TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) Straddle

Trading a TSPY straddle lets you take a pure volatility position on TappAlpha S&P 500 Growth & Daily Income ETF without committing to a direction. TappAlpha S&P 500 Growth & Daily Income ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate TSPY straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on TSPY profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when TappAlpha S&P 500 Growth & Daily Income ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the TSPY straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

TSPY is the issuers first ETF. The objective of the issuer is to provide easier access to more sophisticated investment strategies. TSPY holds shares of SPDR S&P 500 Index trust (ticker: SPY) and writes call options each day to generate income. Options may be written against the shares of SPY, the S&P 500 index itself, SPX, or the Cboe Mini-SPX Index, XSP. The expiration dates for the call options will focus on using 0DTE, same day expiration, but may range up to one week. The portfolio manager aims to generate daily income and distribute the income monthly. Investors should note the high turnover rate of the fund and that distributions will be taxed as ordinary income.

The fund will hold US Treasury securities as collateral.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the TSPY straddle is the cleanest expression of that view. Our scanner prices every TSPY straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a TSPY straddle into a catalyst or short a TSPY straddle to harvest decay, the options straddle setups that matter are all in one place.