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Start your 7-day free trial BATS · Active · options-income
TDAQ
TappAlpha Innovation 100 Growth & Daily Income ETF
Tapp Finance, Inc., d/b/a TappAlpha
Verdict
WATCH
Weighted score · 3.85 / 5
Fund Identity
What it is, who runs it, where it lives.
The TappAlpha Innovation 100 Growth & Daily Income ETF seeks current income while maintaining prospects for capital appreciation.
The Fund is an actively managed ETF that combines a long position in one or more ETFs tracking the NASDAQ-100® Index (primarily QQQ and/or QQQM) with a daily covered call strategy selling out-of-the-money call options with zero days to expiration (0DTE). Each trading day, the Adviser sells call options between 0% and 5% out of the money on QQQ, QQQM, XND, or NQX to generate premium income, while maintaining full notional coverage of the underlying position. The strategy seeks to convert a portion of potential upside price return into current income distributed monthly, while retaining meaningful participation in NASDAQ-100® capital appreciation.
Ticker
TDAQ
Issuer
Tapp Finance, Inc., d/b/a TappAlpha
Exchange
BATS
Inception
2025-09-04 · 0.8 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) combined with physical ETF holdings (QQQ/QQQM) providing index exposure
Index-based
— · NASDAQ-100® Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Daily covered calls (0DTE, out-of-the-money); may also use weekly options, protective put options, and credit spreads as defensive measures
generates income
Underlying
QQQ, QQQM, NASDAQ 100 Micro Index (XND), NASDAQ 100 Reduced Volatility Index (NQX)
income exposure
MONTHLY
12.2%
DIST. RATE
100% ROC
Ordinary Income
Ordinary Income
Underlying
QQQ, QQQM, NASDAQ 100 Micro Index (XND), NASDAQ 100 Reduced Volatility Index (NQX)
Strategy
Daily covered calls (0DTE, out-of-the-money); may also use weekly options, protective put options, and credit spreads as defensive measures
Tax
Ordinary Income
The Fund writes out-of-the-money call options with zero days to expiration (0DTE) daily, covering the entire notional value of the underlying NASDAQ-100® ETF exposure. Strike prices are set 0%–5% out of the money to balance premium income against upside participation. The notional value of options is not permitted to deviate from the underlying by more than plus or minus 5%.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · SEP '25 – JUN '26
SEP '25JUN '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — constructive100%
Net Investment Income0%
Frequency
Monthly
Dist. rate
12.23%
ROC %
100%
30-day SEC
not reported
Consistency
5 w/o cut
YOC · 1yr-ago buyer
13.4%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The June 17, 2026 distribution of $0.3955 per share is estimated to consist entirely (100%) of Return of Capital with no net investment income or capital gains components. On a fiscal year-to-date basis, the cumulative distribution of $2.2153 per share is also 100% Return of Capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 9 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-16
Ex-dividend
2026-06-16
Pay date
—
Payback Period
8.2 yr
Dist. Since Incep.
$3.3
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs Nasdaq-100
No sector feed for this fund.
Holdings
4
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$28.3$27.0$25.7$24.4
JUN '26JUN '26
Price $27.32
50-DMA $27.12
200-DMA $24.46
Bullish — 50-DMA above 200-DMA
Price $27.32 is above the 200-day SMA ($24.46); 50-day SMA $27.12. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
216K
Avg dollar volume
$6,295,157
Bid/ask spread
0.22%
Premium/discount
+0.57%
Turnover
2%
Estimated bid/ask spread ~0.25% (moderate). Average daily dollar volume ~$6.3M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$145M
$207M$166M$125M
MAR '26JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
TDAQ · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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