AAPY vs XYZY

AAPYAKurv Yield Premium Strategy Apple (AAPL) ETF

XYZYDYieldMax XYZ 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).

XYZY Block's volatility, packaged as a monthly paycheck. XYZY owns no Block shares: it builds synthetic exposure through options and writes call spreads on top, so upside is trimmed rather than sold away outright.

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.

XYZY The fund is actively managed to generate weekly income by selling call spreads on Block Inc. while retaining participation in the stock's 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.

• XYZY Writes call spreads rather than plain short calls, so gains above the short strike are not entirely handed to the option buyer.yieldmaxetfs.com
• Income comes from harvesting premium in Block's option market, and the fund distributes on a monthly cadence.yieldmaxetfs.com
• Ordinary 1940 Act ETF wrapper with the options collateralized by cash and Treasuries: no margin account, no options approval, no K-1 at tax time.yieldmaxetfs.com
• Live since October 2023, and it kept running straight through Block's identity swap, when the fund went from SQY to XYZY in April 2025.sec.gov

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.

• XYZY The 1.36% expense ratio sits above the typical single-stock option-income fund, so premium income has a higher bar to clear.
• The payoff is lopsided by design: Block's declines pass through in full, while participation in rallies stops at the spread's upper strike.yieldmaxetfs.com
• One company drives everything here, and the fund trades less actively than the headline YieldMax names, so bid/ask spreads are worth checking.

Full AAPY profile⁠

Full XYZY profile⁠