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ETF Comparison

ISPY vs SPYI: Same Index, Different High-Income Overlay

A head-to-head of ProShares' S&P 500 High Income ETF and NEOS's S&P 500 High Income ETF covering option design, cost, and payout.

Data updated August 19, 2026

Best for

  • ISPYInvestors who want simple, diversified core exposure in one low-cost fund.
  • SPYIInvestors who want to maximize current income — roughly 12.04%, generated by selling options premium.

Jump to the side-by-side numbers

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 outpaced SPYI over the trailing twelve months, posting a 17.06% total return against 16.82%. Measured from Sep 2024 — when the younger fund began trading — SPYI has compounded at 16.47% a year versus 15.45% for ISPY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1YSince Sep 2024Volatility Sharpe Sortino Max drawdown
ISPY10.36%17.06%15.45%12.6%0.891.23-8.4%
SPYI9.34%16.82%16.47%10.7%1.031.46-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Sep 2024” measures every fund from September 11, 2024 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricISPYSPYI
Full nameProShares S&P 500 High Income ETFNEOS S&P 500 High Income ETF
IssuerProSharesNEOS
Last Close$48.48 as of August 19, 2026$54.04 as of August 19, 2026
Distribution yield6.01%12.04%
Distribution Safety Score™ 7090
Expense ratio0.56%0.68%
AUM$1.27B$11.6B
Distribution frequencyMonthlyMonthly
Underlying indexSPXS&P 500 Index
ObjectiveSeeks 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 classEquityEquity
Inception date09/11/202408/29/2022
Beta0.93420.7
Last dividend$0.2426$0.5423
Ex-dividend date08/03/202608/19/2026

Bottom lineChoose ISPY if you want simple, diversified core exposure in one low-cost fund. Choose SPYI if you want to maximize current income — roughly 12.04%, generated by selling options premium. There's no free lunch: SPYI's payout comes from selling options, which caps upside and can erode the share price over time, while ISPY keeps full price exposure.

ISPY vs SPYI: two S&P 500 high-income overlays

Same index, two managers. Compare overlay design and tax character before treating the larger distribution as the better fund.

ISPYSPYI
UnderlyingSPXS&P 500 Index
IssuerProSharesNEOS
Income designS&P 500 high-income overlayNEOS high-income overlay (Section 1256 / ROC)
Expense ratio0.56%0.68%
Distribution yield6.01%12.04%

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. SPYI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ProShares
ETFs169
Total AUM$130B

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$32.2B

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

Want to go deeper?

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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 12.04% vs 6.01% 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 0.56% 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 ($11.6B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose ISPY

ProShares S&P 500 High Income ETF

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.56% expense ratio vs 0.68% for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want to maximize current income — SPYI distributes roughly 12.04% from selling options premium, vs 6.01% for ISPY.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.7 vs 0.9 for ISPY.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, ISPY would generate roughly $50.08/month, while SPYI would produce $100.33/month, at current distribution rates. Both pay monthly distributions.

ISPY yield6.01%
SPYI yield12.04%
Monthly diff on $10K$50.25

Cost & efficiency

Over 10 years on $10,000, ISPY would cost approximately $560 in fees vs $680 for SPYI (simplified, not compounded). The $120.00 difference may be offset by yield or performance.

ISPY ER0.56%
SPYI ER0.68%

Strategy & risk

ISPY tracks SPX, while SPYI tracks S&P 500 Index with an options approach. Beta is 0.9342 for ISPY and 0.7 for SPYI, making SPYI the less volatile of the two by this measure.

ISPY beta0.9342
SPYI beta0.7

Fund details

ISPY is managed by ProShares (launched 09/11/2024) with $1.27B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.6B in assets.

ISPY AUM$1.27B
SPYI AUM$11.6B
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Frequently asked questions

What is the difference between ISPY and SPYI?

