ETF Evaluator:
TappAlpha Innovation 100 Gr & Dl Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long-Short Equity Over the Last Year
| 42.4% | Convergence Long/Short Equity ETF (CLSE) |
| 29.1% | Militia Long/Short Equity ETF (ORR) |
| 28.5% | Unlimited HFEQ Equity Long/Short ETF (HFEQ) |
| 25.5% | Harbor Long-Short Equity ETF (LSEQ) |
| 16.2% | Efficient Market Portfolio Plus ETF (EMPB) |
Risk
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Risk
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ETF Details
TappAlpha Innovation 100 Gr & Dl Inc ETF Overview
TappAlpha Innovation 100 Gr & Dl Inc ETF (TDAQ) is an actively managed Nontraditional Equity Long-Short Equity exchange-traded fund (ETF). TappAlpha launched the ETF in 2025.
The investment seeks current income while maintaining prospects for capital appreciation; exposure to the performance of the NASDAQ-100® Index, through investment in one or more exchange-traded funds that track the NASDAQ-100® Index is a secondary consideration.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objectives through the use of a call option strategy that combines a long position in one or more exchange-traded products that seek to track the performance of the NASDAQ-100® Index. The fund is non-diversified.
About TappAlpha Innovation 100 Gr & Dl Inc ETF (TDAQ)
There are 1 members of the management team with an average tenure of 0.91 years: Si Katara (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
TappAlpha Innovation 100 Gr & Dl Inc ETF has 4 securities in its portfolio. The top 10 holdings constitute 99.8% 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 Innovation 100 Gr & Dl Inc ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. TappAlpha Innovation 100 Gr & Dl Inc ETF has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.9% There is 2.7% 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 Innovation 100 Gr & Dl Inc ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $267 million in total assets, which is below the $320 million average for the Long-Short Equity 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.
TDAQ 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 Innovation 100 Gr & Dl Inc ETF expense ratio is high compared to funds in the Long-Short Equity category. TappAlpha Innovation 100 Gr & Dl Inc ETF has an expense ratio of 0.83%, which is 55% lower than its category average, making the fund expense ratio grade a B. 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 Innovation 100 Gr & Dl Inc ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 0.6 years. By way of comparison, the average portfolio turnover is 157% for the Long-Short Equity category.
Recently, in the month of July 2026, TappAlpha Innovation 100 Gr & Dl Inc ETF returned -6.0%, which earned it a grade of F, as the Long-Short Equity category had an average return of -0.0%. 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 Innovation 100 Gr & Dl Inc ETF has a trailing yield of 0.00%, which is below the 1.17% 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.
TappAlpha Innovation 100 Gr & Dl Inc ETF Grades
Year to date, the ETF has returned 11.2%, 2.9 percentage points better than the category, which translates into a grade of B.
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TDAQ 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 |
|
| TDAQ Return (NAV) | -6.0% | 3.0% | na | na | na | na |
| TDAQ Return (Price) | -6.4% | 3.0% | na | na | na | na |
| NAV +/- Price Return | 0.412% | 0.003% | na | na | na | na |
| Long-Short Equity Avg | -0.0% | 3.1% | 14.5% | 14.1% | 7.8% | 12.2% |
| TDAQ Grade (NAV) | F | B | na | na | na | na |
| +/- Category (NAV) | -6.0% | -0.1% | na | na | na | na |
| TDAQ Tax-Cost Ratio | na | na | na | na | na | na |
TDAQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TDAQ Return (NAV) | 11.2% | na | na | na | na | na | na | na | na | na | na |
| TDAQ Return (Price) | 11.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.016% | na | na | na | na | na | na | na | na | na | na |
| Long-Short Equity Avg | 8.3% | 8.4% | 17.1% | 13.7% | -9.2% | 8.7% | 28.9% | 15.9% | 0.1% | 15.9% | 9.6% |
| TDAQ Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.9% | 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: | $ 268 Mil |
| Share Class Assets: | $ 268 Mil |
| Turnover: | 1.6% |
| Expense Ratio: | 0.83% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.9 years | |||
| Average Tenure: 0.9 years | |||
| Managers (Year): Katara Si (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 99.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 96.9% |
| Foreign Stock: | 2.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.4% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TappAlpha |
| Phone Number: | 844-403-2888 |
| Website: | |
| Inception Date: | September 3, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.83% (Rating: High) |
| Category Average Expense Ratio (%): | 1.83% |
