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AAPY vs FIAT

Kurv Yield Premium Strategy Apple (AAPL) ETF

AAPYACboe

YieldMax Short COIN Option Income Strategy ETF

FIATCNYSE Arca

Overlap

Expense ratio

AAPY −0.06pt a year

AAPY0.99%FIAT1.05%

Avg volume · 30D

FIAT 11.3×the volume

AAPY5.85KFIAT65.8K

AAPY vs FIAT Performance

Oct 31, 2025 – Oct 30, 2026

+28.3%AAPY+56.3%FIAT

Oct 31, 2025 to Oct 30, 2026. AAPY +28.3%. FIAT +56.3%. Use the arrow keys to read each point.0%40%80%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPY 0.99%, better
FIAT 1.05%
Fund size
AAPY $8M
FIAT $33M
1Y total return
AAPY +28.3%
FIAT +56.3%, better
Yield (12M)
AAPY 10.78%
FIAT 101.37%, better
Holdings
AAPY 6
FIAT 12
Avg volume (30D)
AAPY 5.85K sh
FIAT 65.8K sh, better
NAV per share
AAPY $28.39
FIAT $17.63
52W range

ETF.net Grade

AAPY: Cost 77, Risk 77, Mission 100, Tradability 63, Holdings 35, Durability 56. FIAT: Cost 44, Risk 48, Mission 70, Tradability 55, Holdings not scored, Durability 65.
Pillar letters and Scores for AAPY, FIAT, with each pillar’s weight
PillarAAPYFIAT
Cost30% weightA77HigherC44
Mission25% weightA100HigherA70
Risk15% weightA77HigherC48
Tradability15% weightB63HigherB55
Holdings10% weightD35Not scored
Durability5% weightB56B65Higher

Rank among Single-Stock Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAPY and FIAT 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 FIAT 27th of 71 funds in the Single-Stock Option Income Category.

  1. Rank 1AKWINKraneShares Wahed Alternative Income Index ETFScore 87
  2. Rank 2AACYQFT Vest Autocallable Barrier & High Income ETFScore 85
  3. Rank 3AXXVSimplify Ancorato Target 25 Distribution ETFScore 84
  4. Rank 4AAAPYKurv Yield Premium Strategy Apple (AAPL) ETFScore 79
  5. Rank 5BBRKCYieldMax BRK.B Option Income Strategy ETFScore 70
  6. Rank 27BCRCOYieldMax CRCL Option Income Strategy ETFScore 55
  7. Rank 27CFIATYieldMax Short COIN Option Income Strategy ETFScore 55
  8. Rank 27BRBLYYieldMax RBLX Option Income Strategy ETFScore 55

Our read on each fund

ETF.net Research

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

FIATCYieldMax Short 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).

FIAT Almost every single-stock income ETF leans bullish. FIAT flips the script: a YieldMax fund that runs weekly put spreads tied to Coinbase and pays monthly, with the option book pointed at the short side.

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.

FIAT The fund is actively managed to generate weekly income through a put spread strategy linked to Coinbase Global Inc.

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.
  • FIAT The short-side sibling in a Coinbase cohort built mostly on the long side (CONY, COYY): same underlying stock, opposite tilt.
  • The income engine works weekly through put spreads on Coinbase, while cash goes out to shareholders on a monthly schedule.
  • Actively managed rather than run to a fixed formula, so the option positions get reset as Coinbase's option pricing shifts.

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.
  • FIAT One stock, expressed through options. Coinbase's swings drive the fund's value and its payouts, with no diversification to soften them.
  • The 1.05% expense ratio is right at the middle of the COIN option-income group, but it is many times what a plain index fund charges.
  • Launched in 2024, so the track record is short, and income sourced from option premiums varies from month to month.

Full AAPY profile⁠

Full FIAT profile⁠

AAPY vs FIAT 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 FIAT Cost

Overpaying FIAT vs AAPY

$970

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

  • AAPY 0.99%

    $18,525

  • FIAT 1.05%

    $19,495

$10,000
30 years

Cost over time

  • AAPY 0.99%
  • FIAT 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FIAT $19,495AAPY $18,525

Year by year

YearAAPYFIATOverpaying
10$1,746$1,847$101
20$6,565$6,927$362
30$18,525$19,495$970

Expense ratio

  • 0.99%AAPY, cheaper
  • 1.05%FIAT
  • Middle half of Single-Stock Option Income funds
  • Median 1.04%

AAPY 9th cheapest of 71 funds

FIAT 39th cheapest of 71 funds

AAPY vs FIAT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPY 10.78%
FIAT 101.37%, better
Payout (12M)
AAPY $3.05
FIAT $17.91
Last payment
AAPY $0.25
FIAT $0.26
Ex-dividend
AAPY Oct 21, 2026
FIAT Oct 29, 2026
Paid on
AAPY Oct 22, 2026
FIAT Oct 30, 2026
Frequency
AAPY Monthly
FIAT Weekly

Distribution history

Per share, 2026, same scale for both

AAPYMonthly · 10 paymentsAll AAPY payments⁠
One bar per payment. 10 payments in 2026 YTD. Jan 21, 2026 $0.25; Feb 18, 2026 $0.25; Mar 18, 2026 $0.25; Apr 22, 2026 $0.25; May 20, 2026 $0.30; Jun 17, 2026 $0.25; Jul 22, 2026 $0.25; Aug 19, 2026 $0.25; Sep 16, 2026 $0.25; Oct 21, 2026 $0.25. Use the arrow keys to read each point.$0$0.502026YTD
FIATWeekly · 44 paymentsAll FIAT payments⁠
One bar per payment. 44 payments in 2026 YTD. Jan 2, 2026 $0.41; Jan 8, 2026 $0.27; Jan 15, 2026 $0.24; Jan 22, 2026 $0.26; Jan 29, 2026 $0.33; Feb 5, 2026 $0.48; Feb 12, 2026 $0.63; Feb 19, 2026 $0.61; Feb 26, 2026 $0.61; Mar 5, 2026 $0.29; Mar 12, 2026 $0.35; Mar 19, 2026 $0.31; Mar 26, 2026 $0.36; Apr 2, 2026 $0.37; Apr 9, 2026 $0.44; Apr 16, 2026 $0.45; Apr 23, 2026 $0.30; Apr 30, 2026 $0.31; May 7, 2026 $0.29; May 14, 2026 $0.28; May 21, 2026 $0.30; May 28, 2026 $0.31; Jun 4, 2026 $0.30; Jun 11, 2026 $0.34; Jun 18, 2026 $0.40; Jun 25, 2026 $0.34; Jul 2, 2026 $0.46; Jul 9, 2026 $0.27; Jul 16, 2026 $0.26; Jul 23, 2026 $0.27; Jul 30, 2026 $0.27; Aug 6, 2026 $0.36; Aug 13, 2026 $0.31; Aug 20, 2026 $0.31; Aug 27, 2026 $0.22; Sep 3, 2026 $0.21; Sep 10, 2026 $0.16; Sep 17, 2026 $0.18; Sep 24, 2026 $0.16; Oct 1, 2026 $0.16; Oct 8, 2026 $0.16; Oct 15, 2026 $0.17; Oct 22, 2026 $0.22; Oct 29, 2026 $0.26. Use the arrow keys to read each point.$0$0.502026YTD

AAPY vs FIAT 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%FIAT 56.6%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
AAPY 0.84FIAT −0.14since Aug 2024
Worst fallMax drawdown, 5 years
AAPY −29.2%since Oct 2023FIAT −70.7%since Jul 2024
Market sensitivityBeta, 5 years
AAPY 0.75FIAT −2.39

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