Both take monthly income from S&P 500 exposure plus options. ISPY (ProShares S&P 500 High Income ETF) is ProShares' high-income overlay. SPYI (NEOS S&P 500 High Income ETF) is NEOS's high-income overlay, which leans on Section 1256 contracts and return of capital. Cost is 0.56% versus 0.68%; distributions are 6.01% and 12.04% as of August 2026. The yield gap is mostly how much upside each one sells, not which is the better S&P 500. Compare drawdown and total return with the cash figure.

What is the current distribution yield for ISPY and SPYI?

ISPY currently distributes 6.01% and SPYI 12.04%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

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.

Can I hold both ISPY and SPYI?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is ISPY or SPYI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYI scores 90, ISPY scores 70, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.70 vs 0.93 for ISPY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, ISPY or SPYI?

ISPY has an expense ratio of 0.56% 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 $50.08 per month ($601.00 annually). The same in SPYI would produce about $100.33 per month ($1,204.00 annually).

Which has performed better historically, ISPY or SPYI?

ISPY has outpaced SPYI over the trailing twelve months, posting a 17.06% total return against 16.82%. Measured from Sep 2024 — when the younger fund began trading — SPYI has compounded at 16.47% a year versus 15.45% for ISPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

ISPY vs SPYI — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

Both ISPY and SPYI are S&P 500 equity ETFs that generate income through options strategies rather than dividends. ISPY executes a daily covered call overlay on the S&P 500, while SPYI uses a broader derivative approach aimed at tax efficiency. The funds differ significantly in yield, age, scale, and the mechanics of their income generation.

How they differ

ISPY pursues a mechanical daily covered call strategy on SPX (the S&P 500 Index futures contract), rolling positions every single day. SPYI takes a more flexible tax-efficient approach to options overlay on the S&P 500 itself, with no daily mandate. The yield gap is dramatic: SPYI distributes 11.69% against ISPY's 5.93%, reflecting a much more aggressive income harvest. ISPY is newer (inception September 2024) with $1.26B in AUM and a beta of 0.9342; SPYI has been running since August 2022, holds $11.4B, and reports a beta of 0.7. ISPY charges 0.55% in fees versus SPYI's 0.68%.

Who each is best for

  • ISPY: Fits investors seeking a mechanical, transparent covered call strategy with moderate income and lower fees; suits those who want daily rebalancing discipline and aren't chasing the highest yield.
  • SPYI: Fits income-focused investors willing to accept higher distribution rates and a less rigid overlay methodology; suits those prioritizing tax efficiency and larger AUM stability.

Key risks to know

  • NAV erosion at high yields. SPYI's 11.69% distribution rate substantially exceeds typical S&P 500 total return expectations; sustained distributions at this level likely depend on return-of-capital treatment and will pressures NAV over multi-year horizons.
  • Options and derivatives risk. Both funds face mark-to-market swings in their embedded call positions, which can amplify drawdowns during sharp market rallies if calls expire in-the-money or are rolled at unfavorable strikes.
  • Daily rebalancing friction. ISPY's 0DTE (zero days-to-expiration) daily roll-over strategy incurs repeated transaction costs and slippage; extended market dislocations or volatility spikes could widen bid-ask spreads and degrade execution quality.
  • Beta compression and muted upside. Both funds' betas (0.9342 for ISPY, 0.7 for SPYI) suggest capped participation in strong S&P 500 rallies; the call overlay sacrifices capital appreciation to fund income.
  • Tax efficiency claims. SPYI's tax-efficient label requires verification of its actual after-tax return profile; derivative overlay funds often generate short-term gains despite claims, and high monthly distributions can create reinvestment complexity.

Bottom line

If you value transparency, mechanical discipline, and lower fees, ISPY's daily covered call structure and 5.93% yield offer a straightforward trade-off. If you prioritize maximum current income and can tolerate higher distribution rates and a less rigid strategy, SPYI's 11.69% yield and larger asset base stand out—but verify its after-tax results and accept that such distributions are unlikely to be sustained from price appreciation alone. 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.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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