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Start your 7-day free trial BATS · Active · options-income
SPYI
NEOS S&P 500 High Income ETF
NEOS Investment Management, LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The NEOS S&P 500® High Income ETF (the "Fund") seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets..
The Fund is an actively-managed ETF that invests in a portfolio of stocks comprising the S&P 500® Index combined with a call options strategy using written (sold) and long (bought) SPX call options. Written call options are sold at or near the current index price to generate premium income, while a portion of that premium is used to buy out-of-the-money call options to preserve some upside participation. The Fund also seeks tax efficiency by utilizing Section 1256 Contracts (index options with 60/40 long-term/short-term capital gains treatment) and opportunistic tax-loss harvesting on equity and options positions.
Ticker
SPYI
Issuer
NEOS Investment Management, LLC
Exchange
BATS
Inception
2022-08-30 · 4.0 yrs
Mgmt style
Active
Replication
Physical (full replication) for equities, supplemented by Derivatives (SPX index options)
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Written (sold) call options on SPX up to 100% of equity value + long out-of-the-money SPX call options (net-credit spread); covered calls used under certain circumstances
generates income
Underlying
SPX (S&P 500® Index)
income exposure
MONTHLY
11.7%
DIST. RATE
99% ROC
Section 1256 (60/40)
Section 1256 (60/40)
Underlying
SPX (S&P 500® Index)
Strategy
Written (sold) call options on SPX up to 100% of equity value + long out-of-the-money SPX call options (net-credit spread); covered calls used under certain circumstances
Tax
Section 1256 (60/40)
The Fund writes SPX call options on up to 100% of the value of equity holdings to generate premium income, then uses a portion of that premium to purchase out-of-the-money SPX call options for upside participation. The strategy targets a net credit overall. SPX options are European-style, cash-settled, and qualify as Section 1256 Contracts for favorable 60/40 tax treatment.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
99%
ROC
Return of Capital — constructive99%
Net Investment Income1%
Frequency
Monthly
Dist. rate
11.67%
ROC %
99%
30-day SEC
not reported
Consistency
16 w/o cut
YOC · 1yr-ago buyer
12.2%
Tax Treatment — Section 1256 (60/40)
SECTION 1256 (60/40)
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The July 2026 distribution of $0.5300 per share is composed almost entirely of Return of Capital (99%, or $0.5247), with only 1% ($0.0053) from estimated net investment income. On a fiscal year-to-date basis, 96% of cumulative distributions have been classified as Return of Capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 24 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-07-22
Ex-dividend
2026-07-22
Pay date
—
Payback Period
8.6 yr
Dist. Since Incep.
$23.6
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
508
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$54.4$50.4$46.5$42.5
AUG '25AUG '26
Price $54.04
50-DMA $52.80
200-DMA $50.27
Bullish — 50-DMA above 200-DMA
Price $54.04 is above the 200-day SMA ($50.27); 50-day SMA $52.80. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
2.7M
Avg dollar volume
$137,093,444
Bid/ask spread
0.02%
Premium/discount
+0.05%
Turnover
14%
Estimated bid/ask spread ~0.19% (moderate). Average daily dollar volume ~$137.1M (very liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Rising. Source: shares×price (Massive, monthly).
AUM ($)
$11.62B
$11.62B$6.58B$1.54B
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
SPYI · 2026-08-19
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.