AAPY vs CONY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

CONYCYieldMax COIN 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).

CONY Coinbase's stock swings are the raw material here. CONY sells call spreads on COIN to turn that volatility into a recurring paycheck, while keeping a slice of the stock's upside instead of trading all of it away.

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.

CONY CONY is actively managed to generate weekly income by selling call spreads on Coinbase Global Inc., while retaining some participation in the underlying stock's appreciation.

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.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.

• CONY Call spreads, not plain covered calls. The structure is built to keep some participation in COIN rallies rather than surrender the whole move for premium.
• Fee of 1.04% sits mid-pack for COIN income funds, between Bitwise's ICOI at 0.96% and GraniteShares' COYY at 1.07%.
• Income lands weekly, not quarterly, and the fund is actively managed rather than run off a fixed options calendar.
• A multi-hundred-million-dollar fund with steady volume for a niche single-stock strategy, and one of the stronger implementations in the small COIN income group.

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.

• CONY You hold an options package, not Coinbase shares: no direct stake in the company, and upside is bounded by the calls the fund writes.
• Payouts come from premium on one very volatile stock, with no declared target rate, so the size of each distribution moves with the market.
• Launched in 2023, so the track record spans only a short slice of crypto's boom-and-bust cycles.

Full AAPY profile⁠

Full CONY profile⁠