ETF Comparison
ISPY vs TSPY: Which Is the Better Pick in 2026?
A head-to-head comparison of ProShares S&P 500 High Income ETF and SPY Growth & Daily Income ETF covering yield, cost, risk, and income potential.
Data updated April 9, 2026
Side-by-side snapshot
| ISPY | TSPY | |
|---|---|---|
| Full name | ProShares S&P 500 High Income ETF | SPY Growth & Daily Income ETF |
| Issuer | ProShares | TappAlpha |
| Price | $43.66 | $23.29 |
| Distribution yield | 8.88% | 14.56% |
| Expense ratio | 0.56% | 0.77% |
| AUM | $1.2B | $237M |
| Distribution frequency | Monthly | Monthly |
| Underlying index | SPX | SPDR S&P 500 ETF Trust (SPY) |
| 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. | The TappAlpha SPY Growth & Daily Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the SPDR S&P 500 ETF Trust ("SPY"), subject to a limit on potential investment gains. |
| Asset class | Equity | Equity |
| Inception date | 09/11/2024 | 08/14/2024 |
| Beta | 0.0 | 0.0 |
| Last dividend | $0.30 | $0.28 |
| Ex-dividend date | 04/01/2026 | 03/31/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
ISPY (ProShares S&P 500 High Income ETF) and TSPY (SPY Growth & Daily Income ETF) are both popular monthly-pay 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. ETFs, but they take different approaches.
TSPY offers the higher yield at 14.56% vs 8.88% 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 0.77%.
They track different benchmarks: ISPY is linked to SPX while TSPY tracks SPDR S&P 500 ETF Trust (SPY), which means their performance drivers differ.
ISPY is the larger fund by assets ($1.2B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, ISPY would generate roughly $74.00/month while TSPY would produce $121.33/month at current distribution rates. Both pay monthly distributions.
Cost & efficiency
Over 10 years on $10,000, ISPY would cost approximately $560 in fees vs $770 for TSPY (simplified, not compounded). The $210.00 difference may be offset by yield or performance.
Strategy & risk
ISPY tracks SPX with a 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. approach, while TSPY tracks SPDR S&P 500 ETF Trust (SPY) using a the tappalpha spy growth & daily income etf (the "fund") seeks current income while maintaining prospects for capital appreciation. the fund’s secondary investment objective is to seek exposure to the performance of the spdr s&p 500 etf trust ("spy"), subject to a limit on potential investment gains. strategy. Beta is 0.0 for ISPY and 0.0 for TSPY, indicating TSPY is less volatile relative to the market.
Fund details
ISPY is managed by ProShares (launched 09/11/2024) with $1.2B in assets. TSPY is managed by TappAlpha (launched 08/14/2024) with $237M in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is ISPY or TSPY better for dividend income?
It depends on your goals. TSPY 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 TSPY?
ISPY (ProShares S&P 500 High Income ETF) tracks SPX with a 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. strategy, while TSPY (SPY Growth & Daily Income ETF) tracks SPDR S&P 500 ETF Trust (SPY) with a the tappalpha spy growth & daily income etf (the "fund") seeks current income while maintaining prospects for capital appreciation. the fund’s secondary investment objective is to seek exposure to the performance of the spdr s&p 500 etf trust ("spy"), subject to a limit on potential investment gains. approach. They are issued by ProShares and TappAlpha respectively.
Can I hold both ISPY and TSPY?
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 TSPY?
ISPY has an expense ratio of 0.56% while TSPY charges 0.77%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in ISPY vs TSPY generate?
At current yields, $10,000 in ISPY would generate roughly $74.00 per month ($888.00 annually). The same in TSPY would produce about $121.33 per month ($1,456.00 annually).
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