AAPY vs DRAY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

DRAYCYieldMax DKNG 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).

DRAY One stock, DraftKings, run through a weekly option-income machine. DRAY sells call spreads on DKNG instead of plain covered calls, giving up some upfront premium in exchange for continued participation if the shares run past the short strike.

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.

DRAY DRAY is actively managed to generate weekly income by selling call spreads on DraftKings Inc., seeking option premiums while retaining participation in DKNG’s share-price 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.

• DRAY Call spreads, not plain covered calls: the fund also buys a further out-of-the-money call, so participation continues above that upper strike instead of stopping cold.yieldmaxetfs.comyieldmaxetfs.com 2
• Weekly pay schedule. Distributions are declared every week rather than monthly or quarterly.yieldmaxetfs.com
• Actively managed, so strikes and expirations get reset as DraftKings' volatility shifts rather than following a fixed calendar rule.yieldmaxetfs.com
• At 1.03% a year, it sits a touch under the typical single-stock option-income fund, though that is still premium pricing next to a plain index fund.

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.

• DRAY Single-issuer exposure: one sports-betting stock drives everything, so DraftKings earnings and regulatory headlines land straight on the fund.yieldmaxetfs.com
• Payouts can include return of capital, meaning part of the check is your own money coming back, which can weigh on net asset value over time.yieldmaxetfs.com
• Small and thinly traded since its 2025 launch, so bid-ask spreads can add cost beyond the headline expense ratio.

Full AAPY profile⁠

Full DRAY profile⁠