TSPY:
TappAlpha S&P 500 Growth & Daily Income ETF

Investment Objective:

The TappAlpha S&P 500 Growth & Daily Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the S&P 500® Index.

Fact Sheet
Prospectus

As of:

MM/DD/YY

Market Price
$
XX.XX
NAV Price
$
XX.XX
Net Assets
XXX,XXX,XXX
Total Expense Ratio
0.68
0.98
%
Management Fee
0.68
%
Total Expense Ratio
0.71
%
Management Fee
0.68
%
Total Expense Ratio
0.83
%
Distribution Rate
XX
30 Day SEC Yield
XX
The return of capital for this most recent distribution was estimated to be XX%. The Fund currently expects, but does not guarantee, to make distributions on a monthly basis. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. These distributions may exceed the Fund's income and gains for the Fund's taxable year. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.
The return of capital for this most recent distribution was estimated to be XX%. The Fund currently expects, but does not guarantee, to make distributions on a weekly basis. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. These distributions may exceed the Fund's income and gains for the Fund's taxable year. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Weekly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.
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TSPY: The S&P 500 Meets Growth + Income

The TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) pairs exposure to the S&P 500 with TappAlpha’s options-based daily Growth + Income strategy. The S&P 500 is the leading benchmark for large-cap U.S. equities, representing 500 of the companies at the center of the American economy.

The fund aims to achieve its objectives through:

Growth

Direct exposure to the largest and most liquid index tracking ETF in the world, the S&P 500, for consistent capital appreciation opportunities.

Income Generation

Our strategy identifies and analyzes various dynamic parameters, increasing the potential for consistent, additive income generation.

Maximized Time Decay

By writing call options each trading day that expire the same day, TSPY seeks to capitalize on the rapid time decay inherent to 0DTE option positions.

An icon of a shield with a clock on it

Reduced Time Risk

The daily expiration of the options minimizes prolonged market exposure, seeking to reduce unfavorable shifts in the underlying security.

Flexibility

As market conditions change, so do the fund’s positions, offering the best chance to participate in both the underlying security's performance and the simultaneous harvesting of daily options premiums.

View the leveraged fund:
TSYX
Same strategy. Lightly leveraged.

How the T² Lift™ Series Works

Same Core Strategy

The T² Lift™ Series is built on the same systematic options-based framework as TSPY and TDAQ. The fund uses the same underlying investment approach designed to seek income while maintaining exposure to the underlying equity market.

Light Leverage (~30%)

The T² Lift™ Series applies light leverage to the core strategy, seeking to provide approximately 30% greater exposure to the growth and income profile of the underlying fund. This leverage is intended to amplify participation in both income generation and market movements.

Risk & Volatility Tradeoff

Because the fund uses leverage, gains and losses may be magnified compared to the non-leveraged fund. The T² Lift™ Series is designed for investors who understand the risks of leveraged exposure and are comfortable with increased volatility.

Leveraged exposure may increase the impact of market movements on the fund’s performance. Investors should carefully consider the fund’s investment objectives, risks, charges, and expenses before investing.
View the non-leveraged fund:
TSYX

TSPY featured on Nasdaq

Just for Funds dives into the TSPY strategy with our very own Si Katara. Watch to find out where it fits in your portfolio!

Thumbnail of Si speaking in front of a Nasdaq sign.

At a Glance...

As Of:
MM/DD/YYYY
Primary Exchange
NASDAQ
Number of Holdings
XX
Shares Outstanding
XXX,XXX
Premium/Discount
X.XX%
30-Day Median Bid-Ask
X.XX%
ISIN
US26923N5538
Inception Date
August 14, 2024
CUSIP
26923N553

Price Performance

As of:

MM/DD/YY
MM/DD/YY
Market Price:
$XX.XX
(Change:
X.XX
)
NAV Price:
$XX.XX
(Change:
)
Monthly
Quarterly

Total Returns Performance thru

—

Performance Disclosure

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility.
Market performance is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Distributions

As of:

MM/DD/YYYY

Distribution Rate
—

As of:

MM/DD/YYYY

30 Day SEC Yield
—

As of:

MM/DD/YYYY

12-month Trailing Distribution Yield
—

As of:

MM/DD/YYYY

Declaration Date
Record Date
Ex-Date
Pay Date
Amount
Supplemental Tax Information
The Fund currently expects, but does not guarantee, to make distributions on a monthly basis. These distributions may exceed the Fund's income and gains for the Fund's taxable year. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital.

