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Start your 7-day free trial BATS · Active · options-income
AAPY
Kurv Yield Premium Strategy Apple (AAPL) ETF
Kurv Investment Management LLC
Verdict
WATCH
Weighted score · 4.00 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund seeks to provide current income.
AAPY is an actively managed ETF that employs a synthetic covered call strategy on Apple Inc. (AAPL). The Fund gains long exposure to AAPL either by purchasing AAPL shares directly or synthetically via buying at-the-money call options and simultaneously selling at-the-money put options. Against this long exposure, the Fund writes (sells) call options with strike prices approximately 5%-15% above the current share price to generate income from option premiums, while also holding short-dated fixed income instruments as collateral that generate additional interest income. The strategy caps upside participation in AAPL gains while retaining full downside exposure.
Ticker
AAPY
Issuer
Kurv Investment Management LLC
Exchange
BATS
Inception
2024-11-18 · 1.6 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic long via long call + short put at-the-money, combined with covered call writing and short-dated fixed income collateral; may also hold AAPL shares directly
Index-based
— · S&P 500 Total Return Index (used for performance comparison only)
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Synthetic long (ATM long call + short put) + covered call writing (sold OTM calls 5%-15% above current price); may also employ call spreads, risk reversals, protective collars, and protective puts
generates income
Underlying
AAPL (Apple Inc. common stock)
income exposure
MONTHLY
11.9%
DIST. RATE
88% ROC
Ordinary Income
Ordinary Income
Underlying
AAPL (Apple Inc. common stock)
Strategy
Synthetic long (ATM long call + short put) + covered call writing (sold OTM calls 5%-15% above current price); may also employ call spreads, risk reversals, protective collars, and protective puts
Tax
Ordinary Income
The Fund uses standardized exchange-traded and/or FLEX options on AAPL. A synthetic long position is created by buying ATM call options and selling ATM put options with matching strike and expiration (1-month to 1-year). The Fund then writes OTM call options (strike ~5%-15% above current price, expiration up to 14 months) to generate premium income, which limits upside participation in AAPL gains while leaving the Fund fully exposed to downside losses.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
25.7%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
88%
ROC
Return of Capital — mixed88%
Net Investment Income12%
Frequency
Monthly
Dist. rate
11.93%
ROC %
88%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
14.8%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The May 2026 distribution of $0.3000 per share consists of 88% return of capital ($0.2632) and 12% estimated net investment income ($0.0368). On a fiscal year-to-date basis, 81% of cumulative distributions represent return of capital and 19% represent net investment income. There are no capital gains components in either the current or year-to-date figures.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 24 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-17
Ex-dividend
2026-06-17
Pay date
—
Payback Period
8.4 yr
Dist. Since Incep.
$6.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
10
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$26.8$24.5$22.2$19.9
SEP '25JUN '26
Price $25.56
50-DMA $24.65
200-DMA $22.89
Bullish — 50-DMA above 200-DMA
Price $25.56 is above the 200-day SMA ($22.89); 50-day SMA $24.65. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
5K
Avg dollar volume
$132,988
Bid/ask spread
0.23%
Premium/discount
+0.21%
Turnover
0%
Estimated bid/ask spread ~0.21% (moderate). Average daily dollar volume ~$0.1M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$6M
$6M$4M$1M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
AAPY · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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