Which is cheaper, AAPY or XVAP?

AAPY charges 0.99% a year and XVAP charges 0.85%, so XVAP is cheaper. Fees come from each fund's prospectus.

AAPY vs XVAP: which paid, and which earned it?

AAPY and XVAP both write options for income. Kurv Yield Premium Strategy Apple (AAPL) ETF and FT Vest AAPL & Target Income ETF.

12.8%

AAPY cash paid, 1 year

3.3%

XVAP cash paid, since launch

+30.6%

AAPY total return, 1 year

+6.4%

XVAP total return, since launch

AAPY · 1 year to Sep 30, 20260.7 pts behind AAPL

AAPY

+30.6%

AAPL

+31.3%

0.7 pts behind AAPL

AAPY over 1 year: paid 12.8%, price +15.5%, total +30.6%, AAPL +31.3%, −0.7 pts.

AAPL

+31.3%

AAPY

+30.6%

12.8% of it arrived as cash

0.7 pts behind AAPL

Total return, distributions reinvested

0.7 pts behind AAPL

AAPY over 1 year: paid 12.8%, price +15.5%, total +30.6%, AAPL +31.3%, −0.7 pts.

AAPL

+31.3%

AAPY

+30.6%

0.7 pts behind AAPL

12.8% of it arrived as cash. Total return, distributions reinvested. AAPY over 1 year: paid 12.8%, price +15.5%, total +30.6%, AAPL +31.3%, −0.7 pts.

XVAP · since launch to Sep 30, 20261.3 pts ahead of AAPL

XVAP

+6.4%

AAPL

+5.1%

1.3 pts ahead of AAPL

XVAP since launch: paid 3.3%, price +3.1%, total +6.4%, AAPL +5.1%, +1.3 pts.

AAPL

+5.1%

XVAP

+6.4%

1.3 pts ahead of AAPL

Total return, distributions reinvested

1.3 pts ahead of AAPL

XVAP since launch: paid 3.3%, price +3.1%, total +6.4%, AAPL +5.1%, +1.3 pts.

AAPL

+5.1%

XVAP

+6.4%

1.3 pts ahead of AAPL

3.3% of it arrived as cash. Both charts share one scale, 0 to +31.3%. XVAP since launch: paid 3.3%, price +3.1%, total +6.4%, AAPL +5.1%, +1.3 pts.

What they hold in common

By the books each fund has filed, AAPY and XVAP hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Sep 30, 2026.

50%

half

0% in common

Positions both hold, largest shared weight first

Holding AAPY XVAP

Only in AAPY

TREASURY BILL 41.49%

TREASURY BILL 34.20%

TREASURY BILL 24.31%

Only in XVAP

2026-10-23 S&P 500® Mini Index P 1,500.03 305.27%

2026-10-23 S&P 500® Mini Index C 500.03 111.38%

Apple Inc. 49.05%

US Dollar 4.95%

2026-10-23 Apple Inc. C 2,780.19 0.00%

2026-10-23 S&P 500® Mini Index C 1,500.03 0.00%

2026-10-23 S&P 500® Mini Index P 500.03 -0.02%

2026-10-02 Apple Inc. C 340 -0.04%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Performance, window by window

	Total return		Cash paid		Against the benchmark
Window	AAPY	XVAP	AAPY	XVAP	AAPY	XVAP
3 months	+13.2%	not published	3.0%	not published	−0.1 pts	not published
6 months	+32.2%	not published	7.0%	not published	+1.7 pts	not published
1 year	+30.6%	not published	12.8%	not published	−0.7 pts	not published
Since launch AAPY Oct 2023 · XVAP Aug 2026	+68.6%	+6.4%	42.7%	3.3%	−32.0 pts	+1.3 pts

AAPY and XVAP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AAPY

Kurv Yield Premium Strategy Apple (AAPL) ETF · Synthetic covered call on AAPL, paying monthly

XVAP

FT Vest AAPL & Target Income ETF · Option income on AAPL

Issuer Kurv First Trust

Strategy synthetic covered call option income

Benchmark Apple (AAPL) Apple (AAPL)

Pays monthly not established

Payout rate, annualized 10.9% 38.3%

Expense ratio 0.99% 0.85%

Cash paid, 1 year 12.8% 3.3% (since launch on Aug 19, 2026)

Price change, 1 year +15.5% +3.1%

Total return, 1 year +30.6% +6.4% (since launch on Aug 19, 2026)

Benchmark return, 1 year +31.3% +5.1%

Ahead or behind −0.7 pts +1.3 pts

Return of capital, latest estimate 83% not published

Age 1069 days 42 days

Net assets $8m $2m

AAPY and XVAP on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AAPY in plain words

Over the year to Sep 30, 2026, AAPY paid 12.8% of its starting value in cash distributions while its price rose 15.5%. With every distribution reinvested, the fund returned +30.6%. Apple (AAPL) returned +31.3% over the same days, so a holder was behind by 0.7 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 10.9%, paid monthly. Kurv estimates that 83% of the distribution paid Aug 20, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).

XVAP in plain words

Over the period since launch on Aug 19, 2026 to Sep 30, 2026, XVAP paid 3.3% of its starting value in cash distributions while its price rose 3.1%. With every distribution reinvested, the fund returned +6.4%. Apple (AAPL) returned +5.1% over the same days, so a holder was ahead by 1.3 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 38.3%, paid periodically.

Questions people ask

Which is cheaper, AAPY or XVAP?: AAPY charges 0.99% a year and XVAP charges 0.85%, so XVAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPY vs APLY AAPY vs AAPW XVAP vs APLY XVAP vs AAPW

AAPY on its own →XVAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

AAPY filings on SEC EDGAR ↗AAPY 19a-1 distribution notice ↗Kurv page for AAPY ↗XVAP filings on SEC EDGAR ↗XVAP prospectus with the expense ratio (SEC) ↗First Trust page for XVAP ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AAPY against XVAP, data as of Sep 30, 2026. https://etfiq.com/compare/income/aapy-vs-xvap

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.