> ## Content Index > Fetch the complete content index at: https://www.leadlagreport.com/llms.txt > Use this file to discover other available public pages before exploring further. # The Fed Finally Hiked. The Bond Market Is Doing the Tightening For It. TSPY Was Designed For Both. - URL: https://www.leadlagreport.com/the-fed-finally-hiked-the-bond-market-is-doing-the-tightening-for-it-tspy-was-designed-for-both/ - Published: 2026-10-21T16:00:00.000Z - Updated: 2026-10-21T16:00:01.000Z - Description: How a daily 0DTE covered call strategy on the S&P 500 seeks to generate monthly distributions in a market shaped by the first rate hike since 2023, a 5.28% 10-year yield, and a still-compressed VIX. - Author: Michael A. Gayed, CFA - Tags: Sponsored, TappAlpha ## Key Highlights - The Federal Open Market Committee (FOMC) raised the target range for the federal funds rate by a quarter point to 3.75–4.00% on September 16, 2026 — the first increase since 2023 — on a 12-0 vote. The Committee's accompanying Summary of Economic Projections pointed to the possibility of one more increase this year. - The Consumer Price Index (CPI) rose 0.4% on a seasonally adjusted basis in August 2026, with the gasoline index up 3.9% and accounting for more than a third of the all-items monthly increase, according to the Bureau of Labor Statistics. - The 10-year Treasury yield closed at 5.28% on October 2, 2026, roughly half a percentage point higher than a month earlier. - The Cboe Volatility Index (VIX) closed at 16.39 on October 1, 2026 — essentially unchanged from its September 30 close of 16.34 and below its long-run average of approximately 19.5 since 1990. - The S&P 500® Index closed at 7,722.72 on October 2, 2026, up nearly 15% over the prior twelve months. It is not possible to invest directly in an index. - The TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) holds S&P 500 exposure and writes zero-days-to-expiration (0DTE) call options on that exposure each trading day. TSPY has made a distribution every month since October 2024\. Its most recent distribution was $0.29679 per share (ex-date October 6, 2026; payable October 7, 2026). Net assets were $367 million as of October 7, 2026, and the Fund's total expense ratio is 0.71% (0.68% management fee plus 0.03% acquired fund fees and expenses). - The next scheduled FOMC meeting is October 27–28, 2026. **TSPY Distribution Rate: 13.91% (as of 10/6/26).** The distribution rate is calculated by annualizing the Fund's most recent monthly distribution — the distribution with an ex-date of October 6, 2026 — and dividing that annualized amount by the Fund's net asset value per share. It reflects a single distribution annualized. It is not a trailing 12-month figure, it is not a total return, and it is not a projection. The return of capital for this most recent distribution was estimated to be 84%. There is no guarantee that the fund will pay distributions in the future, if any, and may vary from the current distribution. The Fund currently expects, but does not guarantee, to make distributions on a monthly basis. **TSPY 30-Day SEC Yield: 0.38% (as of 9/30/26).** Standardized performance: TSPY: [https://www.tappalphafunds.com/etfs/tspy](https://www.tappalphafunds.com/etfs/tspy?ref=leadlagreport.com) Click here for the TSPY prospectus: [https://docs.tappalphafunds.com/TSPY/prospectus.pdf](https://docs.tappalphafunds.com/TSPY/prospectus.pdf?ref=leadlagreport.com) **The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.** Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility. Market performance is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day. There is no guarantee that the fund will pay distributions in the future, if any, and may vary from the current distribution. ## The Hike That Ended the Three-Year Wait On September 16, 2026, the Federal Reserve did what markets had spent much of the year anticipating: it raised rates. A quarter point, to 3.75–4.00%, on a unanimous 12-0 vote — the first increase since 2023, and one that followed a July meeting at which three members dissented from the decision to hold. Energy was a visible part of the inflation picture. August CPI rose 0.4% on the month, with the gasoline index up 3.9% and accounting for more than a third of the all-items increase. The Committee's September statement was direct: "Inflation remains elevated." It described the hike as support for a timelier return to its 2 percent goal. What makes this moment unusual, in our view, is not the hike itself. It is the combination: the Fed has started hiking, the bond market has moved faster than the Fed — the 10-year Treasury yield closed at 5.28% on October 2, up roughly half a point in a month — and the equity market has largely absorbed both. The S&P 500 closed at 7,722.72 on October 2, up nearly 15% over the prior twelve months, and the VIX closed October 1 at 16.39, barely above its September 30 close. An equity market this calm, a bond market repricing this fast, and a central bank that has signaled it may hike again — that combination is the setup this article describes. We see two plausible resolutions, and we believe both can be constructive for a strategy that seeks to collect option premium on the S&P 