AAPY vs SNOY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

SNOYBYieldMax SNOW 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).

SNOY Snowflake with a paycheck stapled on. SNOY sells call spreads on SNOW to harvest option premium, keeping a slice of the upside instead of capping it flat, and pays out monthly.

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.

SNOY The fund seeks weekly income by actively selling call spreads on Snowflake Inc. The strategy harvests option premiums while retaining some participation in Snowflake's share-price appreciation.

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.

• SNOY Sells call spreads rather than plain calls, so some participation in Snowflake's share-price appreciation is retained alongside the premium harvest.
• 1.00% expense ratio runs a touch leaner than the typical single-stock option income fund, including YieldMax siblings TSMY and BRKC.
• Distributions land monthly, funded by an options program the manager works on a weekly cadence.
• Rates among the stronger builds in a crowded single-stock income cohort, helped by cost and staying power.

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.

• SNOY Exposure is synthetic. The fund uses options on Snowflake rather than owning the shares, so you carry SNOW's downside without shareholder rights.
• Income is a byproduct of option premiums, which rise and fall with Snowflake's volatility. Payout size varies month to month.
• Launched in 2024, so the risk picture rests on a short history, and one company's news cycle drives the whole fund.

Full AAPY profile⁠

Full SNOY profile⁠