At a glance
AAPY charges 0.99% a year. It has $7.4M in assets; it paid 10.65% of its price in distributions over the past 12 months, monthly. Over the past year it returned +31.6% with distributions reinvested; over three years it returned +20.8% a year.
The short version
Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) seeks income from one stock, Apple. It invests mainly through options on Apple shares and keeps most of its money in short-term US Treasury bills. Selling call options helped produce a 10.65% trailing 12-month yield, paid monthly, as of Oct 27, 2026, but this limits gains when Apple rallies. Costs are 0.99% a year, and the fund is small: $7.4 million in net assets as of Aug 31, 2026.
Price history
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AAPY +31.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AAPY official prospectus, to Dec 31, 2025 | — | +4.94% | — | — | — | +16.04% |
| AAPY price data to Oct 27, 2026 | +27.4% | +31.6% | +20.8% | — | — | +20.8% |
- Over the year to Oct 27, 2026, AAPY returned +31.6%.
- Its worst full calendar year was 2025 (+5.1%); its best was 2024 (+20.5%).
- The deepest fall in its price history was 29.2% (Dec 26, 2024 to Apr 8, 2025), recovered by Oct 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +27.4% | — |
| 2025 | +5.1% | +4.94% |
| 2024 | +20.5% | +20.59% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.5500 | |
| 2025 | $3.1500 | -32.1% |
| 2024 | $4.6400 |
What's inside
As of Aug 31, 2026, the fund held 3 securities; the ten largest made up 89% of assets, and 2.14% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 31.81% | |
| TREASURY BILL Bonds and notes | 29.77% | |
| TREASURY BILL Bonds and notes | 27.42% |
By country
United States 89%By issuer
US Treasury 89%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.28%, +5.71%, +3.18%.
How it works
AAPY tracks no index. Its adviser, Kurv Investment Management, keeps at least 80% of net assets in Apple stock or Apple derivatives. These are mainly options, including FLEX options (customizable exchange-listed contracts guaranteed by the Options Clearing Corporation). A call option is the right to buy at a set “strike” price. Selling a put option can oblige the fund to buy at that price. Buying calls and selling puts together creates “synthetic” Apple exposure that moves much like the stock. The prospectus lets this exposure reach 200% of net asset value.
Much of the income comes from writing (selling) call options on Apple. Call buyers pay the fund a premium up front. If Apple climbs past the strike price, the fund loses money on those calls, which caps its gains. The adviser may also sell calls beyond its Apple exposure, known as uncovered calls, when it believes option prices are out of line. These can cause larger losses if Apple jumps.
As of Aug 31, 2026, the fund held no Apple shares directly. About 89% of assets sat in three US Treasury bills averaging 0.3 years to maturity, plus 2.1% cash. Its Apple exposure came from six option positions. Bills that short barely react to interest-rate moves. However, the prospectus also allows bonds of any maturity, foreign debt and preferred securities.
What it really costs
- AAPY charges 0.99% a year.
- Of that, 1.15% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.16% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,387 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAPY | $101 | $351 | $619 | $1,387 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its results hinge on one company, Apple, and its option strategy caps gains while keeping much of Apple's downside, so it fits a small slice of a portfolio better than a central role.
AAPY could add monthly income. Its trailing 12-month yield was 10.65% ($3.05 per share) as of Oct 27, 2026, though option income is usually taxed as ordinary income. The fund launched in October 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its deepest drop was 29.2%, from Dec 26, 2024 to April 8, 2025. It took about 6.7 months from that low to recover, on Oct 30, 2025.
Of its two full calendar years, the weaker one, 2025, still returned 4.94%. Its worst quarter, ending March 31, 2025, lost 10.49%. Someone who had to sell shares near a low would lock in losses, and monthly payouts cover only a small part of a fall that size. Costs are 0.99% a year, or $101 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly income tied to Apple who accept capped gains; the trailing 12-month yield was 10.65% as of Oct 27, 2026.
- Those wanting options income on Apple without writing options themselves, especially in tax-deferred accounts such as IRAs, where ordinary-income treatment matters less.
- Investors using it as a small side position who can handle swings like its 29.2% drop from December 2024 to April 2025.
Look elsewhere if
- Investors who want all of Apple's gains; sold call options cap the fund's gains when Apple rallies strongly.
- Those seeking diversified income; returns hinge on one company, Apple, and the fund's record begins only in October 2023.
- Cost-conscious investors: it charges 0.99% a year after a fee waiver, while holding Apple shares directly carries no annual fee.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does AAPY pay monthly dividends?
Yes. AAPY makes monthly payouts. Over the 12 months to Oct 27, 2026, it paid $3.05 per share, a trailing yield of 10.65%. Much of that cash comes from selling options on Apple stock. Option income is usually taxed as ordinary income, not at the lower rate for qualified dividends. So in a taxable account, the after-tax yield can be lower than the headline figure.
Is AAPY good for retirement income?
It can supply high monthly income, but it is a concentrated, higher-risk way to get it. The trailing yield was 10.65% as of Oct 27, 2026, yet the fund's results depend on a single company, Apple. It fell 29.2% between Dec 26, 2024 and April 8, 2025, and took about 6.7 months from that low to recover. It launched in October 2023, so it has no record from the 2008, 2020 or 2022 market declines.
What's the difference between AAPY and owning Apple stock?
AAPY trades some of Apple's upside for monthly income. Owning Apple shares directly brings all of the stock's gains and losses with no annual fund fee. AAPY gets its Apple exposure mainly through options. It sells call options that cap its gains above set prices, while still taking much of any decline. It charges 0.99% a year. As of Aug 31, 2026, about 89% of its assets sat in US Treasury bills backing those options.
What is AAPY's expense ratio?
AAPY's expense ratio is 0.99%, according to its prospectus filed Sept 28, 2026. That is a 1.15% management fee minus a 0.16% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, total costs would be about $101 after one year, $351 after three years, $619 after five years and $1,387 after ten years.
How has AAPY performed since it launched?
From its October 2023 launch through Dec 31, 2025, AAPY's average annual return was 16.04%, according to its prospectus. It returned 20.59% in 2024 and 4.94% in 2025. Based on market prices, it gained 31.6% in the 12 months to Oct 27, 2026, and averaged 20.8% a year over three years. Results swing widely: its strongest quarter gained 15.11% and its weakest lost 10.49%, both in 2025.