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ETF Comparison

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

A head-to-head comparison of NEOS S&P 500 High Income ETF and SPY Growth & Daily Income ETF covering yield, cost, risk, and income potential.

Data updated July 21, 2026

NEOS
ETFs19
Total AUM$30.0B

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.

See all NEOS ETFs
TappAlpha
ETFs5
Total AUM$631M

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

Side-by-side snapshot

SPYITSPY
Full nameNEOS S&P 500 High Income ETFSPY Growth & Daily Income ETF
IssuerNEOSTappAlpha
Last Close$53.01 as of July 21, 2026$25.21 as of July 21, 2026
Distribution yield12.02%14.05%
Distribution Safety Score™ 9079
Expense ratio0.68%0.71%
AUM$10.7B$303M
Distribution frequencyMonthlyMonthly
Underlying indexS&P 500 IndexSPDR 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 date08/29/202208/14/2024
Beta0.70.935
Last dividend$0.5310$0.2952
Ex-dividend date06/16/202606/30/2026

Bottom lineChoose SPYI if you are comfortable trading away most upside for a large, steady payout. Choose TSPY if you want to maximize current income — roughly 14.05%, generated by selling options premium.

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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

SPYI has lagged TSPY over the trailing twelve months, posting a 16.92% total return against 17.95%. Measured from Aug 2024 — when the younger fund began trading — TSPY has compounded at 16.27% a year versus 15.62% for SPYI. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1YSince Aug 2024Volatility Sharpe Sortino Max drawdown
SPYI7.07%16.92%15.62%10.5%1.071.52-7.7%
TSPY7.09%17.95%16.27%12.4%0.981.40-9.6%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 20, 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

SPYI (NEOS S&P 500 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 14.05% vs 12.02% 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 0.71%.

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

SPYI is the larger fund by assets ($10.7B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose SPYI

NEOS S&P 500 High Income ETF

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.68% expense ratio vs 0.71% for TSPY.
  • Prefer lower volatility — a beta of 0.7 vs 0.9 for TSPY.

Choose TSPY

SPY Growth & Daily Income ETF

  • Want to maximize current income — TSPY distributes roughly 14.05% from selling options premium, vs 12.02% for SPYI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

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, SPYI would generate roughly $100.17/month, while TSPY would produce $117.08/month, at current distribution rates. Both pay monthly distributions.

SPYI yield12.02%
TSPY yield14.05%
Monthly diff on $10K$16.92

Cost & efficiency

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

SPYI ER0.68%
TSPY ER0.71%

Strategy & risk

Both SPYI and TSPY wrap S&P 500 Index with options-based income overlays (options and growth). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.7 for SPYI and 0.935 for TSPY, indicating SPYI is less volatile relative to the market.

SPYI beta0.7
TSPY beta0.935

Fund details

SPYI is managed by NEOS (launched 08/29/2022) with $10.7B in assets. TSPY is managed by TappAlpha (launched 08/14/2024) with $303M in assets.

SPYI AUM$10.7B
TSPY AUM$303M
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Frequently asked questions

Is SPYI 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 SPYI and TSPY?

Both SPYI (NEOS S&P 500 High Income ETF) and TSPY (SPY Growth & Daily Income ETF) track S&P 500 Index with options-based income strategies — the labels "options" and "growth" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (12.02% vs 14.05%), expense ratio (0.68% vs 0.71%), and issuer (NEOS vs TappAlpha).

Can I hold both SPYI and TSPY?

You can, but expect significant overlap. Both funds use options-based income strategies on S&P 500 Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which has lower fees, SPYI or TSPY?

SPYI 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 SPYI vs TSPY generate?

At current rates, $10,000 in SPYI would generate roughly $100.17 per month ($1,202.00 annually). The same in TSPY would produce about $117.08 per month ($1,405.00 annually).

Which has performed better historically, SPYI or TSPY?

SPYI has lagged TSPY over the trailing twelve months, posting a 16.92% total return against 17.95%. Measured from Aug 2024 — when the younger fund began trading — TSPY has compounded at 16.27% a year versus 15.62% for SPYI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SPYI vs TSPY — at a glance

Generated July 2026 from current fund data.

Overview

SPYI and TSPY are both options-overlay ETFs built on S&P 500 exposure, distributing monthly income through systematic call-selling strategies. SPYI tracks the S&P 500 Index directly with a 11.87% distribution rate, while TSPY holds the SPY ETF itself and targets a higher 13.82% yield. The core difference is both their yield level and the tightness of their upside cap: TSPY explicitly limits capital gains, whereas SPYI appears to offer fuller equity participation alongside its income program.

How they differ

TSPY's distribution rate is 195 basis points higher than SPYI's (13.82% vs. 11.87%), which reflects a more aggressive call-selling strategy that caps upside gains in exchange for larger monthly payouts. TSPY is also much newer—launched just three months into 2024 versus SPYI's August 2022 inception—and carries a smaller asset base ($286M vs. $10.5B), meaning it has less proven track record and greater sensitivity to redemptions. SPYI's beta of 0.7 versus TSPY's 0.935 signals that SPYI accepts notably less downside participation in market declines, a structural consequence of its call overlay being tighter. TSPY's expense ratio is marginally higher (0.71% vs. 0.68%), but the real cost comparison is yield-dependent: at their current rates, TSPY's extra 195 bps of distribution more than offset the 3 bps expense difference.

Who each is best for

SPYI: Fits investors seeking monthly equity-linked income in the 11–12% range with a lower cost of upside capture, preferring a fund with established asset base and multi-year performance history over higher current yield.

TSPY: Fits investors who prioritize maximum current income in a similar S&P 500 vehicle and are willing to accept explicit upside caps and the operational risks of a very new fund with modest liquidity.

Key risks to know

  • NAV erosion at 11%+ distribution yields. Both funds distribute significantly above historical S&P 500 total returns. Unless call-sale premiums consistently exceed underlying index returns, distributions will draw down NAV over time; this risk is more acute for TSPY given its 13.82% rate.
  • Call cap truncates gains during rallies. TSPY explicitly limits capital appreciation by design; SPYI's lower beta suggests similar constraints. Investors holding through strong equity upswings will lag an unlevered S&P 500 fund.
  • Early-stage operational and redemption risk for TSPY. With only months of live performance and $286M in AUM, TSPY faces potential acceleration of NAV decay if assets shrink; SPYI's $10.5B cushion and two-year history reduce this vulnerability.
  • Options market dislocation risk. Both funds depend on sustained call-sale premiums to fund distributions. A sharp drop in implied volatility or a regime shift in options pricing could narrow income without any change to the underlying index.

Bottom line

SPYI offers a lower-yield, longer-established path to S&P 500 income through options; TSPY pushes yield higher by accepting tighter upside caps and operating as a brand-new, smaller fund. If you want proven stability and moderate income, SPYI's 11.87% distribution and $10.5B scale stand out; if you prioritize maximum current income and accept the tradeoffs of a newer strategy with explicit gain limits, TSPY's 13.82% rate may appeal. Both carry meaningful NAV-erosion risk at their current distribution levels—past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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