Which paid more, APLY or MSFO?

Over the year to Oct 28, 2026, APLY paid 28.6% of its starting price in cash and MSFO paid 26.1%, so APLY paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, APLY or MSFO?

With every distribution reinvested, APLY returned +18.2% and MSFO +0.2% over the year to Oct 28, 2026.

Which is cheaper, APLY or MSFO?

APLY charges 1.04% a year and MSFO charges 1.03%, so MSFO is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Income ETFs

APLY vs MSFO: Dividend Yield & Total Return

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Over the year to Oct 28, 2026, APLY paid 28.6% of its price in cash against MSFO’s 26.1%, and returned more with it reinvested.

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Net assets on Oct 27, 2026: $112m for YieldMax AAPL Option Income Strategy ETF and $100m for YieldMax MSFT Option Income Strategy ETF.

APLY on its own →MSFO on its own →

At a glance

28.6%

APLY cash paid, 1 year

26.1%

MSFO cash paid, 1 year

+18.2%

APLY total return, 1 year

+0.2%

MSFO total return, 1 year

APLY · 1 year to Oct 28, 2026 10.1 pts behind AAPL

APLY

+18.2%

AAPL

+28.3%

10.1 pts behind AAPL

APLY over 1 year: paid 28.6%, price −14.2%, total +18.2%, AAPL +28.3%, −10.1 pts. Data to Oct 28, 2026.

AAPL

+28.3%

APLY

+18.2%

28.6% of it arrived as cash

10.1 pts behind AAPL

Total return, distributions reinvested

10.1 pts behind AAPL

APLY over 1 year: paid 28.6%, price −14.2%, total +18.2%, AAPL +28.3%, −10.1 pts. Data to Oct 28, 2026.

AAPL

+28.3%

APLY

+18.2%

28.6% cash

10.1 pts behind AAPL

28.6% of it arrived as cash. Total return, distributions reinvested. APLY over 1 year: paid 28.6%, price −14.2%, total +18.2%, AAPL +28.3%, −10.1 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

MSFO · 1 year to Oct 28, 2026 1.4 pts ahead of MSFT

MSFO

+0.2%

MSFT

−1.2%

1.4 pts ahead of MSFT

MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

MSFT

−1.2%

MSFO

+0.2%

1.4 pts ahead of MSFT

Total return, distributions reinvested

1.4 pts ahead of MSFT

MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

MSFT

−1.2%

MSFO

+0.2%

1.4 pts ahead of MSFT

26.1% of it arrived as cash. Both charts share one scale, with zero at the line. MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

Pair scorecard

MSFO costs 0.01 points a year less; their one-year returns differ by 18.0 points; APLY is 1.1 times larger.

Points (pts) are percentage points.

APLY vs MSFO: Dividend Yield & Total Return
Measure	APLY	MSFO
Paid and earned
Measure	APLY	MSFO
Total return, 1 year	+18.2%	+0.2%
Price change, 1 year	fell 14.2%	fell 30.2%
Return of capital, issuer estimate		89% of the Oct 30, 2026 payment
Against its benchmark
Measure	APLY	MSFO
Benchmark	Apple (AAPL)	Microsoft (MSFT)
Cost and size
Measure	APLY	MSFO
Expense ratio	1.04%	1.03%
Net assets, as of Oct 27, 2026	$112m	$100m
Holdings
Measure	APLY	MSFO
Holdings in common	28%

ETFIQ Distribution Coverage Score · APLY scores higher How much of what it paid out did its total return cover?

