NEOS S&P 500 High Income ETF

SPYI

Market cap $10.5B

The NEOS S&P 500 High Income ETF (NYSEARCA:SPYI) has quietly delivered a total return that undersells the story: SPYI is up 8% year to date and 19% over the past year, trailing the SPDR S&P 500 ETF Trust (NYSEARCA:SPY)'s 20% one-year gain by a narrower margin than most

The NEOS S&P 500 High Income ETF (BATS:SPYI) crossed roughly $10 billion in assets under management in June.

Income investors who want S&P 500 exposure without giving up monthly cash flow have flocked to the NEOS S&P 500 High Income ETF (CBOE:SPYI), and the fund has rewarded them with a payout that has not missed a month since inception.

The NEOS S&P 500 High Income ETF (CBOE:SPYI) has become one of the largest derivative-income funds in the U.S.

Income investors chasing monthly checks from S&P 500 covered-call ETFs keep landing on the same two tickers: Neos S&P 500 High Income ETF (CBOE:SPYI) and JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI).

If you own Neos S&P 500 High Income ETF (CBOE:SPYI) for the fat monthly checks, the mailbox math looks great.

The pitch for JPMorgan Equity Premium Income ETF (NYSEARCA: JEPI) has always been monthly cash flow and lower volatility than the S&P 500.

SPYI offers broader diversification and downside protection versus the tech-heavy QQQI, making it preferable as the AI theme broadens. AI infrastructure costs, high memory prices, and potential inflationary pressures create volatility, favoring option-based income ETFs like SPYI and QQQI. SPYI's covered call strategy delivers ~12% annual yield, helping cushion returns during market downturns but capping upside in sharp rallies.

NEOS S&P 500 High Income ETF (SPYI) has surpassed $10B AUM, driven by strong inflows and investor demand for high-yield income solutions. SPYI's two-leg options strategy enables robust monthly distributions (11.86% yield) while retaining partial upside, outperforming peers JEPI and XYLD since inception. The ETF's tax-efficient structure, blending Section 1256 contracts and return of capital, enhances after-tax income for taxable investors.

Retirees who built portfolios around the assumption that bonds would carry the income load have spent the past few years watching that math break down, and many are now parked in something like the NEOS S&P 500 High Income ETF (BATS:SPYI) instead.