● LAUNCHED Began trading Aug 19, 2026. First distribution $0.504800, ex-dividend Sep 24, 2026. Every payment charted from that first one.
This fund is paying. Its record starts at the first check and every distribution is charted as it lands. A green LAUNCHED badge here means it's live and our launch tracker has logged it.
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What XVAP Does, Per the Filing
The thing to know about XVAP is not about Apple, it is about the family it belongs to. These ten “Target Income” funds share a name, a 0.85% fee, a sub-advisor and a described strategy, and they are not built the same way underneath. XVAP holds Apple outright at 49.30% of the portfolio as of October 16, 2026. The Tesla and SpaceX funds in the same family hold about three quarters of theirs in the stock itself. Same wrapper, same price, half the direct ownership — and the rest of the exposure assembled from listed and FLEX options on Apple plus an S&P 500 Mini Index box spread leg for financing. The share count behind your exposure is not the share count on the holdings page.
On results, this has been the comfortable one of the four. First Trust's inception price was $30.00; NAV on October 16, 2026 was $32.52, up 8.4%, and that is within 0.2% of the fund's own 52-week high of $32.59. In other words it has essentially gone up and stayed there. The distribution came on top of that rather than out of it: $0.504800 per share, ex-dividend September 24, 2026, payable September 30, which First Trust classifies as an ordinary distribution and not return of capital.
Now the part the fee table does not show. XVAP holds $1,625,888 in net assets across 50,002 shares, its 30-day median bid/ask spread is 0.25%, and its average daily volume is 2,308 shares. It closed October 16 at a 0.03% premium to NAV. None of that is alarming for a two-month-old fund, but a market order into 2,308 shares a day is a different experience from a market order into Apple, and that difference is a cost of the wrapper that no expense ratio captures.
Dates, kept straight: First Trust gives inception as 8/18/2026, and the tape shows the first bar on August 19, 2026. It lists on Cboe BZX with Vest Financial as sub-advisor.
Where these numbers came from, since it matters here: our own dividend feed returns nothing at all for XVAP's distributions, so the payment above is read off First Trust's distribution history page. The issuer is the record when the two disagree, and we would rather say which one we used than quietly pick. First Trust publishes no distribution frequency, so there is no rate to quote and nothing on this page is annualized. We chart every payment from the first one.
What Nobody Can Know Yet
XVAP has paid once, so there is a short record rather than a settled one, no real yield, and no evidence of how its strategy behaves across a full cycle. One check cannot be annualized into a yield, and anyone doing it is quoting a projection. Filings also get delayed, renamed, or quietly abandoned; this page's status updates daily either way. From here we chart every payment from its very first one, free.
One email the day a new income fund launches — nothing else, ever. We watch the issuers' own sites continuously; you hear before the videos exist.
Frequently Asked Questions
When did XVAP launch?
It launched Aug 19, 2026. our market-wide sweep of new US listings caught it the morning after it started trading, rather than its SEC registration. The status box above updates daily, and the launch tracker shows everything else on the runway.
What will XVAP pay?
It has paid once. The first was $0.504800, ex-dividend Sep 24, 2026. One check is a data point, not a yield, and this page will not annualize it. The strategy is option-income, so the distribution tracks the option premiums the fund actually collects.
Why does XVAP hold only about half its portfolio in Apple stock?
Because the exposure is assembled rather than simply bought. First Trust's holdings page showed Apple at 49.30% of the fund on October 16, 2026, with the balance in listed and FLEX option positions on Apple and an S&P 500 Mini Index box spread used for financing. The fund describes this as purchasing the underlying security directly and also gaining synthetic exposure to its price movements. The practical upshot is that the share count behind your exposure is not the share count on the holdings page, and that the fund will not track Apple one-for-one in either direction.