At a glance
ISPY charges 0.55% a year, above the 0.42% average of the 7 funds most like it (the 6th cheapest of 8). It has $1.24B in assets, the 5th largest of that group; it paid 5.47% of its price in distributions over the past 12 months, monthly. Over the past year it returned +9.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds. Its ten largest positions make up 31.9% of the fund, out of 509 in all.
The short version
ProShares S&P 500 High Income ETF (ISPY) owns S&P 500 stocks and uses swap agreements to add income from selling S&P 500 call options that expire the next day, every trading day. It pays monthly and aims for an annualized yield of at least 6%. The trade-off is that it gives up some gains in strong markets. Its 0.55% expense ratio is also above the 0.42% average for similar funds.
Price history
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ISPY +9.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ISPY official prospectus, to Dec 31, 2025 | — | +13.02% | — | — | — | +17.34% |
| ISPY price data to Oct 27, 2026 | +10.5% | +9.9% | — | — | — | +16.4% |
- Over the year to Oct 27, 2026, ISPY returned +9.9%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.1%); its best was 2024 (+21.4%).
- The deepest fall in its price history was 16.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +13.1% | — |
| 2024 | +21.4% | +13.02% |
| 2023 | — | +21.49% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2400 | |
| 2025 | $3.9100 | -10.5% |
| 2024 | $4.3700 |
What's inside
As of Aug 31, 2026, the fund held 509 securities; the ten largest made up 31.86% of assets, and 14.21% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 6.80% | |
| Apple, Inc. | 5.92% | |
| Microsoft Corp. | 4.80% | |
| Amazon.com, Inc. | 3.24% | |
| Alphabet, Inc. Class A | 2.53% | |
| Broadcom, Inc. | 2.23% | |
| Alphabet, Inc. Class C | 2.02% | |
| Meta Platforms, Inc. | 1.60% | |
| Micron Technology, Inc. | 1.38% | |
| Repurchase Agreement RA | 1.35% | |
| Tesla, Inc. | 1.32% | |
| JPMorgan Chase & Co. | 1.22% | |
| Berkshire Hathaway, Inc. | 1.18% | |
| Eli Lilly & Co. | 1.16% | |
| Advanced Micro Devices, Inc. | 0.98% |
By country
United States 85.02%Ireland 1.63%Switzerland 0.24%Bermuda 0.13%Curaçao 0.11%By asset type
Stocks 84.15%RA 3.25%Other 0%By sector
Sectors of the companies held, for the 76.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $45.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.99%, -0.17%, +1.73%.
How it works
ProShares S&P 500 High Income ETF aims to track the S&P 500 Daily Covered Call Index, built by S&P Dow Jones Indices. The index pairs two pieces. One holds the S&P 500, 500 of the largest U.S. companies weighted by market value. The other sells S&P 500 call options. A call option pays its buyer any rise above a set level, the strike. Selling calls brings in cash, called premium, but gives up gains above the strike. This is a covered call strategy.
Each day the index sells out-of-the-money calls, with a strike above the market level, that expire the next day. It then resets the position at the close. The fund does not write those options itself. It gets that exposure through swap agreements, contracts with major financial institutions that exchange returns. It also holds S&P 500 stocks and futures. Spare cash sits in Treasury bills, repurchase agreements and a ProShares money market ETF. The index rebalances daily.
Each month the fund aims to pay out dividend and option premium income, subject to a minimum yield of 6% a year. If a payment exceeds the income the index earned, later payments shrink. Some payouts may count as a return of capital, which hands back part of your own money rather than profit.
What it really costs
- ISPY charges 0.55% a year, versus an average of 0.42% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ISPY | $56 | $176 | $307 | $689 |
Structure and tax notes
- 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.
In a retirement portfolio
ISPY's main purpose is monthly cash from S&P 500 dividends and daily option premiums, and in exchange it gives up some upside.
ISPY could add monthly income on top of broad S&P 500 exposure. Its trailing 12-month yield was 5.47% as of October 27, 2026. The fund launched in December 2023, so it has no record through the 2008, 2020 or 2022 sell-offs. Its deepest drop, 16.9%, ran from February 19 to April 8, 2025, and it was back to its earlier high by July 3, 2025, about 2.8 months later. Its weakest calendar year, 2025, still gained about 13%. Even so, anyone who sells shares during a slump locks in the loss, because option premiums only partly cushion a falling market.
