APLY vs KWIN: Grades, Fees and Holdings Compared

YieldMax AAPL Option Income Strategy ETF

APLYBNYSE Arca

KraneShares Wahed Alternative Income Index ETF

KWINANYSE Arca

Overlap

0.0%by weight

Expense ratio

KWIN −0.53pt a year

APLY1.04%KWIN0.51%

Avg volume · 30D

APLY 6.9×the volume

APLY95.8KKWIN14K

APLY vs KWIN Performance

Dec 31, 2025 – Oct 30, 2026

+15.6%APLY+2.9%KWIN

Expense ratio: APLY 1.04%; KWIN 0.51%, better
Fund size: APLY $111M; KWIN $63M
1Y total return: APLY +17.3%; KWIN No data
Yield (12M): APLY 31.90%; KWIN No data
Holdings: APLY 10; KWIN 55
Avg volume (30D): APLY 95.8K sh, better; KWIN 14K sh
NAV per share: APLY $11.94; KWIN $25.90
52W range

ETF.net Grade

Pillar letters and Scores for APLY, KWIN, with each pillar’s weight
Pillar	APLY	KWIN
Cost30% weight	C49	A100Higher
Mission25% weight	B57	Not scored
Risk15% weight	A77	A86Higher
Tradability15% weight	A71Higher	A70
Holdings10% weight	Not scored	A88
Durability5% weight	A85Higher	B68

Rank among Single-Stock Option Income funds

How we build Categories ›

Same Category. APLY and KWIN are both graded against the same 71 Single-Stock Option Income funds, so their Grades compare head to head.

Single-Stock Option Income⁠

Category · 71 funds

See all 71 ›

KWIN ranks 1st and APLY 19th of 71 funds in the Single-Stock Option Income Category.

Rank 1AKWINKraneShares Wahed Alternative Income Index ETFScore 87
Rank 2AACYQFT Vest Autocallable Barrier & High Income ETFScore 85
Rank 13BTSMYYieldMax TSM Option Income Strategy ETFScore 62
Rank 19BAPLYYieldMax AAPL Option Income Strategy ETFScore 61
Rank 19BGOOYYieldMax GOOGL Option Income Strategy ETFScore 61

Our read on each fund

ETF.net Research

APLYBYieldMax AAPL Option Income Strategy ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

APLY Runs the Apple covered-call trade with options standing in for Apple stock: premium income up front, upside capped on the way. A first-wave YieldMax fund from 2023, priced under the other AAPL option-income ETF.

KWIN An income fund built for investors who can't own interest. KWIN holds stocks, then sells calls and buys puts on each one, aiming for a delta-neutral book whose payout comes from options premium instead of a coupon.

Stated mandate

APLY The Fund seeks current income and exposure to Apple Inc. share-price returns, with potential gains limited by its options strategy.

KWIN KWIN seeks alternative option income by holding long positions in selected equities while selling calls and buying puts against each position. The strategy is intended to produce a delta-neutral portfolio and is marketed as an alternative to traditional interest income.

Why people hold it

APLY The mechanism is stated plainly in the prospectus: current income plus exposure to Apple's share-price returns, with potential gains limited by the options strategy. No mystery about the trade you're making.
At 1.04%, it undercuts AAPY, the other AAPL option-income fund, and sits just below the typical fee in its single-stock income cohort.
Live since 2023, an early entrant in a category that has since filled with lookalikes, and among the stronger builds in a crowded field of single-stock income funds.
Trades actively enough for a niche single-stock product, so getting in and out doesn't depend on thin-market luck.

KWIN 0.51% a year, less than half the roughly 1.07% median of its options-income cohort. In a category where 1%-plus is the norm, that is a real head start.
The mechanics are unusually explicit: long a selected stock, short a call, long a put, position by position. The collars are the strategy, not a bolt-on overlay.kraneshares.com
Tracks the Wahed Shariah Alternative Income Index, so income is sourced from options premium rather than interest. Few option-income ETFs are built to that screen.kraneshares.com
On cost and measured risk it stands among the strongest implementations in a peer group of 64 single-stock option-income funds.

Worth knowing

APLY Capped by design. The calls it sells limit how much of an Apple rally the fund keeps, while a drop in Apple still flows through.
You hold a synthetic options position, not Apple shares. No shareholder rights, and no Apple dividend passing through to you.
Payouts swing with option premiums, and YieldMax discloses that some of a distribution can be return of capital: your own money coming back, not profit.yieldmaxetfs.com

KWIN Launched in November 2025. The record is short, so any read on how the collars behave across different markets rests on limited history.
Delta-neutral by design: the sold calls and bought puts are there to strip out the stock move, not to ride it. This is an income engine, not an equity growth sleeve.
Trades lightly next to the household names of the category, so spreads can be wider than headline size suggests. Limit orders matter more here.

Full APLY profile⁠

Full KWIN profile⁠

APLY vs KWIN Holdings

How APLY and KWIN differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of APLY and 0.0% of KWIN.

Level by level

Asset classAlternatives, Equity0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for APLY and KWIN.

