TSPY · Streamfolio

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XNAS · Active · options-income

TSPY

TappAlpha S&P 500 Growth & Daily Income ETF

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

Verdict

WATCH

Weighted score · 3.90 / 5

AUM

$258M

assets under mgmt

Avg Volume

209K

shares · daily

Distribution

14.1%

Monthly · 100% ROC

Expense Ratio

0.77%

0.77% gross

1Y Return

—

vs underlying

Sharpe

0.78

Max DD -18.0%

Fund Identity

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

The Fund seeks current income while maintaining prospects for capital appreciation.

TSPY is an actively managed ETF that holds long positions in S&P 500 ETFs (SPY and/or VOO) and sells daily out-of-the-money covered call options with zero days to expiration (0DTE) on those ETFs or on SPX/XSP index options to generate premium income. The Adviser uses proprietary technology to select the optimal strike price each day, targeting calls between 0% and 5% out of the money. The Fund also holds short-term U.S. Treasury securities as collateral. This strategy converts a portion of potential upside price appreciation into current income distributed monthly.

Ticker

TSPY

Issuer

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

Exchange

XNAS

Inception

2024-08-15 · 1.9 yrs

Mgmt style

Active

Replication

Physical (ETF holdings of SPY/VOO) + Derivatives (short 0DTE call options on SPY, VOO, SPX, or XSP)

Index-based

— · S&P 500® 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 out-of-the-money covered calls (0DTE, 0%-5% OTM); may also use weekly calls, protective puts, or credit spreads as defensive measures

generates income

Underlying

SPY, VOO, SPX (S&P 500 Index), XSP (Cboe Mini-SPX Index)

income exposure

MONTHLY

14.1%

DIST. RATE

100% ROC
Ordinary Income

Underlying

SPY, VOO, SPX (S&P 500 Index), XSP (Cboe Mini-SPX Index)

Strategy

Daily out-of-the-money covered calls (0DTE, 0%-5% OTM); may also use weekly calls, protective puts, or credit spreads as defensive measures

Tax

Ordinary Income

The Adviser sells same-day (0DTE) out-of-the-money call options at the start of each trading day, covering up to 100% of the notional value of the underlying equity position (with up to ±5% intraday drift permitted). Premium income from these options is the primary income source and is distributed monthly. The notional value of options may not deviate by more than ±5% relative to the underlying at end of day.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-18.0%

Volatility

16.1%

Sharpe

0.78

Sortino

1.11

Calmar

1.03

Beta

0.90

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

14.5%

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

14.08%

ROC %

100%

30-day SEC

not reported

Consistency

3 w/o cut

YOC · 1yr-ago buyer

14.5%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

100% 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 May 2026 distribution of $0.2931 per share is estimated to be 100% return of capital with no net investment income or capital gains component. On a fiscal year-to-date basis, 99% of cumulative distributions have been return of capital and 1% net investment income. These figures are estimates for book purposes and may differ for tax reporting.

Distribution & Return of Capital

Per-month payout split and the running return-of-capital share · last 19 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

2026-06-02

Ex-dividend

2026-06-02

Pay date

—

Payback Period

7.1 yr

Dist. Since Incep.

$6.1

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

$25.9$23.8$21.8$19.8

JUN '25JUN '26

Price $25.19

50-DMA $25.16

200-DMA $23.86

Bullish — 50-DMA above 200-DMA

Price $25.19 is above the 200-day SMA ($23.86); 50-day SMA $25.16. 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

209K

Avg dollar volume

$6,262,127

Bid/ask spread

0.04%

Premium/discount

+0.62%

Turnover

Estimated bid/ask spread ~0.22% (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 ($)

$258M

$567M$285M$3M

AUG '24JUN '26

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

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