QQQI vs SPYI: Fees, Returns & Holdings Compared

	Expense ratio	Net assets	Yield (TTM)	Overlap	1 yr	5 yr*
QQQI	0.68%	$13.11B	14.93%	54%	+5.8%	—
SPYI	0.68%	$10.41B	11.85%		+13.4%	—

At a glance

54% of QQQI’s and SPYI’s holdings overlap by weight, with 88 securities in common out of 102 and 507. Both charge 0.68% a year, $680 on every $100,000. QQQI has $13.11B in assets and SPYI $10.41B; over the past 12 months QQQI paid out 14.93% of its price and SPYI 11.85%, both monthly. Over the past year QQQI returned +5.8% and SPYI +13.4% with distributions reinvested.

Key differences

	QQQI	SPYI
Fund	NEOS Nasdaq 100 High Income ETF	NEOS S&P 500 High Income ETF
Issuer	NEOS	NEOS
Structure	Open-end ETF	Open-end ETF
Type	Option income	Option income
Launched	Jan 30, 2024	Aug 30, 2022
Expense ratio	0.68%	0.68%
Cost a year on $100,000	$680	$680
Net assets	$13.11B	$10.41B
Holdings	102	507
Ten largest positions	45.1%	36.4%
Yield (12 months)	14.93%	11.85%
Pays	monthly	monthly
Portfolio turnover	8% a year	1% a year
Price data from	Jan 30, 2024	Aug 31, 2022

Structure and tax notes

Both: Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.

Holdings and overlap

Overlap by weight54%the share of each fund in holdings both own

Securities in common88QQQI 102 · SPYI 507 in all

Ten largest positions45.1% / 36.4%of assets, QQQI / SPYI

Overlap adds up, for every security both funds own, the smaller of its two weights: 100% would mean identical portfolios.

Largest holdings

Holding	QQQI	SPYI
NVIDIA Corp	7.65%	7.54%
Apple Inc	6.63%	6.56%
Micron Technology Inc	5.61%	1.98%
Microsoft Corp	4.38%	4.30%
Advanced Micro Devices Inc	4.12%	1.46%
Amazon.com Inc	4.05%	3.63%
Tesla Inc	3.35%	1.84%
Alphabet Inc	3.32%	3.27%
Alphabet Inc	3.06%	2.60%
Intel Corp	2.99%	1.01%
Broadcom Inc	2.81%	2.78%
Meta Platforms Inc	2.64%	1.91%

The biggest differences in weight: Micron Technology Inc (5.6% in QQQI, 2.0% in SPYI); Advanced Micro Devices Inc (4.1% in QQQI, 1.5% in SPYI); Intel Corp (3.0% in QQQI, 1.0% in SPYI).

By sector

Sector	QQQI	SPYI	Difference
Technology	54.0%	34.9%	QQQI +19.1
Communication services	12.2%	9.3%	QQQI +2.9
Consumer discretionary	11.1%	9.1%	QQQI +2.0
Financials	0.3%	10.8%	SPYI +10.5
Health care	2.0%	7.1%	SPYI +5.1
Industrials	1.9%	6.8%	SPYI +4.9
Consumer staples	6.0%	4.4%	QQQI +1.6
Energy	0.2%	2.7%	SPYI +2.5
Utilities	1.2%	1.9%	SPYI +0.7
Materials	0.0%	1.3%	SPYI +1.3
Real estate	0.0%	1.2%	SPYI +1.2

Sectors of the companies each fund holds that have a stock page here (89.8% of QQQI, 90.6% of SPYI). Source: N-PORT holdings reports as of Jun 30, 2026 for both funds.

Returns

QQQI SPYI · $10,000 in each on Jan 31, 2024, distributions reinvested.

$10,000 put into QQQI on Jan 31, 2024 was worth $15,544 on Oct 27, 2026, and in SPYI $15,287 (+17.4% and +16.7% a year). That is as far back as the price data for both goes.

	1 yr	3 yr	5 yr	10 yr
QQQI price data to Nov 2, 2026	+5.8%	—	—	—
QQQI official prospectus, to Dec 31, 2025	+18.62%	—	—	—
SPYI price data to Oct 27, 2026	+13.4%	+19.3%	—	—
SPYI official prospectus, to Dec 31, 2025	+16.60%	—	—	—

Multi-year figures are annualized total returns with distributions reinvested. "Official" rows are the SEC-standard returns from each fund's prospectus, to the end of the last calendar year; they reach back further where the price data starts late.

Calendar years

Year	QQQI	SPYI	Difference
2026	+6.6% *	+12.0% *	SPYI +5.4
2025	+18.6%	+16.7%	QQQI +1.9
2024	—	+19.1%
2023	—	+18.2%

Total returns from price data; * year to Oct 27, 2026.

Downturns and recovery

	QQQI	SPYI
2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009	Before it launched	Before it launched
2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020	Before it launched	Before it launched
2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022	Before it launched	Before it launched
Worst fall in the price data	−20% (Feb 19, 2025 – Apr 8, 2025)	−16.5% (Feb 19, 2025 – Apr 8, 2025)

The deepest drop from a high to a low during each stretch when stocks fell, and how long the fund took to get back to its earlier high, with distributions reinvested. The price data starts Jan 30, 2024 for QQQI and Aug 31, 2022 for SPYI.

Income

QQQI yield (12 months)14.93%paid monthly

SPYI yield (12 months)11.85%paid monthly

Year	QQQI	SPYI
2025	$1,421	$1,210

Distributions paid during each calendar year on $10,000 of shares bought at the previous year-end close, adjusted for share splits. Before taxes.

Costs

Both funds charge 0.68% a year. The fee comes out of each fund's assets, so it is already in the returns above.

Cost of $10,000 (SEC example)	1 yr	3 yrs	5 yrs	10 yrs
QQQI	$69	$218	$379	$847
SPYI	$69	$218	$379	$847

From each fund's prospectus: the total costs on $10,000 invested, at a 5% yearly return, with the shares sold at the end of each period.

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