What this ETF is trying to do

The TAPPALPHA S&P 500 GROWTH & DAILY INCOME ETF (TSPY) is an exchange-traded fund listed on the NASDAQ. This ETF is categorized as an "option income" fund. Its goal involves focusing on growth while also providing regular income to investors.

What the numbers show

When looking at an ETF, it is important to know the difference between "price return" and "total return."

• Price Return: This measures only how much the share price has changed.

• Total Return: This includes both the change in share price and any cash distributions (dividends) paid out.

For TSPY, the one-year price return was approximately 0.43%. However, the one-year total return was much higher at approximately 15.64%. This shows that the distributions played a large role in the overall performance.

Year-to-date (YTD), the price return has been approximately -7.84%. Even with this share-price decline, the YTD total return is approximately 11.05%.

The current price of the ETF is $25.48. An estimated price from roughly one year ago was approximately $25.37.

Top Holdings:

As of October 11, 2026, the fund's holdings include:

• VANGUARD S&P 500 ETF (99.49%)

• FIRST AMERICAN GOVERNMENT OBLIGS X (0.29%)

Income and distribution explanation

This ETF is designed to provide regular cash to investors. The distribution yield is approximately 14.01%. This means the amount of cash paid out is quite high relative to the ETF's price.

Distributions are usually paid monthly, with Tuesday being the most common day for payouts. Over the last 12 months, there were 12 distributions. It is important to remember that a high distribution yield does not guarantee the investment will grow in value, and it is different from the total return.

NAV erosion explanation

"NAV erosion" refers to a situation where the value of the underlying assets in the fund decreases over time. While a falling share price can sometimes be related to this, they are not the same thing.

For TSPY, the erosion-risk score is 94, which is labeled as "Stable / sideways." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• The fund offers a high distribution yield of approximately 14.01%.

• The one-year total return (including distributions) has been positive at approximately 15.64%.

• The erosion-risk measurements suggest a stable profile.

Cons

• The year-to-date price return is negative (approximately -7.84%), meaning the share price has dropped recently.

• The fund is heavily concentrated, with nearly all its weight in one holding (VOO).

Beginner takeaway

Investors looking at TSPY should understand that there is a difference between the price of a share and the total amount earned. While the share price may go down (as seen in the YTD price return), the total return can still be positive because of the high monthly cash distributions. High yields can be helpful for income, but they do not replace the importance of watching the overall price stability.