A head-to-head comparison of NEOS S&P 500 High Income ETF and VegaShares US Equity Autocallable Income 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.
VegaShares operates a focused suite of two income-focused ETFs designed to generate regular distributions through options strategies and dividend investing. The firm's lineup includes ODTE and VAIE, both emphasizing yield generation for investors seeking regular cash flow. With a specialized niche in options-based and dividend income strategies, VegaShares targets investors prioritizing distributions over capital appreciation.
See our curated list of related YouTube videos on VAIE.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Autocallable Income
Asset class
Equity
Equity
Inception date
08/29/2022
05/12/2026
Beta
0.7
—
Last dividend
$0.5300
$0.0780
Ex-dividend date
07/22/2026
07/23/2026
Bottom lineChoose SPYI if you are comfortable trading away most upside for a large, steady payout. Choose VAIE if you want to maximize current income — roughly 16.64%, generated by selling options premium.
Most used
Income calculator
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
SPYI has outpaced VAIE over the year to date, posting a 7.83% total return against 0.50%. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 31, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since May 2026” measures every fund from May 12, 2026 — the youngest fund's first trading day — so all funds share one comparison window.
Quick verdict
SPYI (NEOS S&P 500 High Income ETF) and VAIE (VegaShares US Equity Autocallable Income ETF) are both dividend ETFs, but they take different approaches.
VAIE offers the higher yield at 16.64% vs 12.03% 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 0.74%.
They track different benchmarks: SPYI is linked to S&P 500 Index while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index, which means their performance drivers differ.
SPYI has $10.9B in assets vs $19.7M for VAIE, but VAIE only launched May 2026 — AUM comparisons will become more meaningful as it builds a track record.
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 0.74% for VAIE.
Prefer an established track record — VAIE only launched May 2026.
Choose VAIE
VegaShares US Equity Autocallable Income ETF
Want to maximize current income — VAIE distributes roughly 16.64% from selling options premium, vs 12.03% 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.
Still deciding? Track SPYI & VAIE for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, SPYI would generate roughly $100.25/month, while VAIE would produce $138.67/month, at current distribution rates.
SPYI yield12.03%
VAIE yield16.64%
Monthly diff on $10K$38.42
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $740 for VAIE (simplified, not compounded). The $60.00 difference may be offset by yield or performance.
SPYI ER0.68%
VAIE ER0.74%
Strategy & risk
SPYI tracks S&P 500 Index with an options approach, while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an autocallable income approach.
SPYI beta0.7
VAIE beta—
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $10.9B in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $19.7M in assets.
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Frequently asked questions
Is SPYI or VAIE better for dividend income?
It depends on your goals. VAIE 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 VAIE?
SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach, while VAIE (VegaShares US Equity Autocallable Income ETF) tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an autocallable income approach. They are issued by NEOS and VegaShares respectively.
Can I hold both SPYI and VAIE?
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 VAIE?
SPYI has an expense ratio of 0.68% while VAIE charges 0.74%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs VAIE generate?
At current rates, $10,000 in SPYI would generate roughly $100.25 per month ($1,203.00 annually). The same in VAIE would produce about $138.67 per month ($1,664.00 annually).
Which has performed better historically, SPYI or VAIE?
SPYI has outpaced VAIE over the year to date, posting a 7.83% total return against 0.50%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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