AAPY vs TSMY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

TSMYBYieldMax TSM 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).

TSMY A paycheck stapled to one chip stock. TSMY sells call spreads on Taiwan Semiconductor, holds onto exposure to that share price, and passes the harvested option premium along as income on a weekly schedule.

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.

TSMY The fund is actively managed to generate weekly income by selling call spreads on Taiwan Semiconductor Manufacturing Co. It is intended to maintain exposure to that company's share price while harvesting option premiums.

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.

• TSMY The overlay is a call spread, not a plain covered call, and it is built to keep exposure to TSM's share price while collecting premium.yieldmaxetfs.com
• Income is designed to land weekly rather than quarterly, so the cash cadence is far tighter than a dividend fund's.yieldmaxetfs.com
• At 1.01% a year it sits below the middle of the fee range for single-stock option income funds, and it grades out as one of the stronger builds in that crowded group.

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.

• TSMY One company, one story. The fund tracks Taiwan Semiconductor's share price, so there is no diversification to soften a rough patch for that single stock.
• Exposure is synthetic, built from options rather than owned TSM shares, which adds contract and counterparty mechanics a plain stock position does not have.
• The 1.01% fee is reasonable for this niche but heavy next to a broad index fund, and the strategy has only been live since 2024.

Full AAPY profile⁠

Full TSMY profile⁠