A head-to-head comparison of Amplify CWP Dividend & Option Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Amplify ETFs is known for offering thematic and specialized investment solutions across 22 funds, ranging from digital assets and commodities to dividend and income-focused strategies. Their lineup emphasizes yield generation and alternative themes, with notable funds including DIVO (Amplify Dividend Rotation Fund), HACK (Amplify Cybersecurity ETF), and SWAN (Amplify BlackSwan Growth ETF), alongside crypto-related funds like BITY and SOLM. The issuer distinguishes itself through niche sector exposure and their proprietary YieldSmart technology platform designed to optimize income strategies.
See our curated list of related YouTube videos on QDVO.
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.
U.S. large-cap value / dividend equities with a covered call overlay
S&P 500 Index
Objective
Seeks to provide high monthly income with the potential for capital appreciation by investing in quality U.S. dividend-paying equities and writing covered call options on those holdings.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset class
Equity
Equity
Inception date
08/21/2024
08/29/2022
Beta
0.9338
0.7
Last dividend
$0.2660
$0.5310
Ex-dividend date
06/29/2026
06/16/2026
Bottom lineChoose QDVO if you are comfortable trading away most upside for a large, steady payout. Choose SPYI if you want to maximize current income — roughly 11.90%, generated by selling options premium.
Most used
Income calculator
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Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
QDVO (Amplify CWP Dividend & Option 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 11.90% vs 10.64% for QDVO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
QDVO is cheaper with an expense ratio of 0.56% compared to 0.68%.
They track different benchmarks: QDVO is linked to U.S. large-cap value / dividend equities with a covered call overlay while SPYI tracks S&P 500 Index, which means their performance drivers differ.
SPYI is the larger fund by assets ($10.5B), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose QDVO
Amplify CWP Dividend & Option Income ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
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 11.90% from selling options premium, vs 10.64% for QDVO.
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 QDVO.
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, QDVO would generate roughly $88.67/month, while SPYI would produce $99.17/month, at current distribution rates. Both pay monthly distributions.
QDVO yield10.64%
SPYI yield11.90%
Monthly diff on $10K$10.50
Cost & efficiency
Over 10 years on $10,000, QDVO would cost approximately $560 in fees vs $680 for SPYI (simplified, not compounded). The $120.00 difference may be offset by yield or performance.
QDVO ER0.56%
SPYI ER0.68%
Strategy & risk
QDVO tracks U.S. large-cap value / dividend equities with a covered call overlay with an active approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 0.9338 for QDVO and 0.7 for SPYI, indicating SPYI is less volatile relative to the market.
QDVO beta0.9338
SPYI beta0.7
Fund details
QDVO is managed by Amplify ETFs (launched 08/21/2024) with $713M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $10.5B in assets.
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Frequently asked questions
Is QDVO 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 QDVO and SPYI?
QDVO (Amplify CWP Dividend & Option Income ETF) tracks U.S. large-cap value / dividend equities with a covered call overlay with an active approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by Amplify ETFs and NEOS respectively.
Can I hold both QDVO 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.
Which has lower fees, QDVO or SPYI?
QDVO 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 QDVO vs SPYI generate?
At current rates, $10,000 in QDVO would generate roughly $88.67 per month ($1,064.00 annually). The same in SPYI would produce about $99.17 per month ($1,190.00 annually).
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