ETF Evaluator:
TappAlpha Cboe Magnificent10Gr&DlyIncETF (TMGN)
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Best Performing in Derivative Income Over the Last Year
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ETF Details
TappAlpha Cboe Magnificent10Gr&DlyIncETF Overview
TappAlpha Cboe Magnificent10Gr&DlyIncETF (TMGN) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). TappAlpha launched the ETF in 2026.
The investment seeks current income while maintaining prospects for capital appreciation; to seek exposure to the performance of the CBOE Magnificent 10 Index (“MGTN” or the “Index”), subject to a limit on potential investment gains is secondary consideration.
Under normal circumstances, the fund invests at least 80% of its net assets in financial instruments that provide exposure to MGTN, including the common stocks of companies included in the index (“80% Investment Policy”). It is non-diversified.
About TappAlpha Cboe Magnificent10Gr&DlyIncETF (TMGN)
There are 2 members of the management team with an average tenure of 0.05 years: Matthew Tuttle (2026) and Si Katara (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Cboe Magnificent 10 GR USD index with a weighting of 100%. TappAlpha Cboe Magnificent10Gr&DlyIncETF has 13 securities in its portfolio. The top 10 holdings constitute 98.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
TappAlpha Cboe Magnificent10Gr&DlyIncETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. TappAlpha Cboe Magnificent10Gr&DlyIncETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). TappAlpha Cboe Magnificent10Gr&DlyIncETF has -5.4% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TMGN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The TappAlpha Cboe Magnificent10Gr&DlyIncETF expense ratio is high compared to funds in the Derivative Income category. TappAlpha Cboe Magnificent10Gr&DlyIncETF has an expense ratio of 0.88%, which is 6% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. TappAlpha Cboe Magnificent10Gr&DlyIncETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, TappAlpha Cboe Magnificent10Gr&DlyIncETF returned 0.0%, which earned it a grade of NA, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
TappAlpha Cboe Magnificent10Gr&DlyIncETF has a trailing yield of 0.00%, which is below the 19.96% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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TMGN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TMGN Return (NAV) | na | na | na | na | na | na |
| TMGN Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| TMGN Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| TMGN Tax-Cost Ratio | na | na | na | na | na | na |
TMGN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMGN Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| TMGN Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| TMGN Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 7 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | na |
| Expense Ratio: | 0.88% |
| Index Fund: | No |
| Index Tracked: | Cboe Magnificent 10 GR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.1 years | |||
| Average Tenure: 0.1 years | |||
| Managers (Year): Tuttle Matthew (2026), Katara Si (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 98.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 6.7% |
| Cash: | -5.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TappAlpha |
| Phone Number: | 844-403-2888 |
| Website: | |
| Inception Date: | July 14, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.88% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
