ETF PROFILE · HIGH INCOME
SPYI — NEOS S&P 500 High Income ETF
SPYI combines S&P 500 equity exposure with an actively managed index-call strategy designed to generate high monthly income while retaining some potential for equity appreciation.
Fund data verified September 29, 2026 · Educational research
Fund Snapshot
- Issuer: NEOS Investments
- Underlying exposure: S&P 500 Index
- Management fee: 0.68%
- Distribution frequency: Monthly
- Distribution rate: 12.15% (Aug. 31, 2026)
- 30-day SEC yield: 0.46% (Aug. 31, 2026)
- Net assets: $12.28B (Sept. 23, 2026)
- Inception: August 29, 2022
HOW IT WORKS
S&P 500 Exposure + Index Options
SPYI invests around S&P 500 exposure and uses a data-driven call-option strategy. NEOS says the strategy can include both sold and purchased SPX index options and is actively managed.
Its distributions can include option-related income, dividends, capital gains, interest and return of capital. That composition matters because a headline distribution rate is not the same as the fund’s total return.
Recent Distribution Context
August 2026 distribution: $0.5423/share
12-month trailing distribution rate: 11.82% (Aug. 31, 2026)
NEOS notes that distributions have been classified as return of capital and may include multiple economic sources.
Key Risks
The options overlay can limit upside participation, and high distributions can distract from changes in NAV. Return of capital is not automatically harmful, but investors need to understand why it is occurring and what total return looks like.
- Equity-market risk
- Options-strategy risk
- Variable distributions
- Potential upside limitation
- Return-of-capital interpretation
Primary source: NEOS Investments — SPYI. Distribution rates are not the same as total return and can change.