AAPY vs FBY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

FBYCYieldMax META 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).

FBY FBY doesn't own a single share of Meta. It rebuilds META exposure with options, then sells calls against that position to turn the stock's volatility into monthly income. Capped upside is the price of admission.

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.

FBY The fund seeks weekly income by selling call spreads on Meta Platforms Inc. Its strategy aims to harvest option premiums from META volatility while retaining some participation in META 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.

• FBY Options do the work: a synthetic long on META, covered calls written against it, Treasuries as collateral. You ride META's moves up to a cap and collect the premium.sec.gov
• The 1.06% expense ratio sits right at the median for single-stock option-income funds, so the Meta version costs no more than the rest of the shelf.
• Pays monthly and trades as an ordinary 1940 Act ETF: brokerage account, 1099, no partnership paperwork.
• Launched in 2023 with YieldMax's first wave of single-stock income funds, and it lands in the upper half of a crowded peer group.sec.gov

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.

• FBY The calls it sells cap the upside. If META rips, the fund keeps the premium and gives up the rest, while exposure to a drop stays close to full.sec.gov
• Income comes from option premiums, which swell and shrink with META's volatility. The cadence is monthly; the size of each payout is not fixed.
• Everything rides on one company, and the portfolio holds options and Treasuries rather than META stock, so no shareholder rights come with it.sec.gov

Full AAPY profile⁠

Full FBY profile⁠