Which is cheaper, APLY or XVAP?

APLY charges 1.04% a year and XVAP charges 0.85%, so XVAP is cheaper. Fees come from each fund's prospectus.

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

APLY and XVAP both write options for income. YieldMax(R) AAPL Option Income Strategy ETF and FT Vest AAPL & Target Income ETF.

29.6%

APLY cash paid, 1 year

3.3%

XVAP cash paid, since launch

+19.1%

APLY total return, 1 year

+6.4%

XVAP total return, since launch

APLY · 1 year to Sep 30, 202612.1 pts behind AAPL

APLY

+19.1%

AAPL

+31.3%

12.1 pts behind AAPL

APLY over 1 year: paid 29.6%, price −13.6%, total +19.1%, AAPL +31.3%, −12.1 pts.

AAPL

+31.3%

APLY

+19.1%

29.6% of it arrived as cash

12.1 pts behind AAPL

Total return, distributions reinvested

12.1 pts behind AAPL

APLY over 1 year: paid 29.6%, price −13.6%, total +19.1%, AAPL +31.3%, −12.1 pts.

AAPL

+31.3%

APLY

+19.1%

29.6% cash

12.1 pts behind AAPL

29.6% of it arrived as cash. Total return, distributions reinvested. APLY over 1 year: paid 29.6%, price −13.6%, total +19.1%, AAPL +31.3%, −12.1 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, APLY 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 Oct 1, 2026 and Sep 30, 2026.

50%

half

0% in common

Positions both hold, largest shared weight first

Holding APLY XVAP

Only in APLY

United States Treasury Bill 10/15/2026 26.56%

United States Treasury Bill 07/08/2027 24.89%

United States Treasury Note/Bond 2.375% 05/15/2027 19.44%

United States Treasury Bill 02/18/2027 18.83%

AAPL US 10/16/26 C310 6.82%

United States Treasury Bill 12/10/2026 1.86%

AAPL 10/16/2026 310.01 C 1.36%

First American Government Obligations Fund 12/01/2031 0.60%

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	APLY	XVAP	APLY	XVAP	APLY	XVAP
3 months	+8.4%	not published	7.8%	not published	−4.8 pts	not published
6 months	+19.3%	not published	18.2%	not published	−11.2 pts	not published
1 year	+19.1%	not published	29.6%	not published	−12.1 pts	not published
3 years	+56.7%	not published	72.3%	not published	−40.4 pts	not published
Since launch APLY Apr 2023 · XVAP Aug 2026	+56.6%	+6.4%	75.1%	3.3%	−46.7 pts	+1.3 pts

APLY 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

APLY

YieldMax(R) AAPL Option Income Strategy ETF · Synthetic covered call on AAPL, paying weekly

XVAP

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

Issuer YieldMax First Trust

Strategy synthetic covered call option income

Benchmark Apple (AAPL) Apple (AAPL)

Pays weekly not established

Payout rate, annualized 34.6% 38.3%

Expense ratio 1.04% 0.85%

Cash paid, 1 year 29.6% 3.3% (since launch on Aug 19, 2026)

Price change, 1 year −13.6% +3.1%

Total return, 1 year +19.1% +6.4% (since launch on Aug 19, 2026)

Benchmark return, 1 year +31.3% +5.1%

Ahead or behind −12.1 pts +1.3 pts

Return of capital, latest estimate 92% not published

Age 1261 days 42 days

Net assets $121m $2m

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

APLY in plain words

Over the year to Sep 30, 2026, APLY paid 29.6% of its starting value in cash distributions while its price fell 13.6%. With every distribution reinvested, the fund returned +19.1%. Apple (AAPL) returned +31.3% over the same days, so a holder was behind by 12.1 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 34.6%, paid weekly. YieldMax estimates that 92% of the distribution paid Oct 2, 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, APLY or XVAP?: APLY charges 1.04% a year and XVAP charges 0.85%, so XVAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APLY vs MSTY APLY vs NVDY APLY vs OARK APLY vs QDTE XVAP vs AAPW XVAP vs AAPY APLY vs QQQI APLY vs QYLD

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

Where these figures came from

APLY filings on SEC EDGAR ↗APLY prospectus with the expense ratio (SEC) ↗APLY 19a-1 distribution notice ↗YieldMax page for APLY ↗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, APLY against XVAP, data as of Sep 30, 2026. https://etfiq.com/compare/income/aply-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.