AAPY vs MSFY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

MSFYBKurv Yield Premium Strategy Microsoft (MSFT) 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).

MSFY A synthetic covered call on a single name: MSFY holds options on Microsoft rather than the shares, writes calls against them, and pays monthly. Its prospectus allows call expiries out to twelve months, not just next Friday.

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.

MSFY The Fund seeks current income while providing exposure to Microsoft Corporation’s common-stock returns, subject to limited upside participation. It uses options-based strategies, including a synthetic covered-call strategy, to generate income.

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.

• MSFY 0.99% a year, net of a waiver through September 30, 2027, against a 1.15% gross management fee. That lands near the typical fee for single-stock income funds.sec.gov
• The prospectus allows call expiries from one to twelve months out, with the manager choosing strikes and timing, instead of a fixed weekly write.sec.gov
• Synthetic, but not leveraged: combined Microsoft exposure through options and shares is capped at 100% of net assets by the fund's own documents.sec.gov
• Kurv runs the identical playbook on Apple (AAPY) and Alphabet (GOOP) at the same 0.99% net fee, waived through September 30, 2027. All three rate well in a crowded category.

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.

• MSFY Monthly payouts can include return of capital, which is your own money coming back and lowers NAV. Amounts vary widely and no month is assured.sec.gov
• Upside is limited by design, and the options route skips Microsoft's own dividend. One company drives the whole result.sec.gov
• A small fund that trades lightly, so spreads can run wider than at the category's largest names.

Full AAPY profile⁠

Full MSFY profile⁠