AAPY vs HIYY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

HIYYCYieldMax HIMS 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).

HIYY Turns one volatile telehealth stock into a monthly income stream: HIYY takes synthetic exposure to Hims & Hers and sells calls against it, trading away part of the upside for option premium.

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.

HIYY The Fund seeks current income while providing indirect exposure to Hims & Hers Health Inc.'s share-price returns, generally subject to a limit on potential gains. It primarily uses a synthetic covered call or covered call spread strategy.

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.

• HIYY Charges 1.01%, a shade under the typical single-stock option income fund and less than HMYY, the other fund built on the same Hims & Hers exposure.
• Pays monthly, with cash generated by writing options rather than by dividends, and the synthetic structure gets the exposure without buying the shares outright.
• Actively managed inside a standard 1940 Act ETF wrapper, and it lands in the upper half of a crowded field of single-stock income funds.

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.

• HIYY Upside is capped by design, downside is not: the covered call spread limits how much of a Hims & Hers rally you keep while the drops come through.
• One stock, one story. Moves here are far wider than a diversified income fund, and the premium collected rises and falls with that volatility.
• A 2025 launch with a modest asset base and moderate trading, so spreads can run wider than in the market's biggest income ETFs.

Full AAPY profile⁠

Full HIYY profile⁠