At a glance
APLY charges 1.04% a year. It has $119.5M in assets; it paid 33.44% of its price in distributions over the past 12 months, monthly. Over the past year it returned +19.2% with distributions reinvested; over three years it returned +17.9% a year.
The short version
YieldMax AAPL Option Income Strategy ETF (APLY) is an actively managed fund that uses options to follow Apple stock (AAPL) without owning any shares. Most of its assets sit in short-term US Treasury bills. It sells call options on Apple to raise cash, and its trailing 12-month yield was 33.44% as of October 27, 2026. The trade-offs: it gives up much of Apple's upside, charges 1.04% a year, and part of its payouts can be a return of your own money.
Price history
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APLY +19.2% 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 | |
|---|---|---|---|---|---|---|
| APLY official prospectus, to Dec 31, 2025 | — | +4.05% | — | — | — | +12.94% |
| APLY price data to Oct 27, 2026 | +17.6% | +19.2% | +17.9% | — | — | +14.9% |
- Over the year to Oct 27, 2026, APLY returned +19.2%.
- Its worst full calendar year was 2025 (+4.8%); its best was 2024 (+18.6%).
- The deepest fall in its price history was 30.3% (Dec 26, 2024 to Apr 8, 2025), recovered by Oct 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.6% | — |
| 2025 | +4.8% | +4.05% |
| 2024 | +18.6% | +18.61% |
| 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) | $3.2600 | |
| 2025 | $4.8400 | +8.0% |
| 2024 | $4.4800 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 86.19% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 24.26% | |
| TREASURY BILL Bonds and notes | 18.07% | |
| TREASURY BILL Bonds and notes | 17.92% | |
| TREASURY BILL Bonds and notes | 17.22% | |
| TREASURY BILL Bonds and notes | 8.72% |
By country
United States 86.19%By issuer
US Treasury 86.19%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $13.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.55%, -7.76%, +4.64%.
How it works
APLY does not track an index. It is an actively managed ETF from Tidal Financial Group, built around one stock, Apple (AAPL), with current income as its main goal. It never buys Apple shares. Instead, it trades options: contracts giving the right to buy (a call) or sell (a put) a stock at a set "strike" price by a set date.
It pairs options to mimic owning Apple, aiming to move up and down with the share price. It also sells calls to collect cash, called premiums, making this a "synthetic covered call." Or it may use a call spread, also buying a higher-strike call to keep some gains above the sold strike. Either way, it captures only part of an Apple rally but takes the losses when shares fall, which premiums may not offset. Holders get no Apple dividends.
The options supply the Apple exposure, so most of the fund's money sits in short-term US Treasury bills: about 86% of net assets in five bills as of July 31, 2026, averaging about 0.2 years to maturity. The fund aims to pay weekly distributions, but amounts vary, and part may be return of capital, meaning investors' own money handed back. Repeated payouts can erode the share price over time.
What it really costs
- APLY charges 1.04% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $106 in the first year and $1,271 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APLY | $106 | $331 | $574 | $1,271 |
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
It rests on options tied to one stock, has fallen more than 30% from a peak, and its high payouts can wear down its share price over time, so it fits as a small piece next to broader holdings.
APLY could add a large income stream tied to Apple. Its trailing 12-month yield was 33.44% ($4.01 per share) as of October 27, 2026. The prospectus says the fund aims to pay weekly, but amounts can vary a lot. Some of the money can be return of capital, and option income is usually taxed as ordinary income. The fund launched in April 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 30.3%, from December 26, 2024, to April 8, 2025. It took about 6.6 months to recover, by October 27, 2025. Someone selling shares during that stretch would have locked in losses. Its weakest calendar year, 2025, still returned 4.05%. Costs are 1.04% a year, or $106 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want large, frequent cash payouts tied to Apple and accept that their share value may shrink over time.
- People who already have a broad, diversified core and want a small position that turns Apple's price swings into option income.
- Holders in tax-advantaged accounts, where option income usually taxed as ordinary income matters less.
Look elsewhere if
- Investors who want Apple's full long-term growth, since sold calls cap gains and the fund gets none of Apple's dividends.
- Cost-conscious investors: the 1.04% expense ratio is $1,271 on $10,000 over 10 years in the SEC example.
- Retirees who need steady, predictable payouts, since weekly amounts vary widely and the fund fell 30.3% from its 2024 peak.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does APLY pay weekly dividends?
The fund aims to pay weekly, according to its prospectus, but no payment is guaranteed and amounts can vary greatly from one payout to the next. Over the 12 months to October 27, 2026, it paid $4.01 per share, a trailing yield of 33.44%. The money comes mainly from selling Apple options, not from Apple's dividends, and part of it may be classified as return of capital.
Is APLY's 33% yield too good to be true?
The 33.44% trailing yield, as of October 27, 2026, reflects what the fund paid out. It is not a measure of profit. Some of those payouts can be return of capital, meaning your own money handed back. Each payout also lowers the share price on the ex-dividend date. The prospectus warns that repeated payouts may significantly erode the fund's value over time, so total return is the more useful figure to watch.
What's the difference between APLY and owning Apple stock?
APLY never owns Apple shares. It copies Apple's price moves with options, then sells call options that give up much of the upside in exchange for cash premiums. So it trails Apple when the stock rallies hard, but still takes the full loss when Apple falls, offset only partly by premiums. Holders get no Apple dividends and no voting rights. They also pay a 1.04% expense ratio, which owning Apple directly does not carry.
What is APLY's expense ratio?
APLY's expense ratio is 1.04% a year, according to the prospectus filed February 24, 2026. That includes a 0.99% management fee. Under the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $106 after one year, $331 after three years, $574 after five and $1,271 after ten. That is far more than many plain stock index funds charge.
How much has APLY lost in a downturn?
APLY's deepest drop was 30.3%, from December 26, 2024, to April 8, 2025. It recovered by October 27, 2025, about 6.6 months later. Its worst quarter was a loss of 11.04%, in the quarter ending March 31, 2025. The fund launched in April 2023, so it has no record from the 2020 crash or the 2022 bear market. Its option premiums softened Apple's losses only partly.