TSPY delivers high income (14.24% yield) with minimal upside sacrifice (capturing ~97% of SPX gains), making it an impressive option-income vehicle.

And then lastly, we have a fund that I actually don't think I've covered on the channel before, and that's from TAP Alpha, TSPY. So, this is going to be Tap Alpha's S&P 500 growth and daily income ETF.

And this fund actually has some very unique features.

But to start, again, let's go ahead and jump over to Yield Canary and plug in TSPY and pull it up. Let's see what we're looking at. To start, we can see this is considered a healthy and stable return of capital fund.

And we know it's well diversified because the underlying is SPY.

Now, if we scroll down, take a look at the true income and return of capital. So again, this is strategic return of capital. And you'll notice this is another scenario where we saw a large distribution in March.

So again, the assumption would be they had to do this for tax purposes.

Now, with all that being said, this is relatively newer ETF compared to some of the other ETFs we've looked at today, but assets under management is currently sitting at about 322 million.

So, it is starting to get some investor attention.

With that being said, now I do want to point out a couple of things, but first, if we jump over to the funds fact sheet from their website, what you'll notice is one, yes, they aim to participate in S&P 500 growth via spy.

And then there's high income potential. We'll come back to this in just a moment. They aim for reduced volatility through discipline daily execution. Again, something important we'll look at in a moment.

And then taxaware distributions. So again, they highlight that some of their distributions may be classified in part as return of capital, which is not immediately taxable. Instead, reduces your cost basis.

So what is it about this fund that actually makes it unique? We obviously already have some S&P 500 option income ETFs. Well, here's what you really need to know. Every single trading day, this fund sells out of the money call options on SPY or SPX that generally expire that exact same day.

Typically, those calls are written between 0 to 5% out of the money. The option premiums are accumulated and paid to shareholders through monthly distributions. But because the options reset daily, the fund only sacrifices upside when the S&P 500 exceeds that day selected strike.

So, the upside cap basically refreshes every single day.

So, what's the end result of this been? Well, the end result has been that they've been able to capture a significant amount of the upside over the last year. The total return for the S&P 500 is roughly 16.2% while for Tespy it's sitting at 15.9%.

So they've been able to capture roughly 96 97 maybe even 98% of the upside over the last year while also providing a trailing 12-month yield of 14.24%.

So it's undoubtedly very impressive. They've certainly been operating in an optimal environment relative to their underlying holding, but no doubt it's a very impressive performance period for this fund.