At a glance
SPYI charges 0.68% a year, above the 0.43% average of the 8 funds most like it (the 8th cheapest of 9). It has $10.41B in assets, the 3rd largest of that group; it paid 11.85% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.4% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +19.3% a year. Its ten largest positions make up 36.4% of the fund, out of 507 in all.
The short version
NEOS S&P 500 High Income ETF (SPYI) is an actively managed fund that owns the stocks in the S&P 500 and sells call options on the index. A call option is a contract that gives up some future gains in exchange for cash up front. SPYI pays monthly, with a trailing 12-month yield of 11.85% as of October 27, 2026. Its 0.68% expense ratio is above the 0.43% average for similar funds.
Price history
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SPYI +13.4% 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 | |
|---|---|---|---|---|---|---|
| SPYI official prospectus, to Dec 31, 2025 | — | +16.60% | — | — | — | +14.72% |
| SPYI price data to Oct 27, 2026 | +12.0% | +13.4% | +19.3% | — | — | +15.2% |
- Over the year to Oct 27, 2026, SPYI returned +13.4%, 5th of 9 among similar funds.
- Its worst full calendar year was 2025 (+16.7%); its best was 2024 (+19.1%).
- The deepest fall in its price history was 16.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.0% | — |
| 2025 | +16.7% | +16.60% |
| 2024 | +19.1% | +19.03% |
| 2023 | +18.2% | +18.41% |
| 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) | $5.2600 | |
| 2025 | $6.1500 | +0.3% |
| 2024 | $6.1300 | +5.7% |
| 2023 | $5.8000 |
Living on SPYI: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 507 securities; the ten largest made up 36.4% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.54% | |
| Apple Inc | 6.56% | |
| Microsoft Corp | 4.30% | |
| Amazon.com Inc | 3.63% | |
| Alphabet Inc | 3.27% | |
| Broadcom Inc | 2.78% | |
| Alphabet Inc | 2.60% | |
| Micron Technology Inc | 1.98% | |
| Meta Platforms Inc | 1.91% | |
| Tesla Inc | 1.84% | |
| Eli Lilly & Co | 1.46% | |
| Advanced Micro Devices Inc | 1.46% | |
| Berkshire Hathaway Inc | 1.42% | |
| JPMorgan Chase & Co | 1.36% | |
| Intel Corp | 1.01% |
By country
United States 97.89%Ireland 0.98%Switzerland 0.28%United Kingdom 0.17%Netherlands 0.11%By asset type
Stocks 99.52%Other 0%By sector
Sectors of the companies held, for the 90.6% 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 $1.64B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.25%, +3.85%, -0.38%.
How it works
The adviser, NEOS Investment Management, generally replicates the S&P 500. That means it owns nearly all of the roughly 500 large U.S. companies in the index, in about the same proportions. The index weights companies by market value, so the biggest firms carry the most weight. As of June 30, 2026, the fund held 507 stocks. Its 10 largest positions made up 36.4% of assets, led by NVIDIA (7.5%), Apple (6.6%) and Microsoft (4.3%). The adviser may hold a representative sample of stocks instead when full replication is impractical.
On top of the stocks, the fund sells (writes) call options on the S&P 500 index on up to 100% of its stock value. The buyer of a call pays a premium for the right to index gains above a set level, called the strike price. The calls the fund sells usually have strikes close to the index level. The fund spends part of the premium on calls with higher strikes. It aims to take in more premium than it spends and still share in some gains if the index climbs. The adviser can adjust these options before they expire.
These index options are settled in cash and can be exercised only when they expire. They qualify as Section 1256 contracts, so gains and losses are taxed as 60% long-term and 40% short-term, no matter how long the fund held them. The trade-off is that the fund gives up some gains in strong rallies but still bears the index's declines.
What it really costs
- SPYI charges 0.68% a year, versus an average of 0.43% for the similar funds below (8th of 9, 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 |
|---|---|---|---|---|
| SPYI | $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
The fund's main draw is high monthly income from S&P 500 stock dividends plus option premiums, not maximum growth or protection from losses.
