TSPY Fees and Costs — TappAlpha SPY Growth & Daily Income ETF
Data updated: 2026-10-02
The net expense ratio is 0.77%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $43K in broker commissions, 0.0699% of average net assets, and portfolio turnover was 0%.
TSPY Fees and Expenses
Annual operating expenses and sales charges of TSPY. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.68% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.77% |
| Fee waiver | — |
| Net expense ratio | 0.77% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TSPY Costs Over Time
On $10,000 invested in TSPY, assuming 5% a year before costs, total costs come to $527 over 5 years, cutting the return by 0.88% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.77%) | $81 | $253 | $439 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $289 | $527 |
| Value after costs | $10,412 | $11,287 | $12,236 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
TSPY Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0699%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): $1.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
TSPY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $42K | 98.77% |
| GTS SECURITIES LLC | $341 | 0.79% |
| CLEAR STREET LLC | $130 | 0.30% |
| GOLDMAN SACHS & CO. LLC | $56 | 0.13% |
TSPY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $1.4M | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.