AAPY vs CVNY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

CVNYCYieldMax CVNA 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).

CVNY Most option-income funds sell calls and cap you out. CVNY sells call spreads on Carvana instead, buying back an upper strike so some of the stock's appreciation stays on the table while premium comes in. Launched 2025, pays monthly.

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.

CVNY The fund seeks weekly income by systematically selling call spreads on Carvana Co. while retaining participation in the 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.

• CVNY Call spreads, not plain covered calls. The bought upper strike is the whole point: the fund keeps participation in Carvana's appreciation instead of handing all of it to the option buyer.yieldmaxetfs.com
• The option book is run for weekly income; cash goes out to shareholders monthly. A steady cadence rather than a quarterly wait.
• The 1.09% fee sits right around what single-stock option income funds typically charge. The spread structure doesn't cost extra versus plainer siblings like TSMY or BRKC.
• Sits in the upper half of a crowded single-stock option income field, and the fund has run the strategy its documents describe.

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.

• CVNY The Carvana exposure is built synthetically with options, not by owning shares. You hold a derivatives package tracking the stock, not the stock.
• A small fund that trades thinly, so bid/ask spreads can run wider than in heavily traded ETFs and fills need more care.
• One stock, one story. The spread softens the upside cap but does nothing to spread out Carvana-specific risk, and the fee is far above a broad index fund's.

Full AAPY profile⁠

Full CVNY profile⁠