A head-to-head comparison of NEOS S&P 500 High Income ETF and YieldMax Ultra Option Income Strategy ETF covering yield, cost, risk, and income potential.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on ULTY.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Covered Call
Asset class
Equity
Equity
Inception date
08/29/2022
02/21/2024
Beta
0.7
1.3581
Last dividend
$0.5310
$0.3380
Ex-dividend date
06/16/2026
07/14/2026
Bottom lineChoose SPYI if you are comfortable trading away most upside for a large, steady payout. Choose ULTY if you want to maximize current income — roughly 61.16%, generated by selling options premium. There's no free lunch: ULTY's payout comes from selling options, which caps upside and can erode the share price over time, while SPYI keeps full price exposure.
Most used
Income calculator
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Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
SPYI (NEOS S&P 500 High Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.
ULTY offers the higher yield at 61.16% vs 11.90% 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 1.14%.
They track different benchmarks: SPYI is linked to S&P 500 Index while ULTY tracks Basket (High Volatility stocks), 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 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 1.14% for ULTY.
Prefer lower volatility — a beta of 0.7 vs 1.4 for ULTY.
Choose ULTY
YieldMax Ultra Option Income Strategy ETF
Want to maximize current income — ULTY distributes roughly 61.16% from selling options premium, vs 11.90% 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 $99.17/month, while ULTY would produce $509.67/month, at current distribution rates.
SPYI yield11.90%
ULTY yield61.16%
Monthly diff on $10K$410.50
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $1,140 for ULTY (simplified, not compounded). The $460.00 difference may be offset by yield or performance.
SPYI ER0.68%
ULTY ER1.14%
Strategy & risk
SPYI tracks S&P 500 Index with an options approach, while ULTY tracks Basket (High Volatility stocks) with a covered call approach. Beta is 0.7 for SPYI and 1.3581 for ULTY, indicating SPYI is less volatile relative to the market.
SPYI beta0.7
ULTY beta1.3581
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $10.5B in assets. ULTY is managed by YieldMax (launched 02/21/2024) with $914M in assets.
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Frequently asked questions
Is SPYI or ULTY better for dividend income?
It depends on your goals. ULTY 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 ULTY?
SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach, while ULTY (YieldMax Ultra Option Income Strategy ETF) tracks Basket (High Volatility stocks) with a covered call approach. They are issued by NEOS and YieldMax respectively.
Can I hold both SPYI and ULTY?
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, SPYI or ULTY?
SPYI has an expense ratio of 0.68% while ULTY charges 1.14%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs ULTY generate?
At current rates, $10,000 in SPYI would generate roughly $99.17 per month ($1,190.00 annually). The same in ULTY would produce about $509.67 per month ($6,116.00 annually).
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