neutral call overwriting on the S&P 500 with offsetting long exposure to seek incremental total return.

YSPY The fund seeks to generate income through an options strategy, primarily by selling put options on leveraged ETFs that track the 3x Long SPY Daily ETF.

Why people hold it

• PEPS 0.10% is index-fund pricing for an actively managed strategy. Even the cheap, well-regarded active peers cost more: DFAU at 0.12%, FELC at 0.18%.
• Not a covered-call fund. The sold S&P 500 calls are paired with offsetting long exposure, so the overlay seeks incremental total return instead of capping upside.
• Ordinary 1940 Act ETF wrapper, U.S. large-cap equity, distributions paid quarterly. The complexity lives in the overlay, not the tax paperwork.
• Cost is the standout: the typical active U.S. equity ETF in this group charges several times what PEPS does, and fee drag is the one input you know in advance.

• YSPY Aims for 3x the income of a plain SPY options-writing strategy by selling puts on ETFs that track 3x daily SPY, where bigger swings mean bigger premiums. Pays monthly.graniteshares.com
• Not a buy-write. Where IVVW and GPIX sell calls against an S&P 500 basket, YSPY writes puts on a leveraged proxy: a different engine aimed at the same income job.graniteshares.com
• Short-dated options cycles feed monthly distributions, so the payout rhythm stays regular even as the dollar amount moves with volatility and strike levels.graniteshares.com

Worth knowing

• PEPS Launched in November 2024. The overlay has not yet run through a full market cycle, so there is limited history to judge it on.
• A small, thinly traded fund. Bid-ask spreads can run wider than a mega-cap index ETF's, which shows up most on larger orders.
• The options leg adds moving parts: short index calls lose value in a sharp rally, and the offsetting long exposure is what has to make that back.

• YSPY Not cheap: 1.15% net of a waiver through December 31, 2026, against 5.88% gross, and above the category median. IVVW runs 0.25%, GPIX 0.29% net of a waiver through April 30, 2027.
• Short puts cut both ways: the fund takes the leveraged ETF's declines, while its secondary upside exposure is capped at preset strike levels.graniteshares.comgraniteshares.com 2
• A 2025 launch, still small and lightly traded, which can mean wider spreads than the household names in the S&P 500 income category.

Full PEPS profile⁠

Full YSPY profile⁠