At a glance
SPYH charges 0.68% a year, above the 0.41% average of the 3 funds most like it (the most expensive of 4). It has $32.3M in assets, the 4th largest of that group; it paid 6.99% of its price in distributions over the past 12 months, monthly. Over the past year it returned +10.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds. Its ten largest positions make up 36.3% of the fund, out of 487 in all.
The short version
NEOS S&P 500 Hedged Equity Income ETF (SPYH) is an actively managed fund that owns the S&P 500's stocks and adds a “put spread collar.” This options mix gives up some upside in exchange for monthly income and partial downside protection. It yielded 6.99% over the 12 months to October 27, 2026. At 0.68% a year, it costs more than all three similar funds compared here, which average 0.41%.
Price history
The interactive chart needs JavaScript.
SPYH +10.2% 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 | |
|---|---|---|---|---|---|---|
| SPYH price data to Oct 27, 2026 | +9.3% | +10.2% | — | — | — | +19.6% |
- Over the year to Oct 27, 2026, SPYH returned +10.2%, 3rd of 4 among similar funds.
- The deepest fall in its price history was 6.4% (Apr 3, 2025 to Apr 8, 2025), recovered by Apr 9, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.3% |
| 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) | $3.2600 |
What's inside
As of Jun 30, 2026, the fund held 487 securities; the ten largest made up 36.33% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.52% | |
| Apple Inc | 6.62% | |
| Microsoft Corp | 4.32% | |
| Amazon.com Inc | 3.61% | |
| Alphabet Inc | 3.24% | |
| Broadcom Inc | 2.79% | |
| Alphabet Inc | 2.57% | |
| Micron Technology Inc | 1.92% | |
| Meta Platforms Inc | 1.90% | |
| Tesla Inc | 1.83% | |
| Advanced Micro Devices Inc | 1.48% | |
| Eli Lilly & Co | 1.47% | |
| Berkshire Hathaway Inc | 1.42% | |
| JPMorgan Chase & Co | 1.37% | |
| Intel Corp | 1.03% |
By country
United States 97.64%Ireland 1.01%Switzerland 0.27%United Kingdom 0.19%Netherlands 0.1%By asset type
Stocks 99.29%Other 0%By sector
Sectors of the companies held, for the 90.3% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $5.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.19%, +3.29%, -0.56%.
How it works
SPYH is actively managed, but its stocks mirror the S&P 500, an index of about 500 leading US companies weighted by market value. The adviser, NEOS Investment Management, generally holds every index stock in similar proportions. It rebalances when the index changes its lineup, which happens annually and often quarterly. NVIDIA, Apple, Alphabet and Microsoft were the largest holdings as of June 30, 2026.
Alongside the stocks, the fund runs a “put spread collar” on the S&P 500. It sells call options on up to 100% of its stock value. That brings in a payment called a premium but gives up gains above the call's strike price, the level where the option takes effect. Part of that premium pays for put options, which gain value if the index falls below their strike. The fund also sells puts at a lower strike for extra premium. So protection covers only a band of losses. Below that lower strike, the fund absorbs further declines.
The options trade on an exchange, settle in cash and last about six weeks. At each month end they are replaced with new ones set to market levels. A rules-based model may close the calls early to capture more upside. Under Section 1256 tax rules, gains and losses on these index options count as 60% long-term and 40% short-term.
What it really costs
- SPYH charges 0.68% a year, versus an average of 0.41% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $847 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPYH | $69 | $218 | $379 | $847 |
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
Its stated goal is high monthly income from S&P 500 dividends and option premiums, and it yielded 6.99% over the 12 months to October 27, 2026.
SPYH could supply monthly cash flow from S&P 500 stocks. It paid $3.97 a share over the 12 months to October 27, 2026, a 6.99% yield. Over that time it moved about two-thirds as much as the market (a beta of 0.66). It launched April 3, 2025, so it has no record from the 2008, 2020 or 2022 sell-offs and no full calendar year. Its deepest drop was 6.4%, from launch to April 8, 2025, and it was erased the next day.
For someone who may need to sell shares or draw income in a bad year, the hedge cushions only moderate drops. Below the level of the puts it sells, losses resume, and the calls limit rebounds. It costs 0.68% a year ($847 over 10 years on $10,000 in the SEC's standard example), above the 0.41% peer average. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income from S&P 500 stocks led by NVIDIA, Apple and Alphabet; the trailing yield was 6.99% as of October 27, 2026.
- Investors accepting less upside for a smoother ride: beta was 0.66 and volatility 8.5% over the year to October 27, 2026.
- Taxable-account investors drawn to its tax design: gains on its Section 1256 index options count as 60% long-term, 40% short-term.
Look elsewhere if
- Cost-conscious investors: its 0.68% expense ratio was the highest of four similar funds compared, versus 0.29% for GPIX and 0.35% for XYLG.
- Growth seekers: the calls it sells cap gains, and its 10.2% one-year return to October 27, 2026 trailed XYLG's 15% and GPIX's 14.7%.
- Those wanting a long record or a large fund: launched April 3, 2025, it had $32.3 million in assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is SPYH good for retirement income?
It may suit retirees who want monthly income from S&P 500 stocks with some cushion against losses, and who accept capped gains. SPYH paid $3.97 per share over the year to October 27, 2026, a trailing yield of 6.99%. The cash comes from dividends plus option premiums (fees collected for options it writes), so payments can vary. Drawbacks include a short record (it launched April 3, 2025), a small size of $32.3 million as of June 30, 2026, and a higher fee than similar funds.
What stocks does SPYH hold?
SPYH, an actively managed ETF from NEOS Investment Management, holds nearly all the stocks in the S&P 500, an index of about 500 leading US companies, in roughly index weights. As of June 30, 2026, it owned 487 stocks, led by NVIDIA (7.5%), Apple (6.6%), Microsoft (4.3%), Amazon (3.6%) and Alphabet's two share classes. The ten largest positions made up 36.3% of assets and technology companies 34.7%, so big tech dominates. It also trades S&P 500 index options to earn income and limit losses.
Does SPYH protect against a market crash?
Only partly. SPYH runs a “put spread collar” on the S&P 500. It writes call options, handing another investor the index's gains above a set level for upfront cash. Part of that cash purchases put options, which gain value if the index falls below a chosen price. It also writes puts at a lower price, so the cushion ends if the index falls past that point. Its deepest drop since launch was 6.4%, from April 3 to April 8, 2025. It has not faced a long bear market.
What's the difference between SPYH and XRMI?
Mainly cost, recent returns and size, since they own nearly the same stocks. Both hold S&P 500 stocks and trade index options for income and downside protection, and about 93% of their holdings overlap. SPYH charges 0.68% a year, against 0.60% for the Global X S&P 500 Risk Managed Income ETF (XRMI). SPYH returned 10.2% over the year to October 27, 2026, versus 8.7% for XRMI. SPYH held $32.3 million as of June 30, 2026, and XRMI $49.9 million as of July 31, 2026.
What is SPYH's expense ratio?
SPYH's expense ratio, the yearly fee taken from the fund's assets, is 0.68%, according to its prospectus filed April 30, 2026. Under the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $69 in the first year and $847 over ten years. That is more than all three similar S&P 500 options-income funds, which average 0.41%: XRMI charges 0.60%, XYLG 0.35% and the S&P 500 Core Premium Income ETF (GPIX) 0.29%. Higher costs come straight out of returns.