GPIX vs ISPY vs SPYI vs TSPY vs XDTE: Which Is the Better Pick in 2026?

Overview

These five funds all track the S&P 500 or SPY while writing call options to generate income, but they differ substantially in how aggressively they sell those calls and how frequently they distribute. GPIX, ISPY, and SPYI are larger, more established covered call strategies tracking the index itself. TSPY and XDTE are newer, smaller funds using zero-days-to-expiration (0DTE) options—calls that expire the same day they're sold—to chase much higher yields. The tradeoff is straightforward: higher yield typically means more capped upside and greater NAV erosion risk.

How they differ

The sharpest distinction is how far out they sell calls. GPIX, ISPY, and SPYI sell calls with more conventional expiration cycles (weekly or longer), while TSPY and XDTE roll 0DTE calls daily, which turbocharges income but clips gains more aggressively. XDTE leads the yield race at 19.78% (weekly distributions) versus GPIX's 8.12% (monthly), and TSPY sits in the middle at 13.83%. The second major difference is fund maturity and size: SPYI has $9.2 billion in AUM and launched in August 2022, while XDTE and TSPY are both under $300 million and less than a year old. Third, expense ratios climb with complexity—GPIX charges 0.29%, while XDTE charges 0.97%, reflecting the operational overhead of daily call rolling and more frequent rebalancing.

Who each is best for

• GPIX: Conservative income seekers who want covered call upside-capping from an established provider (Goldman Sachs) and don't mind a modest 8% yield in exchange for lower expense drag and larger fund size.

• ISPY: Investors comfortable with daily call rolling but preferring ProShares' infrastructure and a middle-ground yield (6.57%) that's lower than peers, suggesting less aggressive cap-writing.

• SPYI: Tax-conscious long-term holders with moderate income needs (11.79% yield) who value the fund's explicit tax-efficiency focus and $9.2B in assets as a sign of institutional staying power.

• TSPY: Aggressive income investors with a short time horizon and high risk tolerance who can tolerate meaningful upside caps and are willing to bet on a young, tiny fund for double-digit monthly income.

• XDTE: Yield-maximizing investors seeking near-20% distributions and comfortable with the highest expense ratio (0.97%), smallest AUM, and highest NAV erosion risk in exchange for the largest monthly payouts on paper.

Key risks to know

• NAV erosion at very high distribution yields. XDTE's 19.78% and TSPY's 13.83% yields almost certainly include material return-of-capital distributions. At these payout levels, NAV tends to drift downward over time even as the underlying S&P 500 rises, eroding long-term real returns for buy-and-hold investors.

• 0DTE call-rolling risk is unproven at scale. TSPY and XDTE both launched in mid-August 2024 and have never experienced a full market cycle. Rolling calls every single day introduces operational complexity, potential slippage in execution, and unknown behavior during volatility spikes or market dislocations.

• Capped upside on S&P 500 rallies. All five funds cap gains when they write calls, but the cap is tightest on 0DTE strategies. If the S&P 500 has a strong year, holders of TSPY and XDTE will significantly lag the index; conversely, in down years, the short calls provide a cushion.

• Concentration in single index. All five funds have 100% or near-100% exposure to the S&P 500 (or SPY), with no diversification into bonds, international equity, or alternatives. A prolonged equity bear market or sector downturn hits all of them equally.

• Small fund size and closure risk for TSPY and XDTE. Funds under $300 million are sometimes shut down if assets fall further; early liquidation forces investors to realize losses or redeploy into a replacement fund, incurring transaction costs and tax consequences.

Bottom line

If you prioritize yield and can tolerate significant upside capping and NAV drift, XDTE and TSPY deliver the highest monthly income—but both are tiny and very new. If you want a proven covered call strategy with moderate income and established infrastructure, GPIX or SPYI are safer; SPYI's size and tax-efficiency focus make it the middle-ground choice. None of these funds will outpace the S&P 500 in a strong bull market, so frame them as income tools, not growth vehicles. Past performance doesn't predict future results, and the true behavior of daily call rolling has yet to be tested across a full market cycle.