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Beacon

TSPYTappAlpha SPY Growth & Daily Income ETF

Get income1y track recordRanked #748 of 1,650 in this goal

Seeks current income while maintaining prospects for capital appreciation.

By TappAlpha · Launched 2024

Annual Cost

0.71%

#3,716 of 5,861 · average

Fund Size

$311M

#1,954 of 5,861 · large

Dividend YieldGoal

2.17%

Track Record

1 year

#3,650 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,786+17.9%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

Top 2 holdings = 100.7% of fundconcentrated

State Street SPDR S&P 500 ETF
100.6%
First American Government Obli
0.1%

Asset allocation

Stocks
100.2%
Other
8.6%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
12.7%Moderate

Year-on-year price swings

Max drawdown
-18.0%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
NASDAQ Global Select Market

Full fund details

Objective
Seeks current income while maintaining prospects for capital appreciation.
Strategy
Actively managed ETF that employs a call option strategy to generate income while providing exposure to the S&P 500® Index. The Fund combines long positions in ETFs like SPY and VOO with short positions in daily covered call options, aiming for current income and capital appreciation.
Inception date
August 14, 2024
Fund family
TappAlpha

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04