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
QYLD and SPYI are both equity ETFs that generate monthly income by holding a major stock index and systematically selling covered call options against it. QYLD tracks the Nasdaq-100 via the Cboe BuyWrite Index, while SPYI holds the S&P 500. The key distinction is index exposure: QYLD targets large-cap growth and technology (Nasdaq-100), whereas SPYI targets broad large-cap value and growth (S&P 500). Both harvest option premium to fund distributions, but their underlying stock baskets and resulting yield profiles differ materially.
How they differ
QYLD's 11.38% yield comes from call writing on Nasdaq-100 stocks, which tend to be more volatile and higher-growth; SPYI's 11.95% yield targets the broader S&P 500. The second major difference is beta: QYLD's 0.49 beta reflects its concentrated tech and growth tilt, while SPYI's 0.7 beta is closer to the wider market. QYLD has been operating since 12/11/2013, giving it a longer track record; SPYI launched in 08/29/2022, so it has less than 4 years. On fees, QYLD charges 0.60%, slightly cheaper than SPYI's 0.68%. QYLD holds $8.51B in assets, smaller than SPYI's $12.4B.
Who each is best for
QYLD: Fits investors who want tech-and-growth exposure with high income and are comfortable with lower market beta, since call writing caps upside on volatile Nasdaq names.
SPYI: Designed for investors seeking diversified large-cap exposure with meaningful income, without concentrating in technology and growth sectors.
Key risks to know
- NAV erosion at high distribution yields. Both funds distribute 11.38% and 11.95% annually—significantly above typical equity index returns—which means the underlying stock holdings and option premium must sustain those payouts. Distributions that exceed underlying price appreciation and dividend yield tend to erode net asset value over time. The longer the holding period, the more NAV compression matters.
- Call-writing cap on upside. Both funds continuously sell at-the-money calls, which means if the Nasdaq-100 or S&P 500 rallies sharply, the calls are exercised or the fund is forced to buy them back at higher prices. This caps capital appreciation and can underperform in strong bull markets, particularly QYLD, given its 0.49 beta suggests it rises less than the index even before accounting for call assignment.
- Limited history for SPYI. SPYI's inception in 08/29/2022 means it has not experienced a full market cycle or significant volatility stress. Covered call strategies can behave differently during market dislocations—option premiums may collapse just when income is needed most—and SPYI has limited data to evaluate this risk.
- Concentration in QYLD. The Nasdaq-100 is concentrated in large technology and growth names. If that sector underperforms, QYLD has no diversification cushion and may lag the broader market for extended periods.
Bottom line
If you want diversified large-cap exposure with a lower yield and less tech concentration, SPYI's broad S&P 500 base is more traditional; if you seek higher income and can tolerate being overweight growth and technology, QYLD's narrower focus and slightly lower expense ratio may appeal. Both strategies rely on option income to support yields well above historic equity returns, and that dynamic poses a long-term NAV question neither manager can solve. Past performance does not guarantee future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
