AAPY vs AMZY: Grades, Fees and Holdings Compared

Kurv Yield Premium Strategy Apple (AAPL) ETF

AAPYACboe

YieldMax AMZN Option Income Strategy ETF

AMZYBNYSE Arca

Overlap

0.0%by weight

Expense ratio

AAPY −0.10pt a year

AAPY0.99%AMZY1.09%

Avg volume · 30D

AMZY 45.1×the volume

AAPY5.85KAMZY264K

3Y return · a year

AAPY +0.9pt

AAPY+19.8%AMZY+18.9%

AAPY vs AMZY Performance

Oct 31, 2025 – Oct 30, 2026

+28.3%AAPY−1.3%AMZY

Expense ratio: AAPY 0.99%, better; AMZY 1.09%
Fund size: AAPY $8M; AMZY $212M
1Y total return: AAPY +28.3%, better; AMZY −1.3%
Yield (12M): AAPY 10.78%; AMZY 49.12%, better
Holdings: AAPY 6; AMZY 10
Avg volume (30D): AAPY 5.85K sh; AMZY 264K sh, better
NAV per share: AAPY $28.39; AMZY $9.80
52W range

ETF.net Grade

Pillar letters and Scores for AAPY, AMZY, with each pillar’s weight
Pillar	AAPY	AMZY
Cost30% weight	A77Higher	C40
Mission25% weight	A100Higher	A70
Risk15% weight	A77Higher	A73
Tradability15% weight	B63	A73Higher
Holdings10% weight	D35	Not scored
Durability5% weight	B56	A87Higher

Rank among Single-Stock Option Income funds

How we build Categories ›

Same Category. AAPY and AMZY are both graded against the same 71 Single-Stock Option Income funds, so their Grades compare head to head.

Single-Stock Option Income⁠

Category · 71 funds

See all 71 ›

AAPY ranks 4th and AMZY 13th of 71 funds in the Single-Stock Option Income Category.

Rank 1AKWINKraneShares Wahed Alternative Income Index ETFScore 87
Rank 2AACYQFT Vest Autocallable Barrier & High Income ETFScore 85
Rank 3AXXVSimplify Ancorato Target 25 Distribution ETFScore 84
Rank 4AAAPYKurv Yield Premium Strategy Apple (AAPL) ETFScore 79
Rank 5BBRKCYieldMax BRK.B Option Income Strategy ETFScore 70
Rank 13BAMDYYieldMax AMD Option Income Strategy ETFScore 62
Rank 13BAMZYYieldMax AMZN Option Income Strategy ETFScore 62
Rank 13BBABOYieldMax BABA Option Income Strategy ETFScore 62

Our read on each fund

ETF.net Research

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

AMZYBYieldMax AMZN Option Income Strategy 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).

AMZY AMZY never buys a share of Amazon. It builds the exposure with options, sells calls against it, and hands the premium to shareholders as income. The price of that paycheck is a ceiling on the upside.

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.

AMZY The Fund seeks current income while providing exposure to Amazon.com, Inc.'s common-stock share price, subject to a limit on potential gains.

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.gov sec.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.

AMZY Income is the mandate, not a byproduct: the fund targets current income from Amazon-linked option exposure and pays it out on a recurring schedule instead of reinvesting.yieldmaxetfs.com
Execution is a strength. Among 64 single-stock option-income funds, its spreads and day-to-day tradability rank near the top of the group.
At 1.09%, it charges less than AMZP, the other Amazon-referenced income wrapper in its cohort, at 1.15%.
Running since 2023 and sitting in the upper half of its cohort, with solid marks for risk control and operational staying power.

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.

AMZY The trade is explicit in the prospectus: gains on the Amazon exposure are capped, while the downside is not. Big rallies happen without you.yieldmaxetfs.com
Payouts come from option premiums, so they move with Amazon's volatility. No fixed rate is declared, and the size of each distribution varies.
1.09% a year is a real bite, roughly the 1.07% median for this cohort. Option-income wrappers are an expensive aisle across the board.

