At a glance
TSPY charges 0.77% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $310.7M in assets, the 8th largest of that group; it paid 14.08% of its price in distributions over the past 12 months, monthly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds.
The short version
TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) is an actively managed fund that holds an S&P 500 ETF. As of June 30, 2026, that was almost entirely Vanguard S&P 500 ETF (VOO). The fund also sells call options that expire the same day to earn income. That daily approach helped produce a trailing 12-month yield of 14.08%, paid monthly, as of October 27, 2026. The cost is giving up some of the market's gains on strong days.
Price history
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TSPY +12.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TSPY official prospectus, to Dec 31, 2025 | — | +17.27% | — | — | — | +18.69% |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | — | — | +18.07% |
| TSPY price data to Oct 27, 2026 | +11.8% | +12.2% | — | — | — | +16.2% |
- Over the year to Oct 27, 2026, TSPY returned +12.2%, 4th of 8 among similar funds.
- Its worst full calendar year was 2025 (+17.2%); its best was 2025 (+17.2%).
- The deepest fall in its price history was 18% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | +17.2% | +17.27% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9700 | |
| 2025 | $3.4800 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 100.57% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 100.57% |
By country
United States 100.57%By asset type
Stocks 100.57%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $53.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.28%, +4.65%, -0.73%.
How it works
TSPY is actively managed, so it does not track an index. The adviser holds one or more ETFs that follow the S&P 500, such as SPDR S&P 500 ETF Trust (SPY) or Vanguard S&P 500 ETF (VOO). As of June 30, 2026, VOO made up about 100.6% of net assets and cash was 0.37%. That makes TSPY a fund of funds: it owns another fund, not individual stocks.
At the start of each trading day, the adviser sells call options that expire that same day. These are called 0DTE (zero days to expiration) options. A call gives its buyer the right to buy at a set price, called the strike. TSPY sets strikes 0% to 5% above the market price. It sells calls on SPY, VOO, the S&P 500 Index (SPX) or the smaller Mini-SPX (XSP), covering up to 100% of its holdings. A strike closer to the market price brings in more premium but caps that day's gain sooner. The options usually expire and settle in cash. The adviser may also close one early and sell another.
The trade-off: if the market rises past the strike, losses on the calls cancel out the extra gain. There is no buffer against declines, and the premium offsets only part of a fall. In volatile markets the fund may use weekly options, buy put options or use call credit spreads (selling one call and buying another at a different strike) as defensive steps.
What it really costs
- TSPY charges 0.77% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.68% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $79 in the first year and $954 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSPY | $79 | $246 | $428 | $954 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It pairs S&P 500 exposure with a double-digit yield from daily option sales, paid monthly, but its short history and capped upside make it a poor fit as a core holding.
TSPY could add a large monthly cash stream on top of S&P 500 exposure. Its trailing 12-month yield was 14.08% ($3.57 per share) as of October 27, 2026. Payouts vary and may include return of capital, and option income is usually taxed as ordinary income. The fund launched on August 15, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 18%, from February 19 to April 8, 2025. It recovered about 2.8 months later, by July 3, 2025. Its only full calendar year, 2025, returned 17.27%. The fund has no downside buffer, so anyone selling shares in a bear market would still sell at lower prices. It costs 0.77% a year, or $79 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly payouts from S&P 500 exposure, with a 14.08% trailing yield as of October 27, 2026, and accept that amounts vary.
- Holders who want covered-call income while staying close to market moves: TSPY's one-year beta was 0.97, meaning it moved almost in step with the market.
- Investors using tax-advantaged accounts such as IRAs, where option income taxed as ordinary income matters less.
Look elsewhere if
- Investors who want the S&P 500's full growth: daily calls cap gains on strong days, and TSPY trailed the index in 2025, 17.27% versus 17.88%.
- Anyone seeking downside protection: TSPY has no loss buffer, unlike the buffer ETFs it is often grouped with, and it fell 18% in early 2025.
- Investors who want a long track record: TSPY launched in August 2024 and has not been through a long bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TSPY this fund | 0.77% | $310.7M | +12.2% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does TSPY pay monthly dividends?
Yes. TSPY aims to pay distributions monthly. Over the 12 months to October 27, 2026, it paid $3.57 per share, a trailing yield of 14.08%. The prospectus warns that a payout is not assured in any given month, that amounts will likely vary greatly, and that payouts may include return of capital. Because the income comes mostly from selling options, it is usually taxed as ordinary income rather than as qualified dividends.
Is TSPY good for retirement income?
It can supply high monthly income, but with trade-offs. The trailing yield was 14.08% as of October 27, 2026, and the fund keeps nearly full S&P 500 exposure, with a one-year beta of 0.97. It has no protection against declines: it fell 18% between February and April 2025 before recovering by July. It launched on August 15, 2024, so it has no record through a long bear market. It may work better as one part of a wider income mix.
What's the difference between TSPY and VOO?
TSPY owns VOO and adds an options layer on top. As of June 30, 2026, VOO was about 100.6% of TSPY's net assets. TSPY sells same-day call options to earn premium, which funds its monthly payouts but caps gains on strong days. In 2025, TSPY returned 17.27% versus 17.88% for the S&P 500 Total Return Index. From launch through December 31, 2025, it averaged 18.69% a year versus 18.07%. TSPY charges 0.77% a year.
Is TSPY a buffer ETF like BUFR?
No. TSPY is often grouped with buffer funds such as FT Vest Laddered Buffer ETF (BUFR), but it works differently. Buffer ETFs use options to absorb part of a market loss over a set period. TSPY sells calls for income and has no loss buffer. Its 0.77% expense ratio is lower than BUFR's 0.95% and the group's 0.86% average. Over the year to October 27, 2026, TSPY returned 12.2% versus 11.6% for BUFR.
What is TSPY's expense ratio?
TSPY's expense ratio is 0.77% a year, according to its prospectus filed April 29, 2026. That includes a 0.68% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs would total about $79 after one year, $246 after three, $428 after five and $954 after ten. Plain S&P 500 index funds typically charge much less; the extra pays for the active options strategy.