Rankings / ISPY
ProShares S&P 500 High Income ETF
5.6
Overall Score
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.
The fund holds S&P 500 stocks and uses swap agreements to replicate the sale of daily call options on the index. Each day, call options with one day to expiration are effectively sold through the swaps. The premium is collected and distributed monthly. The fund does not trade options directly: all option exposure is obtained through swaps. The strategy does not hedge market declines: down-capture has exceeded up-capture since inception.
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Cumulative total return of ISPY against SPY, distributions reinvested.
Cumulative total return, rebased to 0% at the start of each period. Distributions reinvested. Data through end of previous month.
Calendar-year total return, distributions reinvested.
| Year | ISPY | SPY |
|---|---|---|
| 2026 YTD | +9.34% | +12.71% |
| 2025 | +13.11% | +17.72% |
| 2024 | +21.34% | +24.89% |
| 2023 * | +0.00% | +26.19% |
Historical years are frozen. YTD is refreshed monthly. * Partial year: return from fund inception to December 31.
Composite score from six weighted criteria, measured since inception.
Performance since inception against the benchmark.
How much of the benchmark drawdown the fund absorbed.
How much of the benchmark rally the fund kept.
Frequency of distribution cuts below 85% of the previous payment.
Inversely proportional to the annual management fee.
Assets under management on a log scale.
Sector and geographic composition of ISPY underlying holdings.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | IQMM | PROSHARES GENIUS MNY MKT ETF | 12.78% |
| 2 | NVDA | NVIDIA CORP | 7.24% |
| 3 | AAPL | APPLE INC | 6.19% |
| 4 | MSFT | MICROSOFT CORP | 4.95% |
| 5 | AMZN | AMAZON.COM INC | 3.21% |
| 6 | GOOGL | ALPHABET INC-CL A | 2.59% |
| 7 | AVGO | BROADCOM INC | 2.25% |
| 8 | GOOG | ALPHABET INC-CL C | 2.08% |
| 9 | META | META PLATFORMS INC-CLASS A | 2.00% |
| 10 | MU | MICRON TECHNOLOGY INC | 1.55% |
Holdings data from fund disclosures, updated periodically. Percentages may not sum to 100% due to cash, options, and other positions not shown.
The same six criteria, applied to different trailing periods. Pro subscribers see the full breakdown.
Since inception
5.6
3 years
5.6
1 year
5.6
3 months
4.5
How has ISPY ranked across inception, 3 years, 1 year, and 3 months? Pro subscribers can compare a fund's trajectory over every window, across all 28 funds.
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Expense Ratio
0.550%
Inception Date
March 22, 2023
Benchmark
SPY
Category
Covered Call - Large Cap
Distribution Frequency
Monthly
Maturity Rating
2/5 stars
Scores calculated using CoveredRank methodology. Every formula is published and reproducible.
See full methodology→Disclaimer: CoveredRank provides independent educational content only. This is not financial advice. Please consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.