ETF Comparison
SPYI vs JEPY: Which Is the Better Pick in 2026?
A head-to-head comparison of NEOS S&P 500 High Income ETF and Defiance S&P 500 Enhanced Options Income ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| SPYI | JEPY | |
|---|---|---|
| Full name | NEOS S&P 500 High Income ETF | Defiance S&P 500 Enhanced Options Income ETF |
| Issuer | NEOS | Defiance ETFs |
| Price | $49.65 | $44.06 |
| Distribution yield | 11.84% | 55.67% |
| Expense ratio | 0.68% | 1.01% |
| AUM | $8.1B | $66M |
| Distribution frequency | Monthly | Weekly |
| Underlying index | S&P 500 Index | SPX |
| Objective | Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. | Seeks enhanced income through an actively managed strategy consisting of treasuries and S&P 500 index options, generating outsized monthly distributions by selling option premium on a daily basis using 0DTE (zero days to expiration) options. |
| Asset class | Equity | Equity |
| Inception date | 08/29/2022 | 06/26/2024 |
| Beta | 0.68 | 0.0 |
| Last dividend | $0.51 | $0.16 |
| Ex-dividend date | 03/18/2026 | 04/02/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
SPYI (NEOS S&P 500 High Income ETF) and JEPY (Defiance S&P 500 Enhanced Options Income ETF) are both popular monthly-pay seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. ETFs, but they take different approaches.
JEPY offers the higher yield at 55.67% vs 11.84% for SPYI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SPYI is cheaper with an expense ratio of 0.68% compared to 1.01%.
They track different benchmarks: SPYI is linked to S&P 500 Index while JEPY tracks SPX, which means their performance drivers differ.
SPYI is the larger fund by assets ($8.1B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, SPYI would generate roughly $98.67/month while JEPY would produce $463.92/month at current distribution rates. Both pay monthly distributions.
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $1,010 for JEPY (simplified, not compounded). The $330.00 difference may be offset by yield or performance.
Strategy & risk
SPYI tracks S&P 500 Index with a seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. approach, while JEPY tracks SPX using a seeks enhanced income through an actively managed strategy consisting of treasuries and s&p 500 index options, generating outsized monthly distributions by selling option premium on a daily basis using 0dte (zero days to expiration) options. strategy. Beta is 0.68 for SPYI and 0.0 for JEPY, indicating JEPY is less volatile relative to the market.
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $8.1B in assets. JEPY is managed by Defiance ETFs (launched 06/26/2024) with $66M in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is SPYI or JEPY better for dividend income?
It depends on your goals. JEPY 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 SPYI and JEPY?
SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with a seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. strategy, while JEPY (Defiance S&P 500 Enhanced Options Income ETF) tracks SPX with a seeks enhanced income through an actively managed strategy consisting of treasuries and s&p 500 index options, generating outsized monthly distributions by selling option premium on a daily basis using 0dte (zero days to expiration) options. approach. They are issued by NEOS and Defiance ETFs respectively.
Can I hold both SPYI and JEPY?
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, SPYI or JEPY?
SPYI has an expense ratio of 0.68% while JEPY charges 1.01%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs JEPY generate?
At current yields, $10,000 in SPYI would generate roughly $98.67 per month ($1,184.00 annually). The same in JEPY would produce about $463.92 per month ($5,567.00 annually).
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