IQ Income Score84.5APLY61.5MSFO

How much of its payouts the fund's total return covered, ranked against 74 income ETFs writing on a single company. 100 is best. How it is computed

APLY 84.5

MSFO 61.5

0.7, the lowest in this set 99.3, the highest

A percentile among the 74 income ETFs writing on a single company. One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Holdings in common uses holdings dated Oct 28, 2026. Method

Risk and return

Sep 1, 2023 to Oct 23, 2026 · 164 weekly returns

APLY MSFO

Return

Total return edge MSFO +50.2% +59.4%

Annualized edge MSFO +13.8% +15.9%

Price return edge MSFO (slight) −41.4% −40.2%

Risk

Volatility edge APLY (slight) 21.5% 22.3%

Max drawdown edge APLY −24.1% −27.1%

Downside capture 91.8% 88.2%

Beta 0.78 0.80

Risk-adjusted

Sharpe edge MSFO 0.50 0.57

Sortino edge MSFO 0.68 0.94

Treynor 0.145 0.158

Calmar edge MSFO (slight) 0.57 0.59

Against the benchmark

Alpha −4.1% a year +1.0% a year

Alpha t-stat −1.45 0.38

Information ratio −1.09 −0.27

Tracking error 7.8% 7.0%

Each against its own benchmark: APLY against AAPL, Apr 28, 2023 to Oct 23, 2026; MSFO against MSFT, Sep 1, 2023 to Oct 23, 2026.

Reading

MSFO returned more: +59.4% to +50.2%. APLY swung slightly less: 21.5% to 22.3%. APLY fell less at its worst: −24.1% to −27.1%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: APLY vs MSFO: Dividend Yield & Total Return
Measure	APLY	MSFO	Edge	How it is measured
Return
Total return	+50.2%	+59.4%	MSFO	Price change plus distributions, reinvested.
Annualized	+13.8%	+15.9%	MSFO	Total return as a yearly rate.
Price return	−41.4%	−40.2%	MSFO (slight)	Price change alone, distributions left out.
Risk
Volatility	21.5%	22.3%	APLY (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	15.8%	13.5%	MSFO	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−24.1%	−27.1%	APLY	Deepest fall from a high to the low after it.
Upside capture	66.1%	70.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	91.8%	88.2%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.78	0.80	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.94	0.96	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.50	0.57	MSFO	Return above Treasury bills per unit of volatility.
Sortino	0.68	0.94	MSFO	Return above Treasury bills per unit of downside deviation.
Treynor	0.145	0.158		Return above Treasury bills per unit of beta.
Calmar	0.57	0.59	MSFO (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	AAPL	MSFT		The ETF each fund is measured against.
Alpha	−4.1% a year	+1.0% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−1.45	0.38	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−9.7% to +1.5%	−4.1% to +6.0%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−1.09	−0.27		Return against its benchmark per unit of tracking error.
Tracking error	7.8%	7.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 164 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

28%

By the books each fund has filed, APLY and MSFO hold 28% of their money in the same securities at the same weight. Holdings dated Oct 28, 2026.

50%

0 half 100%

half

28% in common

Positions both hold · largest shared weight first APLY MSFO

United States Treasury Note/Bond 2.375% 05/15/2027 13.93% 25.91%

United States Treasury Note/Bond 3.375% 09/15/2027 26.10% 13.60%

Only in one fund ↓

Only in APLY

AAPL 12/18/2026 310.01 C 11.68%

AAPL US 10/30/26 C352.5 0.03%

AAPL US 10/30/26 C355 0.02%

AAPL US 10/30/26 C350 -0.12%

AAPL US 10/30/26 C347.5 -0.13%

AAPL 12/18/2026 310.01 P -0.86%

Only in MSFO

MSFT 11/20/2026 480.01 C 11.13%

MSFT US 10/30/26 C535 1.14%

MSFT US 10/30/26 C530 0.73%

MSFT US 10/30/26 C532.5 0.70%

MSFT 11/20/2026 480.01 P -0.54%

MSFT US 10/30/26 C522.5 -1.01%

MSFT US 10/30/26 C520 -1.02%

MSFT US 10/30/26 C525 -1.64%

Check overlap with more funds →

Side by side

APLY YieldMax AAPL Option Income Strategy ETF · Synthetic covered call on AAPL, paying weekly MSFO YieldMax MSFT Option Income Strategy ETF · Synthetic covered call on MSFT, paying weekly

