A head-to-head comparison of NEOS S&P 500 High Income ETF and Defiance S&P 500 Target 30 Weekly Distribution ETF covering yield, cost, risk, and income potential.
Data updated August 7, 2026
Best for
SPYIInvestors who are comfortable trading away most upside for a large, steady payout.
WDTEInvestors who want to maximize current income — roughly 30.23%, generated by selling options premium.
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.
Defiance ETFs is known for offering specialized and thematic investment strategies that cater to niche market segments and alternative income approaches. The issuer's lineup spans income-focused funds, leveraged strategies, combinations of leverage with income generation, and thematic products tied to emerging trends and sectors. Defiance emphasizes non-traditional and differentiated strategies rather than broad-based index exposure, appealing to investors seeking targeted exposure beyond conventional ETF offerings.
See our curated list of related YouTube videos on WDTE.
Defiance S&P 500 Target 30 Weekly Distribution ETF
Issuer
NEOS
Defiance ETFs
Last Close
$53.97 as of August 7, 2026
$29.90 as of August 7, 2026
Distribution yield
11.78%
30.23%
Distribution Safety Score™
90
74
Expense ratio
0.68%
1.03%
AUM
$11.1B
$65.5M
Distribution frequency
Monthly
Weekly
Underlying index
S&P 500 Index
S&P 500
Objective
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Actively managed fund that seeks weekly income while maintaining indirect exposure to the S&P 500 Index, subject to a limit on potential gains from increases in the index.
Asset class
Equity
Equity
Inception date
08/29/2022
07/16/2024
Beta
0.7
0.7932
Last dividend
$0.5300
$0.1738
Ex-dividend date
07/22/2026
08/06/2026
Bottom lineChoose SPYI if you are comfortable trading away most upside for a large, steady payout. Choose WDTE if you want to maximize current income — roughly 30.23%, generated by selling options premium. There's no free lunch: WDTE's payout comes from selling options, which caps upside and can erode the share price over time, while SPYI keeps full price exposure.
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Income calculator
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
SPYI and WDTE are virtually tied over the trailing twelve months, at 20.11% and 20.11% total returns. Over the past 3 years, SPYI has compounded at 15.94% a year, ahead of WDTE at 14.48%. 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 August 6, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Sep 2023” measures every fund from September 19, 2023 — 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 trailing 3 years. 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 trailing 3 years) — 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 WDTE (Defiance S&P 500 Target 30 Weekly Distribution ETF) are both dividend ETFs, but they take different approaches.
WDTE offers the higher yield at 30.23% vs 11.78% 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 1.03%.
They track different benchmarks: SPYI is linked to S&P 500 Index while WDTE tracks S&P 500, which means their performance drivers differ.
SPYI is the larger fund by assets ($11.1B), 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 1.03% for WDTE.
Choose WDTE
Defiance S&P 500 Target 30 Weekly Distribution ETF
Want to maximize current income — WDTE distributes roughly 30.23% from selling options premium, vs 11.78% 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.
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On a $10,000 investment, SPYI would generate roughly $98.17/month, while WDTE would produce $251.92/month, at current distribution rates.
SPYI yield11.78%
WDTE yield30.23%
Monthly diff on $10K$153.75
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $1,030 for WDTE (simplified, not compounded). The $350.00 difference may be offset by yield or performance.
SPYI ER0.68%
WDTE ER1.03%
Strategy & risk
Both SPYI and WDTE wrap S&P 500 Index with options-based income overlays (options and options). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.7 for SPYI and 0.7932 for WDTE, indicating SPYI is less volatile relative to the market.
SPYI beta0.7
WDTE beta0.7932
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $11.1B in assets. WDTE is managed by Defiance ETFs (launched 07/16/2024) with $65.5M in assets.
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Frequently asked questions
What is the current distribution yield for SPYI and WDTE?
SPYI currently distributes 11.78% and WDTE 30.23%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is SPYI or WDTE better for dividend income?
It depends on your goals. WDTE 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 WDTE?
Both SPYI (NEOS S&P 500 High Income ETF) and WDTE (Defiance S&P 500 Target 30 Weekly Distribution ETF) track S&P 500 Index with options-based income strategies — the labels "options" and "options" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (11.78% vs 30.23%), expense ratio (0.68% vs 1.03%), and issuer (NEOS vs Defiance ETFs).
Can I hold both SPYI and WDTE?
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 WDTE?
SPYI has an expense ratio of 0.68% while WDTE charges 1.03%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs WDTE generate?
At current rates, $10,000 in SPYI would generate roughly $98.17 per month ($1,178.00 annually). The same in WDTE would produce about $251.92 per month ($3,023.00 annually).
Which has performed better historically, SPYI or WDTE?
SPYI and WDTE are virtually tied over the trailing twelve months, at 20.11% and 20.11% total returns. Over the past 3 years, SPYI has compounded at 15.94% a year, ahead of WDTE at 14.48%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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