SPYI and ISPY are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while ISPY provides a 5.26% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
NEOS S&P 500 High Income ETF
7.23
Overall Score
ProShares S&P 500 High Income ETF
5.61
Overall Score
| Criteria | SPYI | ISPY |
|---|---|---|
| Overall Score | 7.23 5.61 | |
| Total Return (25%) | 7.34 7.63 | |
| Downside Protection (25%) | 5.75 — | |
| Upside Participation (25%) | 7.54 8.95 | |
| Consistency (15%) | 10.00 6.00 | |
| Expense Ratio (5%) | 4.00 5.62 | |
| Liquidity (5%) | 7.40 5.74 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | ISPY |
|---|---|---|
| Expense Ratio | 0.680% | 0.550% |
| Inception Date | Aug 30, 2022 | Mar 22, 2023 |
| Issuer | NEOS | ProShares |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 2/5 stars |
Pays 11.9%, 3.7 points more than GPIX, at a fee 2.3 times higher (0.68% vs 0.29%).
Investor Profile:
SPYI is an actively managed NEOS fund that holds S&P 500 stocks, 511 positions, and uses a call spread approach on SPX index option futures. The options qualify as Section 1256 contracts, taxed at the 60/40 rate. NEOS aims for high monthly income in a tax-efficient way, and distributions are partly return of capital. It pays monthly.
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Investor Profile:
ISPY holds 514 S&P 500 stocks and describes its approach as a covered call strategy using daily options. It aims for monthly income and long-term returns in line with the S&P 500, and its page compares it with the S&P 500 Daily Covered Call Index. The page does not say whether the options are on an index or an ETF, or how much of the portfolio is covered.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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