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MSFY
Kurv Yield Premium Strategy Microsoft (MSFT) ETF
Kurv Investment Management LLC
Verdict
AVOID
Weighted score · 1.95 / 5
Fund Identity
What it is, who runs it, where it lives.
The Kurv Yield Premium Strategy Microsoft (MSFT) ETF seeks to provide current income.
The YP Microsoft Fund is an actively managed ETF that employs a synthetic covered call strategy, using combinations of purchased and sold MSFT call and put options to replicate long exposure to MSFT's share price while generating income from option premiums. The Fund writes (sells) call options on MSFT to generate income, which limits upside participation beyond the strike price while retaining full downside exposure. The Fund may also use call spreads, risk reversals, protective collars, and protective puts to manage risk and enhance participation. Short-dated fixed income instruments are held as collateral and also contribute to income generation.
Ticker
MSFY
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 ATM calls + short ATM puts on MSFT, combined with covered call writing and optional direct MSFT share ownership
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 (long ATM call + short ATM put) + covered call writing (short OTM call) + call spreads (short OTM call / long further OTM call) + risk reversals/protective collars + protective puts
generates income
Underlying
MSFT
income exposure
MONTHLY
27.8%
DIST. RATE
95% ROC
Ordinary Income
Ordinary Income
Underlying
MSFT
Strategy
Synthetic long (long ATM call + short ATM put) + covered call writing (short OTM call) + call spreads (short OTM call / long further OTM call) + risk reversals/protective collars + protective puts
Tax
Ordinary Income
The Fund uses standardized exchange-traded and/or FLEX options exclusively on MSFT to construct a synthetic long position and to write covered calls for income. Combined synthetic and direct MSFT exposure will not exceed 100% of net assets. The notional amount of written call options will not exceed the principal amount of the synthetic or long stock position in MSFT.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
127.8%
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
95%
ROC
Return of Capital — destructive95%
Net Investment Income5%
Frequency
Monthly
Dist. rate
27.83%
ROC %
95%
30-day SEC
not reported
Consistency
4 w/o cut
YOC · 1yr-ago buyer
17.9%
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 June 2026 distribution of $0.2000 per share is composed of 95% return of capital ($0.1894) and 5% estimated net investment income ($0.0106). There are no capital gains components. The fiscal year-to-date figures mirror the current distribution, indicating this is the first distribution of the fiscal year.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 24 months.
DIST ($/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
2026-06-10
Ex-dividend
2026-06-10
Pay date
—
Payback Period
3.6 yr
Dist. Since Incep.
$6.9
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
$24.1$21.5$18.9$16.3
SEP '25JUN '26
Price $16.71
50-DMA $18.38
200-DMA $20.29
Bearish — 50-DMA below 200-DMA
Price $16.71 is below the 200-day SMA ($20.29); 50-day SMA $18.38. The 50-day SMA sits below the 200-day — an established downtrend, 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
16K
Avg dollar volume
$306,369
Bid/ask spread
0.38%
Premium/discount
+0.08%
Turnover
0%
Estimated bid/ask spread ~0.22% (moderate). Average daily dollar volume ~$0.3M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$7M
$13M$7M$1M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
MSFY · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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