TSPY vs TSYX: Base Income Strategy or Leveraged LIFT?
TSPY combines S&P 500 exposure with a daily covered-call strategy. TSYX seeks amplified daily exposure to TSPY itself. TSYX therefore layers leverage onto the base fund's equity and options risks.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
TSPY has outpaced TSYX over the shared window since Jan 2026, posting a 9.44% total return against 8.17%. TSPY has been the steadier holding, though — annualized volatility of 12.9% against 17.3% for TSYX. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2026” measures every fund from January 7, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Jan 2026. 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 Jan 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
TSPY
TSYX
Forward distribution rate
13.98%
15.92%
Trailing 12-month yield
14.08%
12.34%
30-day SEC yield
0.34%
1.68%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on TSPY vs SPY.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
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 SPDR S&P 500 ETF Trust ("SPY"), subject to a limit on potential investment gains.
The Fund seeks daily investment results, before fees and expenses, of 130% of the daily
performance of TSPY. The Fund does not seek to achieve its stated investment objective for a
period of time different than a trading day.
Bottom lineChoose TSPY if you want the base S&P 500 options strategy and accept equity losses. Choose TSYX if you want amplified daily TSPY exposure and accept compounding and leverage risk. No. TSYX's exposure objective is daily. Compounding, financing costs, rebalancing and market volatility can cause longer-period returns to differ from a simple multiple. Daily income generation in TSPY's name also does not mean a daily cash payment; check each fund's current distribution schedule.
TSPY vs TSYX: Base Income Strategy or Leveraged LIFT?
TSPY combines S&P 500 exposure with a daily covered-call strategy. TSYX seeks amplified daily exposure to TSPY itself. TSYX therefore layers leverage onto the base fund's equity and options risks.
TSPY
TSYX
Approach
S&P 500 through the base strategy
Amplified daily exposure to TSPY
Risk review
Equity losses and surrendered option upside
Base-fund risks plus daily leverage
Expense ratio
0.71%
0.98%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. TSPY and TSYX generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Daily leverage reset. TSYX targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.
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 TSPY and TSYX.
TSPY combines S&P 500 exposure with a daily covered-call strategy. TSYX seeks amplified daily exposure to TSPY itself. TSYX therefore layers leverage onto the base fund's equity and options risks.
No. TSYX's exposure objective is daily. Compounding, financing costs, rebalancing and market volatility can cause longer-period returns to differ from a simple multiple. Daily income generation in TSPY's name also does not mean a daily cash payment; check each fund's current distribution schedule.
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On a $10,000 investment, TSPY would generate roughly $116.50 cash per distribution, while TSYX would produce $30.62 cash per distribution, at current distribution rates.
TSPY yield13.98%
TSYX yield15.92%
Cash diff on $10K$85.88
Cost & efficiency
Over 10 years on $10,000, TSPY would cost approximately $710 in fees vs $980 for TSYX (simplified, not compounded). The $270.00 difference may be offset by yield or performance.
TSPY ER0.71%
TSYX ER0.98%
Strategy & risk
TSPY combines S&P 500 exposure with a daily covered-call strategy. TSYX seeks amplified daily exposure to TSPY itself. TSYX therefore layers leverage onto the base fund's equity and options risks. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
TSPY beta0.935
TSYX beta1.2874
Fund details
TSPY is managed by TappAlpha (launched 08/14/2024) with $342M in assets. TSYX is managed by TappAlpha (launched 01/07/2026) with $20.2M in assets.
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Frequently asked questions
Will TSYX deliver a fixed multiple of TSPY's long-term return?
No. TSYX's exposure objective is daily. Compounding, financing costs, rebalancing and market volatility can cause longer-period returns to differ from a simple multiple. Daily income generation in TSPY's name also does not mean a daily cash payment; check each fund's current distribution schedule.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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