A head-to-head comparison of Overlay Shares Large Cap Equity ETF and TappAlpha Innovation 100 Growth & Daily Income ETF covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.
See our curated list of related YouTube videos on OVL.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.
See our curated list of related YouTube videos on TDAQ.
TappAlpha Innovation 100 Growth & Daily Income ETF
Issuer
Overlay Shares
TappAlpha
Last Close
$56.49 as of July 22, 2026
$26.86 as of July 22, 2026
Distribution yield
10.30%
17.42%
Distribution Safety Score™
91
79
Expense ratio
0.79%
0.83%
AUM
$331M
$264M
Distribution frequency
Monthly
Monthly
Underlying index
S&P 500 (VOO)
Invesco QQQ Trust (QQQ)
Objective
Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.
The TappAlpha Innovation 100 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 Invesco QQQ Trust, Series 1 ("QQQ"), subject to a limit on potential investment gains.
Asset class
Equity
Equity
Inception date
09/30/2019
09/04/2025
Beta
1.17
1.287
Last dividend
$0.4850
$0.3900
Ex-dividend date
06/26/2026
07/14/2026
Bottom lineChoose OVL if you are comfortable trading away most upside for a large, steady payout. Choose TDAQ if you want to maximize current income — roughly 17.42%, generated by selling options premium. There's no free lunch: TDAQ's payout comes from selling options, which caps upside and can erode the share price over time, while OVL keeps full price exposure.
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Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 22, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Sep 2025” measures every fund from September 4, 2025 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Sep 2025. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since Sep 2025) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Quick verdict
OVL (Overlay Shares Large Cap Equity ETF) and TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
TDAQ offers the higher yield at 17.42% vs 10.30% for OVL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
OVL is cheaper with an expense ratio of 0.79% compared to 0.83%.
They track different benchmarks: OVL is linked to S&P 500 (VOO) while TDAQ tracks Invesco QQQ Trust (QQQ), which means their performance drivers differ.
OVL is the larger fund by assets ($331M), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose OVL
Overlay Shares Large Cap Equity ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 0.79% expense ratio vs 0.83% for TDAQ.
Choose TDAQ
TappAlpha Innovation 100 Growth & Daily Income ETF
Want to maximize current income — TDAQ distributes roughly 17.42% from selling options premium, vs 10.30% for OVL.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Still deciding? Track OVL & TDAQ for free
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On a $10,000 investment, OVL would generate roughly $85.83/month, while TDAQ would produce $145.17/month, at current distribution rates. Both pay monthly distributions.
OVL yield10.30%
TDAQ yield17.42%
Monthly diff on $10K$59.33
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $830 for TDAQ (simplified, not compounded). The $40.00 difference may be offset by yield or performance.
OVL ER0.79%
TDAQ ER0.83%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while TDAQ tracks Invesco QQQ Trust (QQQ) with a growth approach. Beta is 1.17 for OVL and 1.287 for TDAQ, indicating OVL is less volatile relative to the market.
OVL beta1.17
TDAQ beta1.287
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $331M in assets. TDAQ is managed by TappAlpha (launched 09/04/2025) with $264M in assets.
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Frequently asked questions
Is OVL or TDAQ better for dividend income?
It depends on your goals. TDAQ currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between OVL and TDAQ?
OVL (Overlay Shares Large Cap Equity ETF) tracks S&P 500 (VOO) with a fund of funds approach, while TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) tracks Invesco QQQ Trust (QQQ) with a growth approach. They are issued by Overlay Shares and TappAlpha respectively.
Can I hold both OVL and TDAQ?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, OVL or TDAQ?
OVL has an expense ratio of 0.79% while TDAQ charges 0.83%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in OVL vs TDAQ generate?
At current rates, $10,000 in OVL would generate roughly $85.83 per month ($1,030.00 annually). The same in TDAQ would produce about $145.17 per month ($1,742.00 annually).
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