A flying toy apparatus is provided. The flying toy apparatus typically includes a body having an elongate channel formed therein, the channel extending in a longitudinal direction along the body. The flying toy apparatus also typically includes an elastic launch member coupled to the body and configured to be stretched forward in the longitudinal direction by a digit of a user. The channel is typically configured to accommodate passage of the digit therein during launch of the body over the digit. A foam nose member may be coupled to a leading portion of the body to soften impact and/or guide the digit into the channel. A grip may be provided on the body for the user to securely hold the apparatus during launch. Fins may also be provided on the body.