APLY
YieldMax AAPL Option Income Strategy ETF
APLY seeks to provide current income and capped gains on the Apple stock (AAPL) through a synthetic covered call strategy, collateralized by cash and US Treasurys. The actively managed fund uses both standardized exchange-traded and FLEX options.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
131.4 M
ASSETS UNDER MGMT
99 bp
EXPENSES
Fund Basics
| Fund sponsor | Tidal |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Apr 17, 2023 |
| Assets (mns) | $131 |
| Expense ratio | 99 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| UNITED STATES TREASURY NOTE/BOND 3.875% 01/15 | 28.5 % |
| UNITED STATES TREASURY NOTE/BOND 3% 07/15/202 | 19.6 % |
| UNITED STATES TREASURY NOTE/BOND 4.25% 10/15/ | 19.3 % |
| UNITED STATES TREASURY BILL 08/14/2025 | 18.0 % |
| UNITED STATES TREASURY BILL 02/19/2026 | 8.5 % |
| UNITED STATES TREASURY BILL 11/06/2025 | 7.2 % |
| AAPL US 08/15/25 C200 | 4.6 % |
| APPLE IN CLL OPT 06/25 207.500 | 0.0 % |
| AAPL US 06/27/25 C210 | 0.0 % |
| AAPL US 06/27/25 C205 | -0.1 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -27.9% | -25.9% | -22.3% | -- | -- | -- | -- | -18.7% |
| Dividend Yield | 10.3% | 24.1% | 23.4% | -- | -- | -- | -- | 22.9% |
| Total Returns | -17.6% | -1.8% | 1.1% | -- | -- | -- | -- | 4.1% | Ann. Volatility | 38.3% | 27.8% | 22.5% | -- | -- | -- | -- | 22.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.56 | 20% |
| MSCI EAFE | 0.46 | 15% |
| MSCI Emg Mkts | 0.62 | 21% |
Liquidity Measures
| Avg. volume (000) | 121 |
| ADV traded (mns) | $2 |
| Turnover | 1.2% |
| Avg. Bid/Ask (% of price) | 0.28% |
Technical Indicators
| Recent close | $12.70 |
| 30d moving avg. | $12.76 |
| Annualized volatility | 16.9% |
| Relative strength (RSI) | 47 |
| Short interest | 1.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| APLY (99 bp) Percentile rank | 60 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| APLY | 99.0 | 28.2 | 127.2 |
| Peer Avg. | 93.9 | 36.4 | 130.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .