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ETF Comparison

QQQI vs TSPY: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS Nasdaq-100 High Income ETF and SPY Growth & Daily Income ETF covering yield, cost, risk, and income potential.

Data updated August 15, 2026

Best for

  • QQQIInvestors who are comfortable trading away most upside for a large, steady payout.
  • TSPYInvestors who are comfortable trading away most upside for a large, steady payout.

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricQQQITSPY
Full nameNEOS Nasdaq-100 High Income ETFSPY Growth & Daily Income ETF
IssuerNEOSTappAlpha
Last Close$55.79 as of August 15, 2026$25.91 as of August 15, 2026
Distribution yield13.66%13.90%
Distribution Safety Score™ 8484
Expense ratio0.68%0.71%
AUM$13.9B$316M
Distribution frequencyMonthlyMonthly
Underlying indexNASDAQ 100SPDR S&P 500 ETF Trust (SPY)
ObjectiveSeeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.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 classEquityEquity
Inception date01/29/202408/14/2024
Beta1.05530.935
Last dividend$0.6350$0.3001
Ex-dividend date07/22/202608/04/2026

Bottom lineQQQI and TSPY are both for investors who are comfortable trading away most upside for a large, steady payout — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

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. QQQI and TSPY generate 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

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Income calculator

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

NEOS
ETFs19
Total AUM$31.6B

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 QQQI.

See all NEOS ETFs
TappAlpha
ETFs5
Total AUM$675M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.

See our curated list of related YouTube videos on TSPY.

See all TappAlpha ETFs

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

QQQI has lagged TSPY over the trailing twelve months, posting a 19.20% total return against 19.90%. Measured from Aug 2024 — when the younger fund began trading — QQQI has compounded at 20.72% a year versus 17.96% for TSPY. TSPY has been the steadier holding, though — annualized volatility of 12.6% against 16.4% for QQQI. 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 Aug 2024Volatility Sharpe Sortino Max drawdown
QQQI12.66%19.20%20.72%16.4%0.801.13-9.6%
TSPY11.36%19.90%17.96%12.6%1.081.57-9.6%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 14, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Aug 2024” measures every fund from August 15, 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.

Quick verdict

QQQI (NEOS Nasdaq-100 High Income ETF) and TSPY (SPY Growth & Daily Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

TSPY offers the higher yield at 13.90% vs 13.66% for QQQI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QQQI is cheaper with an expense ratio of 0.68% compared to 0.71%.

They track different benchmarks: QQQI is linked to NASDAQ 100 while TSPY tracks SPDR S&P 500 ETF Trust (SPY), which means their performance drivers differ.

QQQI is the larger fund by assets ($13.9B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, QQQI would generate roughly $113.83/month, while TSPY would produce $115.83/month, at current distribution rates. Both pay monthly distributions.

QQQI yield13.66%
TSPY yield13.90%
Monthly diff on $10K$2.00

Cost & efficiency

Over 10 years on $10,000, QQQI would cost approximately $680 in fees vs $710 for TSPY (simplified, not compounded). The $30.00 difference may be offset by yield or performance.

QQQI ER0.68%
TSPY ER0.71%

Strategy & risk

QQQI tracks NASDAQ 100 with an options approach, while TSPY tracks SPDR S&P 500 ETF Trust (SPY) with a growth approach. Beta is 1.0553 for QQQI and 0.935 for TSPY, indicating TSPY is less volatile relative to the market.

QQQI beta1.0553
TSPY beta0.935

Fund details

QQQI is managed by NEOS (launched 01/29/2024) with $13.9B in assets. TSPY is managed by TappAlpha (launched 08/14/2024) with $316M in assets.

QQQI AUM$13.9B
TSPY AUM$316M
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Frequently asked questions

What is the current distribution yield for QQQI and TSPY?

QQQI currently distributes 13.66% and TSPY 13.90%, 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 QQQI 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 QQQI and TSPY?

QQQI (NEOS Nasdaq-100 High Income ETF) tracks NASDAQ 100 with an options approach, while TSPY (SPY Growth & Daily Income ETF) tracks SPDR S&P 500 ETF Trust (SPY) with a growth approach. They are issued by NEOS and TappAlpha respectively.

Can I hold both QQQI and TSPY?

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 QQQI or TSPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: QQQI scores 84, TSPY scores 84. Neither has a clear safety edge on that measure. 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, QQQI or TSPY?