Country, concentration and asset class

Country by domicile

Country weights in APLY and KWIN, widest gap first
Country	More in APLYMore in KWIN	APLY	KWIN
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

APLY102.4%
KWIN45.8%

Securities held

APLY9
KWIN54

Asset class

APLY: Alternatives
KWIN: Equity

Holdings

Only in APLY9
In both0
Only in KWIN54

Only in APLY

9 securities, 96.0% of APLY by weight

United States Treasury Note/Bond 3.375% 09/15/202726.02%
United States Treasury Bill 07/08/202724.67%
United States Treasury Bill 02/18/202714.66%
United States Treasury Note/Bond 2.375% 05/15/202713.88%
Aapl 12/18/2026 310.01 C12.09%
First American Government Obligations Fund 12/01/20312.20%
United States Treasury Bill 12/10/20261.84%
Aapl Us 11/06/26 C3600.46%
Aapl Us 11/06/26 C362.50.20%

Only in KWIN

54 securities, 100% of KWIN by weight

Servicenow Inc5.29%
On Semiconductor5.14%
Workday Inc-Class A5.00%
Super Micro Computer Inc4.97%
Intuitive Surgical Inc4.63%
Crowdstrike Holdings Inc - A4.58%
Synopsys Inc4.23%
Fortinet Inc4.02%
Lumentum Holdings Inc4.00%
Palo Alto Networks Inc3.94%
Advanced Micro Devices3.85%
Adobe Inc3.75%
Arista Networks Inc3.69%
Boston Scientific Corp3.66%
Tesla Inc3.64%
Amazon.com Inc3.53%
Autozone Inc3.52%
Intel Corp3.41%
Cadence Design Sys Inc3.40%
Sandisk Corp3.37%
Doordash Inc - A3.35%
Ciena Corp3.28%
Uber Technologies Inc3.26%
Akamai Technologies Inc3.06%
Coherent Corp2.90%
Reddit Inc-Cl A1.40%
Bloom Energy Corp- A1.35%
2SMCI Us 01/15/27 P350.86%
2LITE Us 01/15/27 P9300.84%
2COHR Us 01/15/27 P2700.78%
2SNDK Us 01/15/27 P14200.68%
2CIEN Us 01/15/27 P3700.63%
2ANET Us 01/15/27 P2000.62%
2INTC Us 01/15/27 P1000.58%
2AMD Us 01/15/27 P5800.57%
2SNPS Us 01/15/27 P4800.48%
2DASH Us 01/15/27 P1800.45%
2CRWD Us 01/15/27 P2500.39%
2ON Us 01/15/27 P700.39%
2FTNT Us 01/15/27 P1850.39%
2PANW Us 01/15/27 P3800.35%
2CDNS Us 01/15/27 P3300.32%
2AMZN Us 01/15/27 P2550.27%
2BE Us 01/15/27 P2200.25%
2RDDT Us 01/15/27 P1500.23%
2AKAM Us 01/15/27 P900.22%
2NOW Us 01/15/27 P1350.19%
2UBER Us 01/15/27 P650.18%
2WDAY Us 01/15/27 P1850.16%
2ADBE Us 01/15/27 P2350.15%

Weight gaps

APLY and KWIN share no securities.

All 7 APLY holdings⁠All KWIN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

APLY vs KWIN Cost

Overpaying APLY vs KWIN

$9,169

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

APLY 1.04%
$19,334
KWIN 0.51%
$10,165

Amount$10,000

Years30 years

Cost over time

APLY 1.04%
KWIN 0.51%
Overpaying

Year by year

Year	APLY	KWIN	Overpaying
10	$1,831	$918	$913
20	$6,867	$3,527	$3,340
30	$19,334	$10,165	$9,169

Expense ratio

1.04%APLY
0.51%KWIN, cheaper

KWIN0.51%APLY1.04%

0.51%1.91%

Middle half of Single-Stock Option Income funds
Median 1.04%

KWIN cheapest of 71 funds

APLY 36th cheapest of 71 funds

APLY vs KWIN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): APLY 31.90%; KWIN No data
Payout (12M): APLY $3.79; KWIN None
Last payment: APLY $0.06; KWIN No data
Ex-dividend: APLY Oct 29, 2026; KWIN No data
Paid on: APLY Oct 30, 2026; KWIN No data
Frequency: APLY Weekly; KWIN No data

Distribution history

Per share, 2026, same scale for both

APLYWeekly · 44 paymentsAll APLY payments⁠

KWINAll KWIN payments⁠

No distribution history available.

APLY vs KWIN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: APLY 15.4%KWIN No data
Return per unit of riskSharpe ratio, 3 years: APLY 0.78KWIN No data
Worst fallMax drawdown, 5 years: APLY −31.0%since Apr 2023KWIN No data
Market sensitivityBeta, 5 years: APLY 0.65KWIN 0.001; Market = 1

Popular comparisons

APLYBvsACYQA
YieldMax AAPL Option Income Strategy ETF · FT Vest Autocallable Barrier & High Income ETF
Expense ratio
1.04% · 0.75%
Category
KWINAvsACYQA
KraneShares Wahed Alternative Income Index ETF · FT Vest Autocallable Barrier & High Income ETF
Expense ratio
0.51% · 0.75%
Category
APLYBvsXXVA
YieldMax AAPL Option Income Strategy ETF · Simplify Ancorato Target 25 Distribution ETF
Expense ratio
1.04% · 0.78%
Category
KWINAvsXXVA
KraneShares Wahed Alternative Income Index ETF · Simplify Ancorato Target 25 Distribution ETF
Expense ratio
0.51% · 0.78%
Category
APLYBvsAAPYA
YieldMax AAPL Option Income Strategy ETF · Kurv Yield Premium Strategy Apple (AAPL) ETF
Expense ratio
1.04% · 0.99%
Category
KWINAvsAAPYA
KraneShares Wahed Alternative Income Index ETF · Kurv Yield Premium Strategy Apple (AAPL) ETF
Expense ratio
0.51% · 0.99%
Category