AAPY vs PYPY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

PYPYDYieldMax PYPL 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).

PYPY PayPal, rented out. PYPY holds a synthetic long in PYPL and sells call spreads against it, turning option premium into cash income and trading away part of any PayPal rally.

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.

PYPY The Fund is actively managed to generate weekly income by selling call spreads on PayPal Holdings Inc. (PYPL).

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.

• PYPY Not the usual covered call: it sells call spreads on PYPL, pairing each short strike with a long call further out instead of writing naked upside away.yieldmaxetfs.com
• Actively managed, so strikes and expiries are set by a manager reading PayPal's option market rather than by a fixed rules calendar.yieldmaxetfs.com
• One ticker stands in for building a synthetic PYPL position and writing spreads against it yourself. No options approval, no roll dates to manage.
• Trading since 2023, so the strategy has run through several of PayPal's own sharp moves rather than one calm stretch.

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.

• PYPY At 1.31% a year, it sits above the median for single-stock option income funds. YieldMax siblings TSMY and BRKC run 1.01%.
• The downside stays yours: the synthetic long follows PYPL lower, while the sold spread limits how much of a rebound the fund captures.
• A small fund that trades thinly, which can mean wider bid-ask spreads at the moment you transact.

Full AAPY profile⁠

Full PYPY profile⁠