The final tax character of the Funds' distributions will not be determined until the end of the Funds' fiscal year. Accordingly, there is no guarantee regarding the portion of each Fund’s distributions that will be classified as a return of capital or dividend income. The final tax character of distributions paid by the Funds in 2026 will be provided to shareholders on Form 1099-DIV.

The return of capital for this most recent distribution was estimated to be XX%.
The Fund currently expects, but does not guarantee, to make distributions on a weekly basis. These distributions may exceed the Fund's income and gains for the Fund's taxable year. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital.

The final tax character of the Funds' distributions will not be determined until the end of the Funds' fiscal year. Accordingly, there is no guarantee regarding the portion of each Fund’s distributions that will be classified as a return of capital or dividend income. The final tax character of distributions paid by the Funds in 2026 will be provided to shareholders on Form 1099-DIV.

The return of capital for this most recent distribution was estimated to be XX%.

Holdings

View
Sep 2, 2026
Intraday Options
View
Sep 2, 2026
Intraday Options

As of:

MM/DD/YYYY

Ticker
Security Description
CUSIP / ISIN
% of Funds
Shares / Contracts
Market Value
Fund holdings and allocations are subject to change and should not be considered recommendations to buy or sell any security.

Premium/Discount

As of:
MM/DD/YYYY
Premium/Discount
XX.XX%
Number of Days at
Premium
Days
Discount
Days
Both
Days
Both (YTD)
Days
P/D +/- 2%
Days
The performance data quoted represents past performance. Past performance does not guarantee future results.

Supplemental Discussion

TappAlpha (“Advisor”) will provide a discussion in the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

Fund Documents

Frequently Asked Questions

What is TSPY?

TSPY is the TappAlpha S&P 500 Growth & Daily Income ETF. The Fund seeks current income while maintaining prospects for capital appreciation, with a secondary objective of exposure to the performance of the S&P 500 Index. It pursues this through a daily covered call strategy: writing call options each trading day that expire the same day (0DTE), while holding S&P 500 exposure.

How often does TSPY pay distributions?

TSPY pays distributions monthly and has paid one every month since October 2024. The "daily income" in the fund's name refers to the options strategy, which harvests option premium each trading day; distributions of that income are made monthly. Dates and amounts are published in the distribution table on this page.

What is TSPY's distribution yield?

TSPY's distribution rate changes with each monthly distribution and with the fund's NAV, so any single printed figure goes stale quickly. The current rate, the most recent declared amount and the complete payment history since October 2024 are published live in the distributions section of this page.

How does TSPY's daily (0DTE) covered call strategy work?

Each trading day, TSPY writes call options that expire that same day, known as 0DTE options. Because the options expire daily, the strategy seeks to benefit from their rapid time decay, and short option exposure does not extend overnight. Positions reset each trading day as market conditions change.

What does TSPY hold?

TSPY holds S&P 500 index exposure alongside short-term cash instruments, and writes same-day call options on that exposure. The complete holdings list on this page is updated daily.

What is TSPY's expense ratio?

TSPY's gross expense ratio is 0.71%, made up of a 0.68% management fee plus 0.03% in acquired fund fees and expenses (AFFE) from the fund's VOO holdings. AFFE is the indirect cost of the underlying ETF the Fund holds. Added together, those two components make up the total expense ratio.

What are the risks of investing in TSPY?

An investment in the Fund is subject to risks, including possible loss of the principal amount invested. The covered call strategy limits participation in the S&P 500's gains on any given day in exchange for option premium. Investors should carefully consider the Fund's investment objectives, risk factors, charges and expenses, described in the prospectus available on this page.

When did TSPY launch and where does it trade?

TSPY launched on August 14, 2024 and trades on NASDAQ under ticker TSPY (CUSIP 26923N553).

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