Full AAPY profile⁠

Full AMZY profile⁠

AAPY vs AMZY Holdings

How AAPY and AMZY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AAPY and 0.0% of AMZY.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for AAPY and AMZY.

Country, concentration and asset class

Country by domicile

Country weights in AAPY and AMZY, widest gap first
Country	More in AAPYMore in AMZY	AAPY	AMZY
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

AAPY101.0%
AMZY109.3%

Securities held

AAPY6
AMZY9

Asset class

AAPY: Equity
AMZY: Alternatives

Holdings

Only in AAPY6
In both0
Only in AMZY9

Only in AAPY

6 securities, 100% of AAPY by weight

United States Treasury Bill 03/18/202729.73%
United States Treasury Bill 12/24/202627.52%
United States Treasury Bill 06/10/202726.99%
Aapl 12/18/2026 310 C11.01%
Aapl 12/18/2026 220 C4.91%
Fidelity Inv Mmkt Govt-I 12/31/20310.82%

Only in AMZY

9 securities, 100% of AMZY by weight

United States Treasury Note/Bond 2.375% 05/15/202731.30%
United States Treasury Bill 07/08/202726.04%
United States Treasury Bill 02/18/202721.61%
United States Treasury Note/Bond 3.375% 09/15/202712.42%
United States Treasury Bill 12/10/202611.25%
First American Government Obligations Fund 12/01/20313.03%
Amzn Us 11/20/26 C2551.16%
Amazon C Cll Opt 11/26 2451.04%
Amzn Us 11/06/26 C247.50.22%

Weight gaps

AAPY and AMZY share no securities.

All 9 AAPY holdings⁠All 7 AMZY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAPY vs AMZY Cost

Overpaying AMZY vs AAPY

$1,608

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

AAPY 0.99%
$18,525
AMZY 1.09%
$20,133

Amount$10,000

Years30 years

Cost over time

AAPY 0.99%
AMZY 1.09%
Overpaying

Year by year

Year	AAPY	AMZY	Overpaying
10	$1,746	$1,915	$169
20	$6,565	$7,166	$601
30	$18,525	$20,133	$1,608

Expense ratio

0.99%AAPY, cheaper
1.09%AMZY

AAPY0.99%AMZY1.09%

0.51%1.91%

Middle half of Single-Stock Option Income funds
Median 1.04%

AAPY 9th cheapest of 71 funds

AMZY 42nd cheapest of 71 funds

AAPY vs AMZY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AAPY 10.78%; AMZY 49.12%, better
Payout (12M): AAPY $3.05; AMZY $4.80
Last payment: AAPY $0.25; AMZY $0.05
Ex-dividend: AAPY Oct 21, 2026; AMZY Oct 29, 2026
Paid on: AAPY Oct 22, 2026; AMZY Oct 30, 2026
Frequency: AAPY Monthly; AMZY Weekly

Distribution history

Per share, 2026, same scale for both

AAPYMonthly · 10 paymentsAll AAPY payments⁠

AMZYWeekly · 44 paymentsAll AMZY payments⁠

AAPY vs AMZY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AAPY 18.4%, betterAMZY 23.1%
Return per unit of riskSharpe ratio, 3 years: AAPY 0.84, betterAMZY 0.67
Worst fallMax drawdown, 5 years: AAPY −29.2%since Oct 2023AMZY −23.6%since Jul 2023
Market sensitivityBeta, 5 years: AAPY 0.75AMZY 0.89; Market = 1

AAPY and AMZY in the news

All news⁠

New ETFs
First Trust charges less than YieldMax, but YieldMax has the payout and the assets
Oct 5, 2026AMZY
New ETFs
First Trust income ETFs own the stock, cost less than YieldMax, and start small
Oct 5, 2026AMZY

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AAPY vs AMZY

In short

Stated mandate

Why people hold it

Worth knowing

How AAPY and AMZY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AAPY

Only in AMZY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust charges less than YieldMax, but YieldMax has the payout and the assets

First Trust income ETFs own the stock, cost less than YieldMax, and start small

How AAPY and AMZY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AAPY

Only in AMZY

Weight gaps