Issuer YieldMax YieldMax

Strategy synthetic covered call synthetic covered call

Benchmark Apple (AAPL) Microsoft (MSFT)

Pays weekly weekly

Payout rate, annualized 20.9% 34.0%

Expense ratio 1.04% 1.03%

Cash paid, 1 year 28.6% 26.1%

Price change, 1 year −14.2% −30.2%

Total return, 1 year +18.2% +0.2%

Benchmark return, 1 year +28.3% −1.2%

Ahead or behind −10.1 pts +1.4 pts

Return of capital, latest estimate not published 89%

Age 3.5 years 3.2 years

Net assets, as of Oct 27, 2026 $112m $100m

As of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: APLY vs MSFO: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	APLY	MSFO	APLY	MSFO	APLY	MSFO
3 months	0.0%	+31.5%	6.7%	12.5%	−1.8 pts	−4.8 pts
6 months	+18.3%	+20.2%	17.5%	19.5%	−9.2 pts	−5.4 pts
1 year	+18.2%	+0.2%	28.6%	26.1%	−10.1 pts	+1.5 pts
3 years	+63.0%	+57.1%	73.1%	79.1%	−44.1 pts	−7.7 pts
Since launchNot the same days: APLY Apr 2023 · MSFO Aug 2023	+62.0%	+64.8%	76.2%	83.2%	−47.9 pts	−3.4 pts

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Client brief · page 1 of 2 Report BR-2D5C67AAFE

APLY and MSFO are built for the same job. How do they differ in cost, holdings and results?

Income paid. APLY paid 28.6% and MSFO 26.1% (cash paid over 1 year, as a share of its price at the start), a gap of 2.5 points.
What each is measured against. APLY is measured against Apple (AAPL) and MSFO against Microsoft (MSFT).
Holdings in common. 28% of the weight is in the same securities (holdings dated Oct 28, 2026).

Data as of Oct 28, 2026.

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About each fund

APLY

Over the year to Oct 28, 2026, APLY paid 28.6% of its starting value in cash distributions while its price fell 14.2%. With every distribution reinvested, the fund returned +18.2%. Apple (AAPL) returned +28.3% over the same days, so a holder was behind by 10.1 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 20.9%, paid weekly.

MSFO

Over the year to Oct 28, 2026, MSFO paid 26.1% of its starting value in cash distributions while its price fell 30.2%. With every distribution reinvested, the fund returned +0.2%. Microsoft (MSFT) returned −1.2% over the same days, so a holder was ahead by 1.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 34.0%, paid weekly. YieldMax estimates that 89% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which paid more, APLY or MSFO?: Over the year to Oct 28, 2026, APLY paid 28.6% of its starting price in cash and MSFO paid 26.1%, so APLY paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, APLY or MSFO?: With every distribution reinvested, APLY returned +18.2% and MSFO +0.2% over the year to Oct 28, 2026.
Which is cheaper, APLY or MSFO?: APLY charges 1.04% a year and MSFO charges 1.03%, so MSFO is cheaper. Fees come from each fund's prospectus.

Other comparisons

APLY vs GOOY APLY vs RYLD APLY vs NVDY APLY vs SDTY MSFO vs MSFW MSFO vs MSFY MSFO vs XVMS MSFO vs QYLD

Where to next

APLY on its own →MSFO on its own →APLY dividend history →APLY holdings →MSFO dividend history →MSFO holdings →Method →Standards and sources →

Sources and dates

APLY and MSFO filings on SEC EDGAR ↗

APLY and MSFO prospectus with the expense ratio (SEC) ↗

APLY 19a-1 distribution notice ↗

YieldMax page for APLY ↗

MSFO 19a-1 distribution notice ↗

YieldMax page for MSFO ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, APLY against MSFO, data as of Oct 28, 2026. https://etfiq.com/compare/income/aply-vs-msfo

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.