XNAS · Active · options-income

TSPY Lift ETF

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

Weighted score · 2.80 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · 92% ROC

Expense Ratio

0.98% gross

1Y Return

vs underlying

Sharpe

Max DD -13.4%

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

The Fund invests at least 80% of its net assets in financial instruments designed to provide 120% to 140% daily exposure to TSPY, rebalancing to 130% when exposure drifts outside that band. It primarily uses swap agreements with financial institutions and may also purchase call options (including FLEX Options) on TSPY. The Adviser allocates between swaps and options based on counterparty capacity, financing charges, liquidity, collateral availability, and market conditions. Additionally, 40–80% of the portfolio may be held in U.S. Government securities, money market funds, short-term bond ETFs, or investment-grade corporate debt as collateral.

The Fund may purchase exchange-traded call options, including FLEX Options listed on Cboe, as an alternative to or alongside swap agreements to achieve 130% daily exposure to TSPY. Call options give the Fund the right to buy TSPY at a defined price; FLEX Options are customizable and exercisable only at expiration. The Adviser determines the allocation between swaps and options based on counterparty capacity, financing costs, and market conditions.

NAV HISTORY · JAN '26 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.

Composition · Recent Distribution

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 25, 2026 distribution of $0.0898 per share for the TSPY Lift ETF is composed of approximately 92% Return of Capital ($0.0827) and 8% Net Investment Income ($0.0071). On a calendar year-to-date basis, Return of Capital represents 91% of cumulative distributions ($1.6077 of $1.7663 per share). These figures are estimates and may be revised at year-end for tax reporting purposes.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Liquidity

Estimated bid/ask spread ~0.36% (moderate). Average daily dollar volume ~$0.4M (thin). 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.

AUM ($)