ETF Evaluator:
ProShares S&P 500 High Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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Risk
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ETF Details
ProShares S&P 500 High Income ETF Overview
ProShares S&P 500 High Income ETF (ISPY) is a passively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). ProShares launched the ETF in 2023.
The investment seeks investment results, before fees and expenses, that track the performance of the S&P 500 Daily Covered Call Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. Under normal circumstances, the fund will invest at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. It is non-diversified.
About ProShares S&P 500 High Income ETF (ISPY)
There are 2 members of the management team with an average tenure of 2.62 years: Michael Neches (2023) and Devin Sullivan (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Daily Covered Call TR USD index with a weighting of 100%. ProShares S&P 500 High Income ETF has 514 securities in its portfolio. The top 10 holdings constitute 41.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares S&P 500 High Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. ProShares S&P 500 High Income ETF has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 83.3% There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares S&P 500 High Income ETF has 13.4% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ISPY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares S&P 500 High Income ETF expense ratio is average compared to funds in the Derivative Income category. ProShares S&P 500 High Income ETF has an expense ratio of 0.56%, which is 33% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares S&P 500 High Income ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, ProShares S&P 500 High Income ETF returned -0.2%, which earned it a grade of C, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares S&P 500 High Income ETF has a trailing yield of 1.11%, which is below the 19.96% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares S&P 500 High Income ETF Grades
Year to date, the ETF has returned 8.7%, 6.1 percentage points better than the category, which translates into a grade of B. The fund has returned 16.5% over the past year (grade of C).
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ISPY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ISPY Return (NAV) | -0.2% | 4.0% | 16.5% | na | na | na |
| ISPY Return (Price) | 0.0% | 4.2% | 16.5% | na | na | na |
| NAV +/- Price Return | -0.219% | -0.209% | -0.034% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| ISPY Grade (NAV) | C | B | C | na | na | na |
| +/- Category (NAV) | 1.4% | 3.4% | 5.3% | na | na | na |
| ISPY Tax-Cost Ratio | na | na | 0.5% | na | na | na |
ISPY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ISPY Return (NAV) | 8.7% | 13.0% | 21.5% | na | na | na | na | na | na | na | na |
| ISPY Return (Price) | 8.6% | 13.1% | 21.3% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.003% | 0.007% | -0.007% | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| ISPY Grade (NAV) | B | C | B | na | na | na | na | na | na | na | na |
| +/- Category | 6.1% | 2.4% | 3.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.1% |
| Total Assets: | $ 1,245 Mil |
| Share Class Assets: | $ 1,245 Mil |
| Turnover: | 29.0% |
| Expense Ratio: | 0.56% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Neches Michael (2023), Sullivan Devin (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 514 |
| % in Top 10 Holdings: | 41.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 83.3% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 2.9% |
| Cash: | 13.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | December 18, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.56% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.83% |