500 each trading day. Neither resolution guarantees a positive outcome, and a sharp equity decline would reduce the Fund's value regardless of the premium collected. ## The Distribution Math With the 10-Year at 5.28% A 5.28% 10-year Treasury yield is among the highest nominal yields the bond market has offered in years, and it can look compelling next to a 2% inflation target. It is not without risk. The same Fed that just hiked has signaled it may hike again, and the next meeting is October 27–28\. A bond bought today at 5.28% carries duration risk into a cycle that may still be tightening — further increases in yields would push its price lower. Option premium is a different source of potential distributions — one that does not depend on duration or on dividends. A daily covered call strategy does not require the Fed to stop hiking or inflation to fall in order to collect premium. It does require a deep, liquid daily options market on the S&P 500, and that market has grown substantially: according to Cboe, SPX 0DTE options averaged 2.3 million contracts per day in 2025 and represented 59% of total SPX options volume, up from roughly 5% in 2016. It is important to be clear about what option premium does not do. TSPY holds S&P 500 exposure. If the S&P 500 falls, TSPY falls. Premium income may cushion a decline; it does not prevent one. An allocator should size TSPY as equity exposure with an options overlay, not as a substitute for fixed income. ## Why a Hiking Cycle With a Compressed VIX Matters for a Daily Strategy A VIX at 16.39 after the first hike in three years can sound like a difficult environment for selling options. In a traditional covered call framework — monthly options, static strikes — lower implied volatility means lower premium, and that framework commits to a single strike for roughly thirty days. A daily 0DTE covered call works differently. Rather than locking one strike for a month, it re-strikes each trading morning at the prevailing price and volatility level. When implied volatility is low, the premium available on a given morning is smaller. If implied volatility reprices higher, the premium available the next morning may be larger — without waiting for a monthly contract to roll. In our view, that responsiveness is what distinguishes a daily strategy in a changing regime, although the strategy remains subject to the risks associated with short-dated options, and periods of rising volatility often coincide with equity declines that premium may not offset. Between now and year-end sit several scheduled catalysts: the September CPI release, the October 27–28 FOMC meeting, and the December 8–9 FOMC meeting. A VIX near 16 suggests the options market is currently pricing relatively little turbulence around them. If the additional hike the September projections pointed to arrives, or another energy-driven CPI print surprises, implied volatility may reprice. A daily strategy would write at the new level the next trading morning. And if calm persists, the strategy seeks to continue collecting premium at the compressed level each trading day. It does not depend on a volatility spike — but there is no guarantee that the premium collected, at any volatility level, will offset declines in the underlying exposure. ## TSPY's Distribution History TSPY has made a distribution every month since October 2024 — through a period that has included rate cuts, an extended hold and now a hike. The most recent distribution was $0.29679 per share (ex-date October 6, 2026; payable October 7, 2026), and the Fund's net assets were $367 million as of October 7, 2026\. Past distributions are not indicative of future distributions, and there is no guarantee that the fund will pay distributions in the future, if any, and may vary from the current distribution. A significant portion of recent distributions has been estimated to be return of capital, which reduces an investor's cost basis. TappAlpha crossed $500 million in total platform assets in May 2026\. In our view, that growth reflects advisor and investor demand for distribution sources that do not depend on calling the Fed's next move. Asset growth is not, on its own, an argument for any specific fund. ![chart](https://storage.ghost.io/c/b8/9e/b89e006c-adc9-4384-b804-e802e23b544e/content/images/2026/10/TSPY_img01.png) *Figure 1\. 10-year Treasury yield, daily closes, January 1 – October 1, 2026, with the September 16 FOMC hike marked. The 10-year closed at 5.28% on October 2, 2026, the day after the last data point shown. Source: Federal Reserve Bank of St. Louis (FRED), series DGS10\. Past performance does not guarantee future results.* ![chart](https://storage.ghost.io/c/b8/9e/b89e006c-adc9-4384-b804-e802e23b544e/content/images/2026/10/TSPY_img02.jpeg) *Figure 2\. Cboe Volatility Index (VIX), daily closes, January 1 – October 1, 2026, with the long-run average of approximately 19.5 (computed since 1990) shown for reference. Source: Federal Reserve Bank of St. Louis (FRED), series VIXCLS. It is not possible to invest directly in an index.* ![chart](https://storage.ghost.io/c/b8/9e/b89e006c-adc9-4384-b804-e802e23b544e/content/images/2026/10/TSPY_img03.png) *Figure 3\. 