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AAPY
Kurv Yield Premium Strategy Apple (AAPL) ETF
Kurv Investment Management LLC
Verdict
Weighted score · Pro 🔒
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) stock. The Fund creates synthetic long exposure to AAPL by purchasing at-the-money call options and simultaneously selling at-the-money put options, then writes (sells) call options on AAPL at strike prices approximately 0%-15% above the current share price to generate income from option premiums. The Fund also holds short-dated fixed income securities as collateral, which generate additional income. The combined approach seeks current income while maintaining capped upside and full downside exposure to AAPL's share price.
Ticker
AAPY
Issuer
Kurv Investment Management LLC
Exchange
BATS
Inception
2023-10-26 · 2.8 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) — synthetic long via long ATM calls + short ATM puts on AAPL, plus covered call writing; may also hold AAPL shares directly
Index-based
—
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 (long ATM call + short ATM put) + covered call writing (short OTM calls); may also use call spreads, risk reversals, protective puts
generates income
Underlying
AAPL (Apple Inc. common stock)
income exposure
MONTHLY
11.6%
DIST. RATE
76% ROC
Ordinary Income
Ordinary Income
Underlying
AAPL (Apple Inc. common stock)
Strategy
Synthetic long (long ATM call + short ATM put) + covered call writing (short OTM calls); may also use call spreads, risk reversals, protective puts
Tax
Ordinary Income
The Fund purchases at-the-money AAPL call options and sells at-the-money AAPL put options to create synthetic long exposure of approximately 100% of AAPL. It then sells (writes) AAPL call options at strike prices 0%-15% above the current share price to generate premium income, which caps upside participation. The Fund may also employ call spreads, risk reversals, or protective puts to manage risk and enhance participation.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
14.0%
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
76%
ROC
Return of Capital — mixed76%
Net Investment Income24%
Frequency
Monthly
Dist. rate
11.59%
ROC %
76%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
13.4%
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 July 2026 distribution of $0.2500 per share for AAPY consists of 76% Return of Capital ($0.1904) and 24% Net Investment Income ($0.0596). On a fiscal year-to-date basis, 82% of cumulative distributions have been classified as Return of Capital. No capital gains are included in this distribution.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 24 months.
DIST ($/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
2026-07-22
Ex-dividend
2026-07-22
Pay date
—
Payback Period
8.6 yr
Dist. Since Incep.
$7.0
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
11
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$28.8$25.8$22.7$19.7
SEP '25AUG '26
Price $26.31
50-DMA $26.15
200-DMA $23.56
Bullish — 50-DMA above 200-DMA
Price $25.69 is above the 200-day SMA ($23.56); 50-day SMA $26.15. 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
6K
Avg dollar volume
$166,038
Bid/ask spread
0.30%
Premium/discount
+0.35%
Turnover
0%
Estimated bid/ask spread ~0.27% (moderate). Average daily dollar volume ~$0.2M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$6M
$7M$4M$1M
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
AAPY · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.