ETF Comparison
SPYT vs SPYI: Which Is the Better Pick in 2026?
A head-to-head comparison of Defiance S&P 500 Income Target ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.
Data updated April 2, 2026
Side-by-side snapshot
| SPYT | SPYI | |
|---|---|---|
| Full name | Defiance S&P 500 Income Target ETF | NEOS S&P 500 High Income ETF |
| Issuer | Defiance ETFs | NEOS |
| Price | $16.04 | $49.37 |
| Distribution yield | 21.45% | 12.04% |
| Expense ratio | 0.92% | 0.68% |
| AUM | $151M | $8.1B |
| Distribution frequency | Weekly | Monthly |
| Underlying index | S&P | S&P 500 Index |
| Objective | Seeks current income with secondary exposure to the S&P 500 Index through a strategy of holding index ETFs while selling daily credit call spreads to generate a target annual income level of 20%. | Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. |
| Asset class | Equity | Equity |
| Inception date | 07/16/2024 | 08/29/2022 |
| Beta | 0.0 | 0.68 |
| Last dividend | $0.26 | $0.53 |
| Ex-dividend date | 04/01/2026 | 01/21/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
SPYT (Defiance S&P 500 Income Target ETF) and SPYI (NEOS S&P 500 High Income ETF) are both popular weekly-pay seeks current income with secondary exposure to the s&p 500 index through a strategy of holding index etfs while selling daily credit call spreads to generate a target annual income level of 20%. ETFs, but they take different approaches.
SPYT offers the higher yield at 21.45% vs 12.04% 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 0.92%.
They track different benchmarks: SPYT is linked to S&P while SPYI tracks S&P 500 Index, 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, SPYT would generate roughly $178.75/month while SPYI would produce $100.33/month at current distribution rates. Both pay weekly distributions.
Cost & efficiency
Over 10 years on $10,000, SPYT would cost approximately $920 in fees vs $680 for SPYI (simplified, not compounded). The $240.00 difference may be offset by yield or performance.
Strategy & risk
SPYT tracks S&P with a seeks current income with secondary exposure to the s&p 500 index through a strategy of holding index etfs while selling daily credit call spreads to generate a target annual income level of 20%. approach, while SPYI tracks S&P 500 Index using a seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. strategy. Beta is 0.0 for SPYT and 0.68 for SPYI, indicating SPYT is less volatile relative to the market.
Fund details
SPYT is managed by Defiance ETFs (launched 07/16/2024) with $151M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $8.1B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is SPYT or SPYI better for dividend income?
It depends on your goals. SPYT 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 SPYT and SPYI?
SPYT (Defiance S&P 500 Income Target ETF) tracks S&P with a seeks current income with secondary exposure to the s&p 500 index through a strategy of holding index etfs while selling daily credit call spreads to generate a target annual income level of 20%. strategy, while 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. approach. They are issued by Defiance ETFs and NEOS respectively.
Can I hold both SPYT and SPYI?
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, SPYT or SPYI?
SPYT has an expense ratio of 0.92% 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 SPYT vs SPYI generate?
At current yields, $10,000 in SPYT would generate roughly $178.75 per month ($2,145.00 annually). The same in SPYI would produce about $100.33 per month ($1,204.00 annually).
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