0DTE share of total SPX options volume, approximately 5% in 2016 versus 59% in 2025 (average 2.3 million contracts per day in 2025). Source: Cboe Global Markets, "State of the Options Industry 2025." Industry volume data; not fund data.* ## The Trade-Offs You Need To Understand **Upside is capped on the written exposure.** Writing out-of-the-money calls each morning means giving up the portion of any session's rally above the strike on the written exposure. In a sustained, strong rally, a covered call fund will typically lag the underlying index. That is the cost of the premium. **Downside is not capped.** Premium income may offset part of a decline; it does not eliminate it. TSPY carries the market risk of the S&P 500. **0DTE options carry specific execution and liquidity risks.** Because they expire within hours, they are more sensitive to sudden price movements than longer-dated options. Timing is more critical, liquidity can be thinner, and bid-ask spreads can be wider, increasing transaction costs. **Distribution rate is not yield.** The 13.91% distribution rate annualizes a single monthly payment. TSPY's 30-day SEC yield was 0.38% as of September 30, 2026\. Option premium is generally not captured in the SEC yield, which is why the two figures differ so widely. Both are accurate; they measure different things. **The tax character is not simple.** Distributions may include return of capital, which reduces cost basis rather than representing investment income. The final tax character is determined after year end. That belongs in the account-location decision. ## The Setup Into October 27–28 Here is where the market stood as of early October 2026: - Fed funds at 3.75–4.00%, raised September 16 on a 12-0 vote, with projections pointing to the possibility of one more increase this year. - 10-year Treasury at 5.28% (October 2), up roughly half a point in a month. - VIX at 16.39 (October 1) — compressed, despite the first hike since 2023. - S&P 500 at 7,722.72 (October 2), up nearly 15% over the prior twelve months. - August CPI +0.4% on the month; gasoline index +3.9%. - TSPY: $367 million in net assets (October 7, 2026); most recent monthly distribution $0.29679 per share; monthly distributions since October 2024. - Next FOMC meeting: October 27–28. For an income allocation that does not want to bet on when the Fed stops hiking, and does not want to take on long-duration bond risk into a cycle that may still be tightening, TSPY seeks to offer a third path: S&P 500 exposure paired with a strategy that seeks to monetize short-dated volatility each trading day, with distributions made monthly. The Fed tightened. The bond market tightened further. In our view, the volatility market has not yet repriced either. We believe that gap is the setup a daily covered call strategy was designed for — while recognizing that the strategy remains fully exposed to declines in the S&P 500. ## Disclosure This content is sponsored by TappAlpha. The Lead-Lag Report has been compensated for the publication of this material. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of TappAlpha or its affiliates. This material is for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold any securities, including TSPY. The Fund currently expects, but does not guarantee, to make distributions on a monthly basis. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. These distributions may exceed the Fund's income and gains for the Fund's taxable year. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Monthly distributions, if any, may consist of returns of capital, which would decrease the Fund's NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. There is no guarantee that the fund will pay distributions in the future, if any, and may vary from the current distribution. The final tax character of the Fund's distributions will not be determined until the end of the Fund's fiscal year. Prospective investors should not invest in the Fund with an expectation that they will realize any tax benefits. Nothing in this communication constitutes tax advice. Investors are urged and advised to consult their own tax adviser with respect to the tax consequences of an investment in the Fund. **INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE ETFs IDENTIFIED ON THIS SITE. THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUND ARE CONTAINED IN THE PROSPECTUS, WHICH CAN BE OBTAINED ON THIS SITE OR BY CALLING (844) 403-2888\. THE PROSPECTUS SHOULD BE READ CAREFULLY BEFORE INVESTING.** Please click here for the prospectus: [https://docs.tappalphafunds.com/TSPY/prospectus.pdf](https://docs.tappalphafunds.com/TSPY/prospectus.pdf?ref=leadlagreport.com) **The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.** Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility. Market performance is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day. Click here for standardized performance: [https://www.tappalphafunds.com/etfs/tspy](https://www.tappalphafunds.com/etfs/tspy?ref=leadlagreport.com) Investing involves risk. Principal loss is possible. The Fund's shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objectives. The Fund invests in options contracts that are based on the value of the Index, including SPX and XSP options. This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index, even though it does not own shares of companies in the Index. The Fund will have exposure to declines in the Index. The Fund is subject to potential losses if the Index loses value, which may not be offset by income received by the Fund. By virtue of the Fund's investments in options contracts that are based on the value of the Index, the Fund may also be subject to an indirect investment risk, an index trading risk and an S&P 500 Index Risk. Due to the short time until their expiration, 0DTE options are more sensitive to sudden price movements and market volatility than options with more time until expiration. Because of this, the timing of trades utilizing 0DTE options becomes more critical. Even a slight delay in the execution of 0DTE trades can significantly impact the outcome of the trade. 0DTE options may also suffer from low liquidity, making it more difficult for the Fund to enter into its positions each morning at desired prices. The bid-ask spreads on 0DTE options can be wider than with traditional options, increasing the Fund's transaction costs and negatively affecting its returns. These risks may negatively impact the performance of the fund. The Fund's use of a covered call strategy may limit the Fund's ability to participate in the appreciation of the S&P 500® Index beyond the strike price of the written call options. To the extent that the Fund invests in other ETFs or investment companies, the value of an investment in the Fund is based on the performance of the underlying funds in which the Fund invests and the allocation of its assets among those ETFs or investment companies. The Fund may incur high portfolio turnover to manage the Fund's investment exposure. Passive Strategy/Index Risk. SPY and VOO are not actively managed. Rather, SPY and VOO attempt to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, SPY and VOO will hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Index Tracking Risk. While SPY and VOO are intended to track the performance of the S&P 500® Index (the "Index") as closely as possible (i.e., to achieve a high degree of correlation with the Index), SPY and VOO's return may not match or achieve a high degree of correlation with the return of the Index due to expenses and transaction costs incurred in adjusting the Portfolio. Non-Diversification Risk. The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code"). A decline in the value of an investment in a single issuer could cause a Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. The Fund may invest a relatively high percentage of its assets in a limited number of issuers and/or in options contracts with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting one or more of these issuers and/or counterparties. ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Distributor: Foreside Fund Services, LLC, Member FINRA. ## Definitions The following plain-language definitions are provided for terms used above, in alphabetical order. They are general descriptions and are not part of the Fund's offering documents. 0DTE (zero-days-to-expiration) options — Options contracts that expire on the same trading day they are written. Because they expire within hours, they carry the fastest rate of time decay and are highly sensitive to intraday price movements. 10-year Treasury yield — The market yield on U.S. Treasury securities at a ten-year constant maturity. It is the benchmark nominal interest rate for long-dated U.S. government debt and moves inversely to the price of those bonds. 30-Day SEC Yield — A standardized yield calculation reflecting dividends and interest earned during the period after deduction of the fund's expenses. Also referred to as the standardized yield. Consumer Price Index (CPI) — A measure published monthly by the U.S. Bureau of Labor Statistics that tracks the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is a widely used indicator of inflation. Covered call — An options strategy in which call options are sold against an underlying holding the seller owns. The seller collects premium in exchange for capping gains above the option's strike price. The premium received may provide limited downside protection but does not protect against a significant decline. Distribution rate — The annualized rate an investor would receive if the most recent fund distribution remained the same going forward. For a monthly-distributing fund it is the most recent monthly distribution multiplied by twelve, divided by net asset value per share as of the stated date. It represents a single distribution from the fund, does not represent total return, and is not a trailing 12-month figure. There is no guarantee that the fund will pay distributions in the future, if any, and may vary from the current distribution. Duration risk — The sensitivity of a bond's price to changes in interest rates. Longer-maturity bonds carry more duration risk. FOMC (Federal Open Market Committee) — The Federal Reserve committee that sets U.S. monetary policy, including the target federal funds rate. It holds eight regularly scheduled meetings a year. Return of capital — The portion of a distribution that exceeds