APLY ETF: What Is It? A Complete Guide to Returns, Fees, Holdings, and Alternative ETFs
APLY (YieldMax AAPL Option Income Strategy ETF) is an actively managed ETF from YieldMax that pursues weekly income through a covered call option strategy linked to Apple (AAPL) shares. This guide covers its underlying asset, management strategy, fee structure, and alternative products.
SubscribeWhat Is the YieldMax AAPL Option Income Strategy ETF?
This is an actively managed ETF that generates weekly income by using a call option selling (covered call) strategy linked to the price movements of Apple (AAPL).
It suits investors who prioritize regular cash flow and income over simply holding Apple shares.
It is an ETF with an active management approach, run by YieldMax.
How Does the YieldMax AAPL Option Income Strategy ETF Invest?
| Item | Details |
|---|---|
| Underlying asset | Apple (AAPL) |
| Management style | Active (covered call option strategy) |
| Rebalancing cycle | Rollover at each option expiration |
| Distribution frequency | Weekly |
| Total expense ratio | 1.04% |
Instead of holding Apple directly, the fund holds collateral assets such as Treasuries while selling call options on Apple shares to collect option premiums, a synthetic covered call structure. The position is rolled over each time an option expires, regenerating income.
- Income strategy concentrated in a single stock (Apple)
- Synthetic option structure that holds collateral assets and derivative positions side by side
YieldMax AAPL Option Income Strategy ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $111.2M, and the total expense ratio is 1.04% per year.
Compared with similar single-stock option income ETFs, differences in underlying asset and fee structure become the key selection criteria.
YieldMax AAPL Option Income Strategy ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe level of option premiums varies with Apple's share price volatility, and dividend yield tends to move together with the price of the underlying asset. Around Apple earnings announcements or periods of broader market volatility, opportunities to collect premiums can increase.
This is a thematic ETF category with steady demand for high-yield income, and interest tends to build when market volatility rises. Interest rate conditions and the level of large-cap volatility also tend to influence the strength of fund inflows.
YieldMax AAPL Option Income Strategy ETF Pros and Cons
Weekly income is its strength, but participation in Apple's price gains is limited, and the fund carries the volatility risk typical of option strategies.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the YieldMax AAPL Option Income Strategy ETF
Similar single-stock option income ETFs shown in the table include NVDY (based on NVIDIA), TSLY (based on Tesla), MSTY (based on MicroStrategy), and AMDY (based on a large-cap semiconductor stock), and each offers a different premium level depending on its underlying asset and volatility. Separately, products such as FEPI, which applies an option strategy to a basket of several big tech stocks, can also be considered as alternatives, and for those who want direct exposure to Apple itself, buying Apple common stock directly is another option.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 NVDY | YieldMax NVDA Option Income Strategy ETF | $8.87 | -2.1% | $1.0B | 1.09% | 61.68% | -41.6% |
 MSTY | YieldMax MSTR Option Income Strategy ETF | $10.98 | -2.8% | $837.6M | 1.03% | 144.42% | -73.6% |
 FEPI | REX FANG & Innovation Equity Premium Income ETF | $37.20 | -0.4% | $649.7M | 0.65% | 26.06% | -19.6% |
 TSLY | YieldMax TSLA Option Income Strategy ETF | $21.27 | -1.8% | $628.6M | 1.07% | 70.34% | -43.2% |
 AMDY | Yieldmax AMD Option Income Strategy ETF | $42.28 | -8.6% | $498.1M | 1.00% | 71.05% | -9.2% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 0.80% | $111.18 | -2.7% | $3.2B | 23.9 | 0.22% |
 UAMY | United States Antimony Corp | 0.24% | $3.09 | +6.2% | $462.5M | - | - |
 BNO | United States Brent Oil Fund LP | 0.80% | $61.06 | +0.1% | $0.0M | - | - |
YieldMax AAPL Option Income Strategy ETF Investor Checkpoints
Here are the points to review before investing in APLY. It is important to understand the income structure and principal volatility together, and it is wise to monitor Apple's share price trend and changes in option premiums at the same time.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Check cumulative costs over a long holding period | Active option strategy fee applies |
| 📆 Distribution variability | Check week-to-week distribution differences driven by option premiums | May fluctuate |
| 📊 Principal volatility | Check the possibility of principal loss if Apple's share price falls | Linked to the underlying asset |
| 🔺 Limited upside participation | Gains are capped during sharp rallies because of the call option selling structure | Structural constraint |
Principal losses can occur if Apple's share price falls sharply, and conversely, during sharp rallies, participation in gains is limited because of the call option selling structure. The size of the weekly distribution can also vary with changes in option premiums.
The structure suits investors who prioritize regular income over the direction of Apple's share price, and an approach that takes both principal volatility and limited upside participation into account is recommended.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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