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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.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • ISPYInvestors who want simple, diversified core exposure in one low-cost fund.
  • SPYIInvestors who want to maximize current income — roughly 11.89%, 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

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

ISPY has lagged SPYI over the trailing twelve months, posting a 13.11% total return against 15.85%. Measured from Sep 2024 — the start of shared available history — SPYI has compounded at 16.91% a year versus 14.94% 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.
SymbolYTD cumulative1Y cumulativeSince Sep 2024Volatility Sharpe Sortino Max drawdown
ISPY11.57%13.11%14.94%12.8%0.610.84-8.4%
SPYI12.59%15.85%16.91%10.9%0.941.34-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2024” measures every fund from September 11, 2024 — the start of shared available history — 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.

Distribution rate and SEC yield

MetricISPYSPYI
Forward distribution rate6.30%11.89%
Trailing 12-month yield5.52%11.77%
30-day SEC yield0.66%0.45%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on SPYI vs SPY.

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$48.06 as of October 8, 2026$53.86 as of October 8, 2026
Distribution rate6.30%11.89%
Trailing 12-month yield5.52%11.77%
30-day SEC yield0.66%0.45%
Distribution Safety Score™ 5890
Safety-Adjusted Yield 3.65%10.70%
Expense ratio0.55%0.68%
AUM$1.17B$12.4B
Distribution frequencyMonthlyMonthly
Underlying indexS&P 500S&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
Beta0.93420.69
Last dividend$0.25234$0.5338
Ex-dividend date10/01/202609/16/2026

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 11.89%, generated by selling options premium. ISPY and SPYI both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped 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
UnderlyingS&P 500S&P 500 Index
IssuerProSharesNEOS
Income designS&P 500 high-income overlayNEOS high-income overlay (Section 1256 / ROC)
Expense ratio0.55%0.68%
Distribution rate6.30%11.89%

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
ETFs170
Total AUM$129B

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
ETFs20
Total AUM$35.1B

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 11.89% vs 6.30% 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 have different reference exposures: ISPY is linked to S&P 500 while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($12.4B), but assets alone do not establish trading costs or 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 0.55% expense ratio vs 0.68% for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want to maximize current income — SPYI distributes roughly 11.89% from selling options premium, vs 6.30% 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 $52.50 cash per distribution, while SPYI would produce $99.08 cash per distribution, at current distribution rates. Both pay monthly distributions.

ISPY yield6.30%
SPYI yield11.89%
Cash diff on $10K$46.58

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

Both ISPY and SPYI wrap SPX with options-based income overlays (covered call and active). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.9342 for ISPY and 0.69 for SPYI, making SPYI the less volatile of the two by this measure.

ISPY beta0.9342
SPYI beta0.69

Fund details

ISPY is managed by ProShares (launched 09/11/2024) with $1.17B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

ISPY AUM$1.17B
SPYI AUM$12.4B
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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 0.55% versus 0.68%; distributions are 6.30% and 11.89% as of October 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 rate for ISPY and SPYI?

ISPY currently distributes 6.30% and SPYI 11.89%, based on fund data updated October 2026. Distribution rate 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?

You can, but expect significant overlap. Both funds use options-based income strategies on SPX, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than 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 58, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.69 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 0.55% 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 $52.50 cash per distribution ($630.00 annually). The same in SPYI would produce about $99.08 cash per distribution ($1,189.00 annually).

Which has performed better historically, ISPY or SPYI?

ISPY has lagged SPYI over the trailing twelve months, posting a 13.11% total return against 15.85%. Measured from Sep 2024 — the start of shared available history — SPYI has compounded at 16.91% a year versus 14.94% 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 October 3, 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

ISPY and SPYI are both ETFs that pursue covered call strategies on S&P 500 exposure to generate monthly income, but they differ fundamentally in execution frequency and yield targets. ISPY writes daily call options on the S&P 500 (0DTE strategy), while SPYI employs an active, tax-efficient approach that combines covered calls with longer-dated options. The result is a stark yield gap: SPYI distributes 11.89%, while ISPY pays 6.30%.

How they differ

The biggest difference is option frequency and roll cadence. SPYI, by contrast, uses active management to select call strike prices and tenors, aiming to balance income with tax efficiency and capital appreciation—a less mechanistic approach. A third difference is fund maturity and scale. SPYI has been operating since 08/29/2022 and holds $12.4B in assets, versus ISPY's $1.17B, launched 09/11/2024—ISPY is brand new and significantly smaller.

Who each is best for

ISPY: Fits investors seeking systematic, transparent covered call mechanics with moderate income and the potential to participate in upside rallies, given its higher beta of 0.9342 relative to SPYI's 0.69.

  • Capped upside from daily call rolling (ISPY). Rolling calls every day means selling away any gains beyond the daily strike, capping participation in rallies. This mutes bull-market performance relative to unhedged S&P 500 exposure, especially during strong rallies.
  • Active management discretion (SPYI). SPYI's non-systematic approach to strike and tenor selection introduces manager risk—there is no published rule governing when calls are struck or rolled, creating opacity around the basis for income generation and potential for inconsistent execution.
  • Beta divergence and volatility interaction. ISPY's beta of 0.9342 versus SPYI's 0.69 signals different sensitivity to market moves; SPYI's lower beta may reflect higher call selling (more downside cushion but less upside), making the funds' performance paths diverge noticeably in trending markets.

Bottom line

If you seek transparency and don't mind moderate income with better upside capture, ISPY's daily call structure is more mechanical and its lower yield leaves less room for NAV erosion. If you prioritize maximum current income and accept that most distributions will reflect return of capital over the long term, SPYI's higher yield and active management fit that trade. Both funds' yields are unsustainable relative to underlying equity returns—past performance doesn't predict future results, and either fund's NAV should be monitored against distributions over a full market cycle.

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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These comparisons follow the Dividend Vision methodology.