SPYI
NEOS S&P 500 High Income ETF
Option-income fund: holds an S&P 500-like portfolio and writes laddered SPX index calls targeting ~12% annualized monthly income. Uses cash-settled Section 1256 options; distributions largely classified as return of capital for tax efficiency. One of the fastest-growing covered-call ETFs (~$11B).
EquityTER 0.68%Dist.
TER
0.68%
AUM
$11B
Holdings
~506
Data Range
— → —
Key Facts
ISIN
US78433H3030
Issuer
NEOS
Benchmark
Actively managed (ref: S&P 500 + laddered SPX call overlay)
Total Expense Ratio (TER)
0.68%
Assets Under Management
$11B approx.
Inception Date
2022-08-30
Domicile
United States
Legal Structure
Open-End Fund
Dividend Policy
Distributing (pays dividends)
Replication Method
Physical (Full Replication)
UCITS Status
✗ Not UCITS
Fund Currency
USD
Primary Exchange
Cboe BZX
Number of Holdings
~506
Equivalent ETFs
These ETFs track the same or very similar underlying index:
Who Is This ETF For?
✓General portfolio building block for the asset class it covers.
Key Risks to Consider
• Market risk: equity values can drop 30-50% in severe bear markets.
• Non-UCITS: may have unfavorable tax treatment for non-US investors (US estate tax, withholding tax).
Similar ETFs
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Data & Methodology
Metadata sourced from official issuer documentation. Price data from Yahoo Finance (monthly adjusted close, includes reinvested dividends and splits). AUM figures are approximate and updated quarterly.
Data source: NEOS (metadata); research profile — price series pendingLast verified: 2026-08-28
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💬 Frequently Asked Questions
Option-income fund: holds an S&P 500-like portfolio and writes laddered SPX index calls targeting ~12% annualized monthly income. Uses cash-settled Section 1256 options; distributions largely classified as return of capital for tax efficiency. One of the fastest-growing covered-call ETFs (~$11B).
SPYI has a total expense ratio (TER) of 0.68%, which means you pay $68 per year for every $10,000 invested.
Yes, SPYI is a distributing ETF that pays dividends to shareholders. The frequency depends on the fund's schedule.
SPYI is a US-domiciled ETF (not UCITS). Non-US investors should consider the US estate tax implications (40% on US assets above $60,000) and the 30% dividend withholding tax (reduced by treaty in some countries).
SPYI uses full physical replication, meaning it holds all (or nearly all) securities in the Actively managed (ref: S&P 500 + laddered SPX call overlay) index directly.
Similar ETFs tracking the same or a very similar index include: JEPI, XYLD. These may differ in domicile, currency, dividend policy, or expense ratio.