TSPY 提供高收益（14.24% 的收益率），且上行牺牲极小（捕捉约 97% 的 SPX 涨幅），是一只令人印象深刻的期权收益工具。
逐段跳播
最后，我们有一只我认为自己之前从未在本频道覆盖过的基金，那就是来自 TAP Alpha 的 TSPY。所以，这将是 TAP Alpha 的标普 500 增长与每日收益 ETF。这只基金实际上有一些非常独特的特点。
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.
但首先，同样，让我们跳到 Yield Canary，输入 TSPY 并调出来。看看我们面对的是什么。首先，我们可以看到这被认为是一只健康且资本回报稳定的基金。而且我们知道它分散化良好，因为标的是 SPY。
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.
现在，如果我们向下滚动，看看真实收益和资本回报。所以，同样，这是战略性资本回报。你会注意到，这是又一个我们在 3 月看到大额分配的情形。所以，同样，假设是他们出于税收目的不得不这样做。
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.
现在，话虽如此，与我们今天看过的其他一些 ETF 相比，这是一只相对较新的 ETF，但管理资产规模目前约为 3.22 亿。所以，它开始获得一些投资者的关注。
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.
话虽如此，现在我想指出几点，但首先，如果我们跳转到他们网站上的基金情况说明书，你会注意到：第一，没错，他们力求通过 SPY 参与标普 500 的增长。然后是高收益潜力。我们稍后会回到这一点。
他们力求通过有纪律的每日执行来降低波动性。同样，这是我们稍后会看的重要一点。然后是税收感知型分配。所以，同样，他们强调，他们的一些分配可能部分被归类为资本回报，这不立即纳税，而是降低你的成本基础。
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.
那么，这只基金究竟有什么独特之处？我们显然已经有一些标普 500 期权收益 ETF 了。那么，以下是你真正需要知道的。每一个交易日，这只基金都会卖出 SPY 或 SPX 的价外看涨期权，这些期权通常在同一天到期。
通常，这些看涨期权在价外 0 到 5% 之间卖出。期权权利金被累积起来，并通过月度分配支付给股东。但由于期权每日重置，只有当标普 500 超过当天选定的行权价时，基金才会牺牲上涨空间。所以，上涨上限基本上每天都会刷新。
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.
那么，这样做的最终结果是什么？最终结果是，他们在过去一年里能够捕捉到相当大一部分上涨空间。标普 500 的总回报约为 16.2%，而 TSPY 为 15.9%。所以，他们在过去一年里能够捕捉到大约 96%、97%，甚至可能 98% 的上涨空间，同时还提供了 14.24% 的过去 12 个月收益率。
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%.
所以，这无疑非常令人印象深刻。相对于其底层持仓，他们无疑一直在一个最优环境中运作，但毫无疑问，这对这只基金来说是一段非常令人印象深刻的表现期。
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.
这个频道对 $TSPY 的历次判断
Dividendology 在这只股票上只有这一条判断。