SPYI combines S&P 500 equities with an options-income overlay. XSPI builds on that approach with additional notional exposure. The central decision is whether boosted exposure fits the portfolio's loss tolerance, not which fund quotes the larger distribution rate.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
SPYI has lagged XSPI over the shared window since Feb 2026, posting a 9.49% total return against 11.96%. SPYI has been the steadier holding, though — annualized volatility of 11.3% against 16.6% for XSPI. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Feb 2026” measures every fund from February 3, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Feb 2026. 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 shared window since Feb 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
SPYI
XSPI
Forward distribution rate
12.05%
17.00%
Trailing 12-month yield
11.93%
11.13%
30-day SEC yield
0.46%
0.18%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
“The NEOS Boosted S&P 500 High Income ETF (the ‘Fund’) seeks to boost performance by generating
high monthly income in a tax efficient manner with the potential for enhanced equity
appreciation in rising markets.”
Bottom lineChoose SPYI if you want S&P 500 option income without the boosted mandate. Choose XSPI if you want additional S&P 500 exposure and accept amplified losses. No. XSPI's additional exposure changes the capital at risk as well as its income potential. Holding both can add leverage to the same underlying equity allocation. Examine drawdowns and total return together with distributions; option premium is not protection against all market losses.
SPYI vs XSPI: Standard or Boosted S&P 500 Income?
SPYI combines S&P 500 equities with an options-income overlay. XSPI builds on that approach with additional notional exposure. The central decision is whether boosted exposure fits the portfolio's loss tolerance, not which fund quotes the larger distribution rate.
SPYI
XSPI
Approach
S&P 500 equities with call options
S&P 500 income with boosted exposure
Risk review
Equity downside and option trade-offs
Amplified equity downside and options risk
Expense ratio
0.68%
0.98%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
How the risk works
Boosted exposure. XSPI adds notional exposure to an S&P 500 income strategy. That can amplify losses as well as gains; it is not a fixed daily-reset return target.
Options and equity losses. Both funds retain equity downside while options change upside participation. Premiums may not offset losses.
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 and XSPI.
SPYI combines S&P 500 equities with an options-income overlay. XSPI builds on that approach with additional notional exposure. The central decision is whether boosted exposure fits the portfolio's loss tolerance, not which fund quotes the larger distribution rate.
No. XSPI's additional exposure changes the capital at risk as well as its income potential. Holding both can add leverage to the same underlying equity allocation. Examine drawdowns and total return together with distributions; option premium is not protection against all market losses.
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Compare the portfolio's economic exposure, not just the dollars invested. Replacing part of an existing allocation with a boosted strategy can increase sensitivity to the same market even when the cash committed stays unchanged.
Current metrics use the dated snapshot above. Distributions can vary and may include return of capital; a distribution rate is not an expected total return.
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Frequently asked questions
Is XSPI simply a higher-paying version of SPYI?
No. XSPI's additional exposure changes the capital at risk as well as its income potential. Holding both can add leverage to the same underlying equity allocation. Examine drawdowns and total return together with distributions; option premium is not protection against all market losses.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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