TDAX · Streamfolio

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BATS · Active · options-income

TDAX

TDAQ Lift ETF

Tapp Finance, Inc. (d/b/a TappAlpha)

Verdict

WATCH

Weighted score · 3.60 / 5

AUM

$18M

assets under mgmt

Avg Volume

52K

shares · daily

Distribution

9.5%

Weekly · 94% ROC

Expense Ratio

0.98%

0.98% gross

1Y Return

—

vs underlying

Sharpe

0.94

Max DD -14.7%

Fund Identity

What it is, who runs it, where it lives.

The TDAQ Lift ETF seeks daily investment results, before fees and expenses, of 130% of the daily performance of TDAQ..

The Fund invests at least 80% of its net assets in financial instruments designed to provide 120%-140% exposure to the daily price performance of TDAQ, rebalancing to 130% if exposure drifts outside that range. The Fund primarily uses swap agreements with financial institutions to obtain this leveraged exposure, and may also purchase call options (including FLEX Options) on TDAQ. The remaining 40-80% of the portfolio is held in U.S. Government securities, money market funds, short-term bond ETFs, or investment-grade corporate debt as collateral. The Fund rebalances daily and is designed for sophisticated investors who actively monitor their portfolios.

Ticker

TDAX

Issuer

Tapp Finance, Inc. (d/b/a TappAlpha)

Exchange

BATS

Inception

2026-01-07 · 0.5 yrs

Mgmt style

Active

Replication

Synthetic (swap-based) with optional call options on TDAQ

Index-based

— · TDAQ

Leverage

1.3x

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Hybrid

actively managed

OPTIONS OVERLAY

Strategy

Long call options (including FLEX Options) as an alternative or complement to swap agreements

generates income

Underlying

TDAQ

income exposure

WEEKLY

9.5%

DIST. RATE

94% ROC
Ordinary Income

Underlying

TDAQ

Strategy

Long call options (including FLEX Options) as an alternative or complement to swap agreements

Tax

Ordinary Income

The Fund may purchase exchange-traded call options, including FLEX Options listed on Cboe, as an alternative or supplement to swap agreements to achieve 130% daily exposure to TDAQ. The Adviser allocates between swaps and call options based on counterparty capacity, financing charges, liquidity, and market conditions. FLEX Options are European-style (exercisable only at expiration) and are guaranteed for settlement by the OCC.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JAN '26 – JUN '26

JAN '26JUN '26

Max DD

-14.7%

Volatility

26.9%

Sharpe

0.94

Sortino

1.33

Calmar

—

Beta

—

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

9.7%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

94%

ROC

Return of Capital — constructive94%

Net Investment Income6%

Frequency

Weekly

Dist. rate

9.51%

ROC %

94%

30-day SEC

not reported

Consistency

11 w/o cut

YOC · 1yr-ago buyer

9.7%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

94% Return of Capital

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 25, 2026 distribution of $0.1164 per share for the TDAQ Lift ETF is estimated to consist of 94.0% Return of Capital ($0.1097) and 6.0% Net Investment Income ($0.0067). The year-to-date cumulative distribution of $2.3219 per share reflects the same 94%/6% split. These figures are estimates on a book basis and may differ from final tax reporting.

Distribution & Return of Capital

Per-month payout split and the running return-of-capital share · last 7 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

2026-06-24

Ex-dividend

2026-06-24

Pay date

—

Payback Period

10.5 yr

Dist. Since Incep.

$2.3

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

No moving-average series.

Price $24.42

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

52K

Avg dollar volume

$1,185,499

Bid/ask spread

0.52%

Premium/discount

-0.21%

Turnover

—

Estimated bid/ask spread ~0.47% (wide). Average daily dollar volume ~$1.2M (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 ($)

$18M

$34M$20M$6M

JAN '26JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

TDAX · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.