SPYI and RSPA are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while RSPA provides a 9.42% 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
Invesco S&P 500 Equal Weight Income Advantage ETF
6.25
Overall Score
| Criteria | SPYI | RSPA |
|---|---|---|
| Overall Score | 7.23 6.25 | |
| Total Return (25%) | 7.34 5.78 | |
| Downside Protection (25%) | 5.75 3.65 | |
| Upside Participation (25%) | 7.54 6.84 | |
| Consistency (15%) | 10.00 10.00 | |
| Expense Ratio (5%) | 4.00 7.62 | |
| Liquidity (5%) | 7.40 6.01 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | RSPA |
|---|---|---|
| Expense Ratio | 0.680% | 0.390% |
| Inception Date | Aug 30, 2022 | Jul 1, 2024 |
| Issuer | NEOS | Invesco |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 4/5 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.
Down capture of 82% against 68% up capture means the structure gave up more upside than it cushioned losses over 26 months.
Investor Profile:
RSPA is an actively managed Invesco fund of funds that holds stocks and ETFs to mirror the S&P 500 Equal Weight Index, 523 positions. It earns option income through equity-linked notes (ELNs), and about 20% of assets sit in an Invesco government money market fund. It pays monthly and charges 0.29%.
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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