a fund's current and accumulated earnings and profits. It reduces an investor's cost basis rather than representing investment income. S&P 500® Index — A widely recognized market-capitalization-weighted benchmark index that tracks the performance of 500 of the largest publicly traded U.S. companies across major industry sectors. It is not possible to invest directly in an index. SPX and XSP options — Cboe-listed options on the S&P 500 Index (SPX) and the Mini-S&P 500 Index (XSP, one-tenth the size of SPX). SPY / VOO — The SPDR® S&P 500® ETF Trust (SPY) and the Vanguard S&P 500 ETF (VOO) are exchange-traded funds that seek to track the S&P 500 Index. Neither is affiliated with TappAlpha or the Fund. Summary of Economic Projections — The Federal Reserve's quarterly release of FOMC participants' projections for economic growth, unemployment, inflation and the appropriate path of the federal funds rate. VIX (Cboe Volatility Index) — A real-time index measuring the market's expectation of 30-day forward-looking volatility of the S&P 500 Index, derived from the prices of S&P 500 Index options, commonly referred to as the market's "fear gauge." A lower reading generally indicates that options are pricing in less expected volatility. It is not possible to invest directly in an index. DISCLAIMER – PLEASE READ: This is a sponsored article for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the article or make any representation as to its quality. All statements and expressions provided in this article are the sole opinion of TappAlpha and Lead-Lag Publishing, LLC expressly disclaims any responsibility for action taken in connection with the information provided in the discussion. The content in this writing is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. ## Footnotes / Sources 1\. Board of Governors of the Federal Reserve System, "Federal Reserve issues FOMC statement," September 16, 2026 — target range raised by 1/4 percentage point to 3-3/4 to 4 percent, approved by a 12-0 vote; statement language quoted. 2\. Board of Governors of the Federal Reserve System, Summary of Economic Projections, September 16, 2026 — median projected federal funds rate path; 2026 FOMC meeting calendar (October 27–28; December 8–9). 3\. Board of Governors of the Federal Reserve System, "Federal Reserve issues FOMC statement," July 29, 2026 — target range maintained, approved by a 9-3 vote. 4\. U.S. Bureau of Labor Statistics, "Consumer Price Index Summary," August 2026 — all items up 0.4% seasonally adjusted; gasoline index up 3.9%, accounting for more than one third of the monthly all-items increase. [https://www.bls.gov/news.release/cpi.nr0.htm](https://www.bls.gov/news.release/cpi.nr0.htm?ref=leadlagreport.com) 5\. Federal Reserve Bank of St. Louis (FRED), Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity (DGS10), observation for October 2, 2026 — 5.28%; one-month change computed from the same series. [https://fred.stlouisfed.org/series/DGS10](https://fred.stlouisfed.org/series/DGS10?ref=leadlagreport.com) 6\. Federal Reserve Bank of St. Louis (FRED), CBOE Volatility Index: VIX (VIXCLS), observations for September 30, 2026 (16.34) and October 1, 2026 (16.39); long-run average of approximately 19.5 computed from the full daily series since 1990\. [https://fred.stlouisfed.org/series/VIXCLS](https://fred.stlouisfed.org/series/VIXCLS?ref=leadlagreport.com) 7\. S&P Dow Jones Indices, S&P 500® Index closing level of 7,722.72 on October 2, 2026; twelve-month change computed from index closing levels. [https://www.spglobal.com/spdji/en/indices/equity/sp-500/](https://www.spglobal.com/spdji/en/indices/equity/sp-500/?ref=leadlagreport.com) 8\. Cboe Global Markets, "State of the Options Industry 2025" — SPX 0DTE average daily volume of 2.3 million contracts in 2025, representing 59% of total SPX options volume, versus approximately 5% in 2016\. [https://www.cboe.com/insights/](https://www.cboe.com/insights/?ref=leadlagreport.com) 9\. TappAlpha, TSPY Fund Page — net assets $367 million as of October 7, 2026; most recent distribution $0.29679 per share (ex-date October 6, 2026; payable October 7, 2026); distribution rate 13.91% as of October 6, 2026, calculated by annualizing the most recent monthly distribution and dividing by NAV per share; estimated return of capital of 84% for that distribution; 30-day SEC yield 0.38% as of September 30, 2026; total expense ratio 0.71% (0.68% management fee plus 0.03% acquired fund fees and expenses); inception August 14, 2024; monthly distributions since October 2024\. [https://www.tappalphafunds.com/etfs/tspy](https://www.tappalphafunds.com/etfs/tspy?ref=leadlagreport.com) 10\. TappAlpha, TSPY Prospectus — investment objectives, principal investment strategies and principal risks. [https://docs.tappalphafunds.com/TSPY/prospectus.pdf](https://docs.tappalphafunds.com/TSPY/prospectus.pdf?ref=leadlagreport.com) 11\. TappAlpha, "Growth + Income Emerges as a Category: TappAlpha Crosses $500M AUM," May 2026\. [https://finance.yahoo.com/markets/stocks/articles/growth-income-emerges-category-tappalpha-113000858.html](https://finance.yahoo.com/markets/stocks/articles/growth-income-emerges-category-tappalpha-113000858.html?ref=leadlagreport.com)