Under the SEC's standard example, the 0.55% expense ratio works out to about $56 in costs in the first year and $689 over 10 years on a $10,000 investment. Option income is usually taxed as ordinary income rather than at the lower rate for qualified dividends. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly income from S&P 500 stocks, backed by the fund's stated aim of at least a 6% annualized yield.
- Holders using tax-deferred accounts such as IRAs, where option income taxed as ordinary income matters less.
- People who want an S&P 500 covered-call fund that sells one-day options, holding NVIDIA, Apple and Microsoft as its largest stocks as of August 31, 2026.
Look elsewhere if
- Cost-focused investors: the 0.55% expense ratio compares with 0.29% for PBP and GPIX and a 0.42% average for similar funds.
- Investors after full S&P 500 growth: selling calls limits upside, and the fund's 9.9% one-year return trailed all seven listed peers through October 27, 2026.
- Anyone wary of derivatives or short track records: the fund relies on swaps with bank counterparties and has existed only since December 2023.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ISPY this fund | — | 0.55% | $1.24B | +9.9% | — |
| PBP Invesco S&P 500 BuyWrite ETF | 84% | 0.29% | $358.1M | +15.5% | +15.5% |
| XYLD Global X S&P 500 Covered Call ETF | 84% | 0.6% | $3.24B | +15.5% | +15.2% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 84% | 0.35% | $64.1M | +15.0% | +20.1% |
| SPYH NEOS S&P 500 Hedged Equity Income ETF | 81% | 0.68% | $32.3M | +10.2% | — |
| GPIX S&P 500 Core Premium Income ETF | 78% | 0.29% | $4.72B | +14.7% | +22.6% |
| JEPQ JPMorgan NASDAQ Equity Premium Income ETF | 43% | 0.35% | $40.66B | +6.9% | +17.9% |
| JEPI JPMorgan Equity Premium Income Fund | 29% | 0.35% | $44.75B | +9.3% | +10.7% |
Questions investors ask
Does ISPY pay monthly dividends?
Yes. ISPY pays distributions every month, drawn from S&P 500 dividends and option premiums. Over the year to October 27, 2026, it paid $2.63 per share, a trailing yield of 5.47%. The prospectus sets a minimum yield of 6% annualized. If a payment exceeds the income the index earned, later payments are reduced. Some payouts may be a return of capital, meaning part of your own investment handed back. Option income is usually taxed as ordinary income, not as qualified dividends.
Is ISPY good for retirement income?
It may suit retirees who want monthly cash from large U.S. stocks and can accept giving up some gains in strong markets. The fund launched December 18, 2023, so it has no record through the 2020 crash or the 2022 bear market. Its deepest fall was 16.9%, from February 19 to April 8, 2025, and it was back to its prior peak by July 3, 2025. Its one-year beta, a gauge of market sensitivity, was 0.96 as of October 27, 2026, so it moves nearly in step with stocks.
What's the difference between ISPY and XYLD?
The main differences are option timing, cost and recent results. Both follow S&P 500 covered call strategies, and their holdings overlapped by 84% in the latest N-PORT reports. ISPY's index sells one-day calls every day, which the fund reaches through swaps. ProShares argues daily calls offer more long-term return potential than monthly ones. ISPY charges 0.55% a year versus 0.6% for XYLD, the larger fund. Over the year to October 27, 2026, XYLD returned 15.5% and ISPY 9.9%.
What is ISPY's expense ratio?
ISPY's expense ratio is 0.55% a year, according to its prospectus filed September 25, 2026. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $56 after one year, $176 after three, $307 after five and $689 after 10. That is above the 0.42% average for similar funds. Lower-cost funds worth comparing include Invesco S&P 500 BuyWrite ETF (PBP) and S&P 500 Core Premium Income ETF (GPIX), each at 0.29%.
Does ISPY own the S&P 500 stocks directly?
Mostly, yes. As of August 31, 2026, stocks made up about 84% of assets across 509 holdings, led by NVIDIA (6.8%), Apple (5.9%), Microsoft (4.8%) and Amazon (3.2%). The 10 largest positions were 31.9% of the fund. Most of the rest was cash-like holdings, including repurchase agreements, held alongside futures and swaps. The swaps also supply the daily short call position, so the fund depends on financial firms paying what they owe.