QQQI has an expense ratio of 0.68% while TSPY charges 0.71%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in QQQI vs TSPY generate?

At current rates, $10,000 in QQQI would generate roughly $113.83 per month ($1,366.00 annually). The same in TSPY would produce about $115.83 per month ($1,390.00 annually).

Which has performed better historically, QQQI or TSPY?

QQQI has lagged TSPY over the trailing twelve months, posting a 19.20% total return against 19.90%. Measured from Aug 2024 — when the younger fund began trading — QQQI has compounded at 20.72% a year versus 17.96% for TSPY. TSPY has been the steadier holding, though — annualized volatility of 12.6% against 16.4% for QQQI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QQQI vs TSPY — at a glance

Generated August 15, 2026.

Overview

QQQI and TSPY are both derivative-overlay ETFs designed to harvest income from their underlying equity indexes through options strategies — QQQI overlays call options on the Nasdaq-100, while TSPY uses covered calls against the S&P 500. Both target monthly distributions and launched in 2024. The core distinction is their underlying exposure: concentrated growth-heavy tech (Nasdaq-100) versus broad-market large-cap (S&P 500), which drives different volatility profiles and income mechanics.

How they differ

QQQI tracks the Nasdaq-100 (tech-heavy, concentrated) while TSPY tracks the S&P 500 (broad market). This is the biggest structural difference — Nasdaq-100 has higher average growth volatility, which typically expands call premiums but also creates steeper drawdowns when sentiment shifts. Both offer similar distribution rates (QQQI at 13.66%, TSPY at 13.90%), monthly payouts, and low expense ratios (0.68% and 0.71%, respectively), but QQQI has substantially larger assets ($13.9B vs. $316M), reflecting earlier launch and broader adoption. TSPY's beta of 0.935 versus QQQI's 1.0553 signals that TSPY dampens broad-market moves more than QQQI amplifies Nasdaq swings — a function of the covered-call cap on gains and the S&P 500's lower overall volatility. TSPY is also much newer (August 2024 versus January 2024), meaning its track record through a full volatility cycle is incomplete.

Who each is best for

  • QQQI: Fits investors who want concentrated exposure to high-growth mega-cap tech stocks and are willing to accept higher volatility in exchange for the income potential that tech's larger call premiums can generate.
  • TSPY: Fits investors seeking income from broad large-cap exposure with lower expected volatility, and who are comfortable capping upside in exchange for a more modest total-return profile than buying SPY outright.

Key risks to know

  • NAV erosion at 13%+ yields. Both funds distribute 13.66–13.90% annually — well above historical S&P 500 and Nasdaq-100 earnings yields. Sustaining these payouts will likely require return-of-capital treatment, which erodes net asset value over time. QQQI's 13-month operating history offers only a limited window to assess actual capital turnover.
  • Call-cap opportunity cost. Both funds sacrifice upside by selling covered calls. In a strong bull market, shareholders will lag comparable unlevered index positions. TSPY's 0.935 beta suggests explicit capping of gains; the cap's mechanical effect on total return during rallies deserves scrutiny.
  • Concentration in Nasdaq-100 (QQQI specific). QQQI's underlying index is tech-heavy and dominated by mega-cap winners. Sector rotation or multiple compression in large-cap tech would hit QQQI harder than TSPY, since the S&P 500 offers more diversification across financials, industrials, and other non-tech sectors.
  • Options market dislocation risk. Both funds depend on liquid options markets for daily covered-call sales. A spike in implied volatility or a sudden shift in call pricing could affect the income stream. Synthetic strategies also carry gap risk if markets gap sharply on open.
  • Track record gap (TSPY specific). TSPY launched in August 2024 and has not been through a meaningful market correction or volatility expansion. Its 13.90% yield and beta-dampening characteristics are untested under stress.

Bottom line

If you prioritize lower volatility and broad diversification, TSPY's S&P 500 foundation and sub-1.0 beta align with a more defensive posture — though TSPY's minimal operating history means its yield sustainability hasn't faced a market test. If you lean into tech exposure and accept higher volatility in pursuit of income, QQQI's Nasdaq-100 weighting and larger asset base offer more established income mechanics, though you'll absorb larger swings. Both funds face the structural challenge of sustaining 13%+ yields from underlying markets that rarely earn as much; past performance does not predict future results, and neither fund's income approach has been through 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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