NEOS S&P 500 High Income ETF
Data as of October 30, 2026. SPYI closed at $52.42.
SPYI holds S&P 500 stocks and sells SPX index calls, generally out of the money, sometimes buying further-out calls to form a spread. That leaves some room for gains before the cap. Its main appeal is tax: SPX options get 60/40 treatment, and much of the payout has historically been classified as return of capital.
| Issuer | NEOS Investments |
|---|---|
| Strategy | Actively managed; S&P 500 stocks plus SPX call spreads |
| Category | Covered call / options income |
| Inception | August 29, 2022 |
| Annualized total return | +14.6% over one year, +17.7% a year over three years |
| Main risk | A relatively new, actively managed strategy with a high fee, and return of capital lowers your cost basis rather than eliminating tax. |
| Year | Paid per share | Change |
|---|---|---|
| 2026 (to date) | $5.27 | — |
| 2025 | $6.15 | +0.5% |
| 2024 | $6.12 | +15.3% |
| 2023 | $5.31 | +181.0% |
| 2022 | $1.89 | — |
| Recent ex-date | Amount |
|---|---|
| October 21, 2026 | $0.509 |
| September 16, 2026 | $0.534 |
| August 19, 2026 | $0.542 |
| July 22, 2026 | $0.530 |
| June 16, 2026 | $0.531 |
| May 20, 2026 | $0.535 |
Per-share cash distributions, adjusted for splits. Includes special and capital-gains distributions. Confirm exact amounts with NEOS Investments.
| Holding | Weight |
|---|---|
| NVIDIA Corp | 8.4% |
| Apple Inc | 7.4% |
| Microsoft Corp | 5.8% |
| Amazon.com Inc | 3.7% |
| Alphabet Inc Class A | 3.0% |
| Broadcom Inc | 2.5% |
| Alphabet Inc Class C | 2.4% |
| Meta Platforms Inc Class A | 2.4% |
| Micron Technology Inc | 1.8% |
| Tesla Inc | 1.5% |
| Ticker | Yield | Expense Ratio | Pays | 1Y Return | 3Y Return |
|---|---|---|---|---|---|
| QQQI | 14.77% | 0.68% | Monthly | +18.0% | n/a |
| SPYI | 12.06% | 0.68% | Monthly | +14.6% | +17.7% |
| XYLD | 10.32% | 0.60% | Monthly | +17.6% | +14.0% |
| GPIX | 8.32% | 0.29% | Monthly | +16.3% | n/a |
| JEPI | 7.93% | 0.35% | Monthly | +6.6% | +10.0% |
Returns assume distributions are reinvested; periods over one year are annualized.
12.06% on a trailing 12-month basis as of October 30, 2026: $6.32 of distributions per share on a $52.42 price. That is about $1,206 a year on a $10,000 investment. The yield moves with the share price and with each payment.
Yes. SPYI pays every month. The most recent ex-dividend date in our data was October 21, 2026, at $0.509 per share.
0.68% a year, or about $68 per $10,000 invested. The cost is taken from the fund's assets, so you never see it as a separate charge.
Index options get 60/40 capital-gains treatment, and a large part of distributions has historically been return of capital, which defers tax by lowering cost basis. The mix changes every year.
A taxable-account favorite for high S&P 500 income with more upside than XYLD. The main risk: a relatively new, actively managed strategy with a high fee, and return of capital lowers your cost basis rather than eliminating tax. This is general information, not personal advice.
JEPI has the lower fee and lower volatility, which suits an IRA. SPYI pays more and has better tax treatment, which suits a taxable account. See SPYI vs JEPI.