ETF Comparison

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

A head-to-head comparison of ProShares S&P 500 High Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

ProShares

ETFs165

Total AUM$123B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on ISPY.

See all ProShares ETFs

NEOS

ETFs19

Total AUM$24.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on SPYI.

See all NEOS ETFs

Side-by-side snapshot

	ISPY	SPYI
Full name	ProShares S&P 500 High Income ETF	NEOS S&P 500 High Income ETF
Issuer	ProShares	NEOS
Last Close	$47.84 as of July 4, 2026	$53.06 as of July 4, 2026
Distribution yield	6.32%	12.01%
Distribution Safety Score	63	92
Expense ratio	0.55%	0.68%
AUM	$1.28B	$6.20B
Distribution frequency	Monthly	Monthly
Underlying index	SPX	S&P 500 Index
Objective	Seeks investment results that track the performance of the S&P 500 Daily Covered Call Index, pursuing a daily covered call writing strategy that combines a long position in the S&P 500 Index with short positions in daily call options.	Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset class	Equity	Equity
Inception date	09/11/2024	08/29/2022
Beta	0.9342	0.69
Last dividend	$0.2518	$0.5310
Ex-dividend date	07/01/2026	01/21/2026

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

ISPY has lagged SPYI over the trailing twelve months, posting a 18.51% total return against 18.98%. Measured from Dec 2023 — when the younger fund began trading — ISPY has compounded at 17.52% a year versus 17.35% for SPYI. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Dec 2023	Volatility	Sharpe	Sortino	Max drawdown
ISPY	7.61%	18.51%	17.52%	12.4%	1.02	1.40	-8.4%
SPYI	7.17%	18.98%	17.35%	10.4%	1.24	1.76	-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Dec 2023” measures every fund from December 20, 2023 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

ISPY (ProShares S&P 500 High Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

SPYI offers the higher yield at 12.01% vs 6.32% for ISPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

ISPY is cheaper with an expense ratio of 0.55% compared to 0.68%.

They track different benchmarks: ISPY is linked to SPX while SPYI tracks S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($6.20B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, ISPY would generate roughly $52.67/month, while SPYI would produce $100.08/month, at current distribution rates. Both pay monthly distributions.

ISPY yield6.32%

SPYI yield12.01%

Monthly diff on $10K$47.42

Cost & efficiency

Over 10 years on $10,000, ISPY would cost approximately $550 in fees vs $680 for SPYI (simplified, not compounded). The $130.00 difference may be offset by yield or performance.

ISPY ER0.55%

SPYI ER0.68%

Strategy & risk

ISPY tracks SPX with a basket approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 0.9342 for ISPY and 0.69 for SPYI, indicating SPYI is less volatile relative to the market.

ISPY beta0.9342

SPYI beta0.69

Fund details

ISPY is managed by ProShares (launched 09/11/2024) with $1.28B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $6.20B in assets.

ISPY AUM$1.28B

SPYI AUM$6.20B

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Frequently asked questions

Is ISPY or SPYI better for dividend income?

It depends on your goals. SPYI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between ISPY and SPYI?

ISPY (ProShares S&P 500 High Income ETF) tracks SPX with a basket approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by ProShares and NEOS respectively.

Can I hold both ISPY and SPYI?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, ISPY or SPYI?

ISPY has an expense ratio of 0.55% while SPYI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in ISPY vs SPYI generate?

At current rates, $10,000 in ISPY would generate roughly $52.67 per month ($632.00 annually). The same in SPYI would produce about $100.08 per month ($1,201.00 annually).

Which has performed better historically, ISPY or SPYI?

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ISPY vs SPYI — at a glance

Generated July 2026 from current fund data.

Overview

Both ISPY and SPYI are S&P 500 equity ETFs that generate income through options strategies rather than dividends. ISPY uses daily covered calls (0DTE) on the S&P 500, rolling positions every 24 hours, while SPYI employs a broader derivative overlay designed for tax efficiency. The funds differ substantially in yield target, strategy frequency, and track record maturity.

How they differ

ISPY's daily call-writing approach rolls positions every trading day, capturing gamma decay and near-term volatility premium; SPYI uses longer-dated options without specifying exact roll frequency, aiming for tax-efficient income generation. The yield gap is stark: SPYI distributes 12.01% annually versus ISPY's 6.32%, reflecting a higher options premium extraction or more aggressive strike selection in SPYI. ISPY is newer (launched September 2024) with $1.28B in assets and a beta of 0.9342, while SPYI has been running since August 2022 with $6.20B in assets and a notably lower beta of 0.69—suggesting SPYI's overlay may cushion downside moves or that its option strikes are set further out of the money.

Who each is best for

ISPY: Fits investors seeking S&P 500 upside participation with moderate income enhancement, comfortable with daily roll mechanics and accepting lower yield in exchange for daily rebalancing that may reduce tail-risk concentration in any single options leg.

SPYI: Designed for investors prioritizing high monthly income from equities and willing to accept lower equity beta in exchange for tax-efficient derivative income and a longer operational track record.

Key risks to know

NAV erosion at elevated yields. SPYI's 12.01% distribution rate likely relies partly on return-of-capital mechanics; sustained payouts above underlying equity returns will gradually erode share price and NAV over years.
Daily roll execution risk (ISPY). Rolling hundreds of millions in S&P 500 call notional every trading day exposes ISPY to slippage, gap risk at market open, and potential misexecution during volatile sessions or low-liquidity windows.
Options strike selection and cap. Both funds cap upside by selling calls; ISPY's daily rolls may reset strike caps closer to spot price more often, while SPYI's higher yield suggests tighter caps or wider option spreads that limit participation in bull markets.
Relative newness of ISPY. Launched only five months ago, ISPY lacks a full market cycle of operational data; the daily 0DTE strategy has not been tested in sustained volatility, earnings blackout periods, or market dislocations.
Credit quality of counterparties. Both rely on options market counterparty performance; deteriorating volatility conditions or credit stress in options dealers could affect roll execution and pricing.

Bottom line

If you prioritize steady S&P 500 capture with moderate income and daily rebalancing, ISPY's newer, lower-yielding structure fits that profile; if you want maximum monthly payout and can accept lower equity beta plus return-of-capital considerations, SPYI's longer track record and higher yield may appeal. Both sacrifice upside to generate income, and neither replicates buy-and-hold S&P 500 returns—past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.