AAPY vs MRNY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

MRNYBYieldMax MRNA 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).

MRNY Moderna, but with a job. MRNY sells weekly call spreads on MRNA and routes the premium out as a monthly distribution, keeping room for some upside through the spread's long leg. You still carry the stock's downside, without owning the shares.

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.

MRNY MRNY is actively managed to generate weekly income by selling call spreads on Moderna Inc., while seeking participation in appreciation of the underlying share price.

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.

• MRNY Charges 1.00% a year, below the typical fee in its single-stock option-income peer group.
• Sells call spreads rather than plain calls, so the long leg leaves room to participate in part of a Moderna rally instead of surrendering all of it.yieldmaxetfs.com
• Options are written weekly and cash goes out monthly, an actively managed rhythm built around one stock's premium.
• Live since 2023, one of the earlier single-stock income funds in a category that has since crowded to dozens of tickers.

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.

• MRNY Synthetic exposure: you take Moderna's declines without holding the shares, and the short call caps how much of an advance the fund keeps.
• Payouts come from option premiums, which rise and fall with Moderna's option pricing. Monthly amounts vary rather than run at a set rate.
• The 1.00% fee buys the overlay and the active management, not a plain stake in the underlying stock.

Full AAPY profile⁠

Full MRNY profile⁠