TappAlpha S&P 500 Growth & Daily Income ETF offers high 14.56% yield via buy-write strategy but risks include limited downside protection.

The TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) employs a dynamic buy-write strategy generating a 14.56% annualized distribution rate mainly from option premiums and capital gains. It performs well in volatile or sideways markets but tends to underperform the SPY ETF during strong market rallies due to capped upside from daily call writing. Key risks include a lack of downside protection during market declines and a limited track record for both the ETF and its issuer, Tapp Finance. Investors should weigh these factors and consider their risk tolerance before investing.