AAPY vs APLY: Grades, Fees and Holdings Compared

Kurv Yield Premium Strategy Apple (AAPL) ETF

AAPYACboe

YieldMax AAPL Option Income Strategy ETF

APLYBNYSE Arca

Overlap

0.0%by weight

Expense ratio

AAPY −0.05pt a year

AAPY0.99%APLY1.04%

Avg volume · 30D

APLY 16.4×the volume

AAPY5.85KAPLY95.8K

3Y return · a year

AAPY +3.5pt

AAPY+19.8%APLY+16.3%

AAPY vs APLY Performance

Oct 31, 2025 – Oct 30, 2026

+28.3%AAPY+17.3%APLY

Expense ratio: AAPY 0.99%, better; APLY 1.04%
Fund size: AAPY $8M; APLY $111M
1Y total return: AAPY +28.3%, better; APLY +17.3%
Yield (12M): AAPY 10.78%; APLY 31.90%, better
Holdings: AAPY 6; APLY 10
Avg volume (30D): AAPY 5.85K sh; APLY 95.8K sh, better
NAV per share: AAPY $28.39; APLY $11.94
52W range

ETF.net Grade

Pillar letters and Scores for AAPY, APLY, with each pillar’s weight
Pillar	AAPY	APLY
Cost30% weight	A77Higher	C49
Mission25% weight	A100Higher	B57
Risk15% weight	A77	A77
Tradability15% weight	B63	A71Higher
Holdings10% weight	D35	Not scored
Durability5% weight	B56	A85Higher

Rank among Single-Stock Option Income funds

How we build Categories ›

Same Category. AAPY and APLY 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 APLY 19th 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 13BTSMYYieldMax TSM Option Income Strategy ETFScore 62
Rank 19BAPLYYieldMax AAPL Option Income Strategy ETFScore 61
Rank 19BGOOYYieldMax GOOGL Option Income Strategy ETFScore 61

Our read on each fund

ETF.net Research

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

APLYBYieldMax AAPL 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).

APLY Runs the Apple covered-call trade with options standing in for Apple stock: premium income up front, upside capped on the way. A first-wave YieldMax fund from 2023, priced under the other AAPL option-income ETF.

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.

APLY The Fund seeks current income and exposure to Apple Inc. share-price returns, with potential gains limited by its options strategy.

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.

APLY The mechanism is stated plainly in the prospectus: current income plus exposure to Apple's share-price returns, with potential gains limited by the options strategy. No mystery about the trade you're making.
At 1.04%, it undercuts AAPY, the other AAPL option-income fund, and sits just below the typical fee in its single-stock income cohort.
Live since 2023, an early entrant in a category that has since filled with lookalikes, and among the stronger builds in a crowded field of single-stock income funds.
Trades actively enough for a niche single-stock product, so getting in and out doesn't depend on thin-market luck.

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.

APLY Capped by design. The calls it sells limit how much of an Apple rally the fund keeps, while a drop in Apple still flows through.
You hold a synthetic options position, not Apple shares. No shareholder rights, and no Apple dividend passing through to you.
Payouts swing with option premiums, and YieldMax discloses that some of a distribution can be return of capital: your own money coming back, not profit.yieldmaxetfs.com

Full AAPY profile⁠

Full APLY profile⁠

AAPY vs APLY Holdings

How AAPY and APLY differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for AAPY and APLY.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

AAPY101.0%
APLY102.4%

Securities held

AAPY6
APLY9

Asset class

AAPY: Equity
APLY: Alternatives

Holdings

Only in AAPY6
In both0
Only in APLY9

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 APLY

9 securities, 96.0% of APLY by weight

United States Treasury Note/Bond 3.375% 09/15/202726.02%
United States Treasury Bill 07/08/202724.67%
United States Treasury Bill 02/18/202714.66%
United States Treasury Note/Bond 2.375% 05/15/202713.88%
Aapl 12/18/2026 310.01 C12.09%
First American Government Obligations Fund 12/01/20312.20%
United States Treasury Bill 12/10/20261.84%
Aapl Us 11/06/26 C3600.46%
Aapl Us 11/06/26 C362.50.20%

Weight gaps

AAPY and APLY share no securities.

All 9 AAPY holdings⁠All 7 APLY 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 APLY Cost

Overpaying APLY vs AAPY

$809

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

AAPY 0.99%
$18,525
APLY 1.04%
$19,334

Amount$10,000

Years30 years

Cost over time

AAPY 0.99%
APLY 1.04%
Overpaying

Year by year

Year	AAPY	APLY	Overpaying
10	$1,746	$1,831	$85
20	$6,565	$6,867	$302
30	$18,525	$19,334	$809

Expense ratio

0.99%AAPY, cheaper
1.04%APLY

AAPY0.99%APLY1.04%

0.51%1.91%

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

AAPY 9th cheapest of 71 funds

APLY 36th cheapest of 71 funds

AAPY vs APLY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AAPY 10.78%; APLY 31.90%, better
Payout (12M): AAPY $3.05; APLY $3.79
Last payment: AAPY $0.25; APLY $0.06
Ex-dividend: AAPY Oct 21, 2026; APLY Oct 29, 2026
Paid on: AAPY Oct 22, 2026; APLY Oct 30, 2026
Frequency: AAPY Monthly; APLY Weekly

Distribution history

Per share, 2026, same scale for both

AAPYMonthly · 10 paymentsAll AAPY payments⁠

APLYWeekly · 44 paymentsAll APLY payments⁠

AAPY vs APLY 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%APLY 15.4%, better
Return per unit of riskSharpe ratio, 3 years: AAPY 0.84, betterAPLY 0.78
Worst fallMax drawdown, 5 years: AAPY −29.2%since Oct 2023APLY −31.0%since Apr 2023
Market sensitivityBeta, 5 years: AAPY 0.75APLY 0.65; Market = 1

Popular comparisons

AAPYAvsKWINA
Kurv Yield Premium Strategy Apple (AAPL) ETF · KraneShares Wahed Alternative Income Index ETF
Expense ratio
0.99% · 0.51%
Category
APLYBvsKWINA
YieldMax AAPL Option Income Strategy ETF · KraneShares Wahed Alternative Income Index ETF
Expense ratio
1.04% · 0.51%
Category
AAPYAvsACYQA
Kurv Yield Premium Strategy Apple (AAPL) ETF · FT Vest Autocallable Barrier & High Income ETF
Expense ratio
0.99% · 0.75%
Category
APLYBvsACYQA
YieldMax AAPL Option Income Strategy ETF · FT Vest Autocallable Barrier & High Income ETF
Expense ratio
1.04% · 0.75%
Category
AAPYAvsXXVA
Kurv Yield Premium Strategy Apple (AAPL) ETF · Simplify Ancorato Target 25 Distribution ETF
Expense ratio
0.99% · 0.78%
Category
APLYBvsXXVA
YieldMax AAPL Option Income Strategy ETF · Simplify Ancorato Target 25 Distribution ETF
Expense ratio
1.04% · 0.78%
Category