SPYI could add a large monthly cash flow. It paid $6.31 per share over the 12 months to October 27, 2026, a trailing yield of 11.85%. Its record in bad markets is short. The fund launched in August 2022, so it was not around for the 2008 or 2020 crashes or the full 2022 bear market. It gained in all three of its full calendar years, 2023 through 2025, and its weakest was a 16.6% gain in 2025. Its deepest drop was 16.5%, from February 19 to April 8, 2025. It recovered by June 24, 2025, about 2.5 months later. In a longer slump, someone drawing income could end up selling shares at lower prices, and option income does not stop the share price from falling. Costs are 0.68% a year: $69 on $10,000 in the first year, using the SEC's standard example. 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 seeking monthly income from S&P 500 stocks plus option premiums, with a trailing 12-month yield of 11.85% as of October 27, 2026.
- Taxable investors interested in index options that the prospectus says get the 60% long-term, 40% short-term tax split under Section 1256.
- Those willing to give up some gains in strong rallies for premium income, while keeping some upside through the calls the fund buys.
Look elsewhere if
- Cost-focused investors: the 0.68% expense ratio ranks 8th of 9 among similar funds, whose average is 0.43%.
- Investors wanting protection from losses: the fund still bears index declines and fell 16.5% between February and April 2025.
- Anyone wanting a long track record: the fund launched in August 2022 and has not been through a full bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPYI this fund | — | 0.68% | $10.41B | +13.4% | +19.3% |
| SPYH NEOS S&P 500 Hedged Equity Income ETF | 97% | 0.68% | $32.3M | +10.2% | — |
| PBP Invesco S&P 500 BuyWrite ETF | 95% | 0.29% | $358.1M | +15.5% | +15.5% |
| XYLD Global X S&P 500 Covered Call ETF | 95% | 0.6% | $3.24B | +15.5% | +15.2% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 94% | 0.35% | $64.1M | +15.0% | +20.1% |
| GPIX S&P 500 Core Premium Income ETF | 92% | 0.29% | $4.72B | +14.7% | +22.6% |
| ISPY ProShares S&P 500 High Income ETF | 82% | 0.55% | $1.24B | +9.9% | — |
| JEPQ JPMorgan NASDAQ Equity Premium Income ETF | 49% | 0.35% | $40.66B | +6.9% | +17.9% |
Compared head to head: SPY vs SPYI · QQQI vs SPYI · GPIX vs SPYI · all comparisons →
Questions investors ask
Is SPYI good for retirement income?
SPYI may suit retirees who put monthly cash flow first. It paid $6.31 per share over the 12 months to October 27, 2026, a trailing yield of 11.85%. The trade-offs are a 0.68% expense ratio, limited upside in strong rallies and a history that only goes back to August 2022. It still fell 16.5% between February and April 2025, so high income does not protect the share price when stocks fall.
Does SPYI pay monthly dividends?
Yes. SPYI pays distributions every month. The money comes from two sources: dividends from its S&P 500 stocks and premiums from selling call options on the index. Over the 12 months to October 27, 2026, it paid $6.31 per share, a trailing yield of 11.85%. Option premiums change with market conditions, so the monthly payment is neither fixed nor guaranteed.
SPYI vs XYLD: what's the difference?
Both funds hold S&P 500 stocks and sell index call options, and their holdings overlap by about 95%. SPYI costs 0.68% a year, compared with 0.60% for the Global X S&P 500 Covered Call ETF (XYLD). SPYI's prospectus also describes buying higher-strike calls to keep some upside. As of October 27, 2026, SPYI returned 19.3% a year over three years, compared with 15.2% for XYLD. Over one year, XYLD led, 15.5% to 13.4%.
How is SPYI taxed?
SPYI aims to be tax efficient by using S&P 500 index options that qualify as Section 1256 contracts. Gains and losses on these contracts are taxed as 60% long-term and 40% short-term, no matter how long the fund held them. Any contracts still open at year-end are treated as if sold at market value. The fund may also sell losing positions to offset gains. How each year's distributions are taxed depends on the fund's results that year.
What are SPYI's top holdings?
As of June 30, 2026, SPYI's largest holdings were NVIDIA (7.5%), Apple (6.6%), Microsoft (4.3%) and Amazon (3.6%). Alphabet made up about 5.9% across its two share classes. Broadcom, Micron, Meta and Tesla came next. The 10 largest positions made up 36.4% of assets, and technology stocks were 34.9%. Because the fund mirrors the S&P 500, which weights companies by market value, a handful of large tech companies drive much of its return.