Alternatives
Best SPYI Alternatives in 2026
S&P 500 income ETFs to consider alongside or instead of NEOS S&P 500 High Income (SPYI).
Data updated August 2026 · 11 ETFs
Who this page is for
Best for
- SPYI holders comparing S&P 500 income funds with different option overlays
- Income investors who prioritize a longer record, lower fee, or different payout target
- Anyone evaluating tax-aware and traditional covered-call structures side by side
Not a fit for
- Investors who want the full upside of an unhedged S&P 500 index fund
- Anyone assuming a high distribution rate is guaranteed or equals total return
- Investors seeking genuine equity diversification beyond large US companies
Analysis
SPYI seeks high monthly income from S&P 500 exposure and index options, with a structure intended to manage taxes. Alternatives change one or more parts of that formula. JEPI emphasizes lower-volatility stocks and equity-linked notes, generally targeting a more moderate payout. GPIX actively adjusts its call coverage to preserve more upside, while XYLD follows a systematic buy-write index. DIVO writes calls selectively on a concentrated dividend portfolio and typically distributes less in exchange for more participation in rising markets. Newer 0DTE funds reset option exposure daily or weekly. These are not interchangeable yield products: compare the percentage of the portfolio overwritten, NAV trend, total return, tax reporting, expenses, and distribution stability before deciding which trade-off fits.
See this list inside your portfolio
A ranked list is a starting point. Dividend Vision turns it into a plan — forecasting the income your holdings actually generate and putting each fund's yield next to its total return and risk.
- Income forecasting — know what your holdings pay monthly, quarterly, and yearly
- Yield vs. total return — weigh each distribution against price performance, not the headline rate
- Screen & compare — line up any income ETFs side by side on yield, cost, and strategy
- Portfolio risk — see income concentration, issuer overlap, and volatility across your holdings
- AI ETF comparison — ask plain-language questions to compare yield, risk, and income potential
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How these alternatives are selected
- Universe: a hand-curated peer set of same-strategy funds, maintained editorially so an off-strategy fund never appears; SPYI itself is excluded.
- Eligibility: active ETFs only — liquidated, delisted, and renamed funds drop out automatically.
- Ranking: assets under management, a size-and-liquidity proxy. Never ranked by yield — yields are shown as data, not used to order the list.
- Fit: how each fund's strategy differs from SPYI — and who each one suits — is covered in the strategy notes and FAQ below.
Top picks
Top 3 SPYI alternatives by assets under management.
Yield distribution
Expense ratio distribution
Income projection
Estimated income if the current average distribution rate of 11.75% held for a full year with share prices unchanged. Distribution rate is not total return—a fund can pay a large distribution while its share price falls—so treat these as an upper-bound illustration, not a forecast.
| Investment | Annual income | Monthly income | Weekly income |
|---|---|---|---|
| $10,000 | $1,175 | $98 | $23 |
| $25,000 | $2,938 | $245 | $57 |
| $50,000 | $5,877 | $490 | $113 |
| $100,000 | $11,754 | $979 | $226 |
Issuer breakdown
Distribution of ETFs by fund issuer. Larger issuers often offer lower expense ratios and higher liquidity.
All 11 ETFs
| Ticker | Name | Issuer | Yield | Expense ratio | AUM | Frequency |
|---|---|---|---|---|---|---|
| JEPI | JPMorgan Equity Premium Income ETF | JPMorgan | 7.64% | 0.35% | $45.8B | Monthly |
| QYLD | Global X Nasdaq 100 Covered Call ETF | Global X | 11.74% | 0.61% | $8.2B | Monthly |
| DIVO | Amplify CWP Enhanced Dividend Income ETF | Amplify ETFs | 4.70% | 0.56% | $7.6B | Monthly |
| GPIX | Goldman Sachs S&P 500 Core Premium Income ETF | Goldman Sachs | 8.34% | 0.29% | $5.2B | Monthly |
| XYLD | Global X S&P 500 Covered Call ETF | Global X | 11.80% | 0.60% | $3.2B | Monthly |
| ISPY | ProShares S&P 500 High Income ETF | ProShares | 5.96% | 0.55% | $1.3B | Monthly |
| SVOL | Simplify Volatility Premium ETF | Simplify ETFs | 21.00% | 1.16% | $523M | Monthly |
| OVL | Overlay Shares Large Cap Equity ETF | Overlay Shares | 10.07% | 0.79% | $349M | Monthly |
| XDTE | Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call | Roundhill Investments | 14.50% | 0.95% | $345M | Weekly |
| TSPY | SPY Growth & Daily Income ETF | TappAlpha | 13.96% | 0.71% | $317M | Monthly |
| SPYT | Defiance S&P 500 Income Target ETF | Defiance ETFs | 19.58% | 0.94% | $159M | Monthly |
Frequently asked questions
What are the best spyi alternatives?
This page lists the top 11 ETFs in this category ranked by key metrics. The list includes funds from issuers like JPMorgan, Global X, Amplify ETFs, Goldman Sachs and more.
How often is this list updated?
The data on this page is refreshed regularly using the latest available distribution rates, expense ratios, and AUM figures. Last updated August 2026.
What is the average yield of these ETFs?
The average distribution yield across the 11 ETFs on this list is 11.75%. Individual yields range from 4.70% to 21.00%.
What is the closest alternative to SPYI?
JEPI is the largest well-known alternative, while GPIX and XYLD provide closer S&P 500 comparisons. JEPI differs because it uses a lower-volatility stock portfolio and equity-linked notes rather than SPYI's index-option approach.
Which SPYI alternative preserves more upside?
Funds with a partial or selective call overlay, such as GPIX or DIVO, generally aim to retain more equity upside than a fully covered buy-write fund. Actual participation changes over time and should be checked in current fund documents.
Should I compare yield or total return?
Use both, along with NAV trend and distribution composition. A large payout can include option income or return of capital and does not by itself show whether an investment created wealth.
Explore more
Learn the method
The metrics and risks behind this list, explained in the Academy.
From the blog
Put this list to work in your portfolio
Import or build a portfolio to see income forecasts, upcoming distributions, income concentration, and risk across everything you own — and where a fund's yield and total return diverge.
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