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Launched

Kurv Yield Premium Strategy Apple (AAPL) ETF

AAPYCboeKurvAThis fund concentrates its exposure in one company, using derivatives rather than holding the shares directly. Its results depend on that single stock.

$27.87−0.51 (−1.80%)

As of Nov 2, 2026, 3:59 PM ET

A79/ 100

Rank 4 of 72 in Single-Stock Option Income

A79/100Rank 4 of 72inSingle-Stock Option Income
Intraday session: down, 73 prints from 28.38 to 27.87. Range 27.76 to 28.38. Use the arrow keys to read each point.27.8028.0028.1028.2028.3010 AM12 PM2 PM4 PM
Expense ratio
0.99%*
Fund size
$8M
1Y total return
+28.3%
Yield · Last 12 months
10.78%
Holdings
6
Avg volume · 30D
5.85K sh
52W range
low $21.25high $29.12
Launched

*After a fee waiver that ends Sep 30, 2027. Without it: 1.15%.

The ETF.net AAPY Grade

A

Score 79 out of 100

Category
Single-Stock Option Income⁠
Rank
4 of 72
Six-pillar profile for AAPY. Scores out of 100: Cost 77, Risk 77, Mission 100, Tradability 63, Holdings 35, Durability 56. Strongest: Mission (100). Weakest: Holdings (35). Leans toward Mission.

Score 79 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A77 out of 100
    Rank 10 of 72

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 50

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A77 out of 100
    Rank 11 of 70

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B63 out of 100
    Rank 18 of 72

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D35 out of 100
    Rank 11 of 11

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B56 out of 100
    Rank 35 of 72

Our read on AAPY

ETF.net Research

In short

AApple 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).

Stated mandate

The Fund seeks current income while providing exposure to Apple Inc.'s share price, with potential gains limited by its options strategy.

Why people hold it

  • 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.

Worth knowing

  • 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.

AAPY Performance

Launched Oct 26, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
AAPY$12,834
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. AAPY $12,834. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for AAPY. Periods over one year show the average yearly return.
PeriodAAPY
Year to date+25.8%
1 month+3.3%
3 months+12.7%
1 year+28.3%
3 yearsper year+19.8%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for AAPY
YearReturn barAAPY
2026 YTD+25.8%
2025+5.1%
2024+20.6%
2023+9.2%

History from Oct 27, 2023

AAPY in the news

AAPY Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
10.78%Last 12 months
Payout per share
$3.05Last 12 months
Last payment
$0.25 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 36 payments from 2023 to 2026 YTD. Nov 22, 2023 $0.33; Dec 20, 2023 $0.25; Jan 24, 2024 $0.24; Feb 21, 2024 $0.23; Mar 20, 2024 $0.23; Apr 24, 2024 $0.22; May 22, 2024 $0.24; Jun 26, 2024 $0.27; Jul 24, 2024 $0.28; Aug 21, 2024 $0.30; Sep 25, 2024 $0.30; Oct 23, 2024 $0.29; Nov 20, 2024 $0.29; Dec 24, 2024 $1.75; Jan 23, 2025 $0.30; Feb 19, 2025 $0.30; Mar 19, 2025 $0.30; Apr 16, 2025 $0.25; May 21, 2025 $0.25; Jun 17, 2025 $0.25; Jul 16, 2025 $0.25; Aug 20, 2025 $0.25; Sep 17, 2025 $0.25; Oct 22, 2025 $0.25; Nov 19, 2025 $0.25; Dec 17, 2025 $0.25; Jan 21, 2026 $0.25; Feb 18, 2026 $0.25; Mar 18, 2026 $0.25; Apr 22, 2026 $0.25; May 20, 2026 $0.30; Jun 17, 2026 $0.25; Jul 22, 2026 $0.25; Aug 19, 2026 $0.25; Sep 16, 2026 $0.25; Oct 21, 2026 $0.25. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 21, 2026Oct 22, 2026$0.25
Sep 16, 2026Sep 17, 2026$0.25
Aug 19, 2026Aug 20, 2026$0.25
Jul 22, 2026Jul 23, 2026$0.25
Jun 17, 2026Jun 18, 2026$0.25
May 20, 2026May 21, 2026$0.30
Apr 22, 2026Apr 23, 2026$0.25
Mar 18, 2026Mar 19, 2026$0.25
Feb 18, 2026Feb 19, 2026$0.25
Jan 21, 2026Jan 22, 2026$0.25
Dec 17, 2025Dec 18, 2025$0.25
Nov 19, 2025Nov 20, 2025$0.25

See all 36 payments⁠

$10,000 in AAPY 3 years ago paid $4,199 in dividends.⁠

AAPY Risk

Risk pillarA77 out of 100Rank 11 of 70 in Single-Stock Option Income
How much the fund’s monthly returns vary, scaled to a year.
18.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.84
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−29.2%
36 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.75
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

AAPY Cost

Compare AAPY and KWIN

Overpaying vs KWIN, cheapest in Single-Stock Option Income

$8,360

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AAPY 0.99%

    $18,525

  • KWIN 0.51% Cheapest

    $10,165

$10,000
30 years

Cost over time

  • AAPY 0.99%
  • KWIN 0.51%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530AAPY $18,525KWIN $10,165

Year by year

YearAAPYKWINOverpaying
10$1,746$918$828
20$6,565$3,527$3,038
30$18,525$10,165$8,360
How the 0.99% is worked out

Full fee 1.15%− waiver 0.16%= you pay 0.99%

The waiver ends Sep 30, 2027. After that the fee is 1.15% unless Kurv renews it. Source: prospectus, Sep 2026.

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