ETF Evaluator:
NEOS S&P 500(R) High Income ETF ()
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(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
NEOS S&P 500(R) High Income ETF Overview
NEOS S&P 500(R) High Income ETF (SPYI) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Neos Funds launched the ETF in 2022.
The investment 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 seeks to achieve its investment objective by investing in a portfolio of stocks that make up the S&P 500® Index and a call options strategy, which consists of a mix of written (sold) call options and long (bought) call options on the S&P 500® Index. Under certain circumstances, the call options strategy may include transactions with covered call options.
About NEOS S&P 500(R) High Income ETF (SPYI)
There are 2 members of the management team with an average tenure of 3.92 years: Garrett Paolella (2022) and Troy Cates (2022). 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 CBOE S&P 500 BuyWrite Monthly TR USD index with a weighting of 100%. NEOS S&P 500(R) High Income ETF has 512 securities in its portfolio. The top 10 holdings constitute 37.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NEOS S&P 500(R) High Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. NEOS S&P 500(R) High Income ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.2% There is 0.5% 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). NEOS S&P 500(R) High Income ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $11 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.
SPYI 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 NEOS S&P 500(R) High Income ETF expense ratio is above average compared to funds in the Derivative Income category. NEOS S&P 500(R) High Income ETF has an expense ratio of 0.68%, which is 18% lower than its category average, making the fund expense ratio grade a B. 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. NEOS S&P 500(R) High Income ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, NEOS S&P 500(R) High Income ETF returned 0.5%, 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.
NEOS S&P 500(R) High Income ETF has a trailing yield of 2.42%, 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.
NEOS S&P 500(R) High Income ETF Grades
Year to date, the ETF has returned 8.1%, 5.5 percentage points better than the category, which translates into a grade of C. The fund has returned 17.1% over the past year (grade of C) and 14.8% over the past three years (grade of B).
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SPYI 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 |
|
| SPYI Return (NAV) | 0.5% | 3.9% | 17.1% | 14.8% | na | na |
| SPYI Return (Price) | 0.6% | 3.9% | 17.1% | 14.8% | na | na |
| NAV +/- Price Return | -0.105% | -0.014% | 0.052% | -0.023% | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| SPYI Grade (NAV) | C | B | C | B | na | na |
| +/- Category (NAV) | 2.0% | 3.3% | 5.9% | 1.1% | na | na |
| SPYI Tax-Cost Ratio | na | na | 1.0% | 0.7% | na | na |
SPYI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPYI Return (NAV) | 8.1% | 16.6% | 19.0% | 18.4% | na | na | na | na | na | na | na |
| SPYI Return (Price) | 7.9% | 16.7% | 19.0% | 18.1% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.014% | 0.004% | 0.001% | -0.015% | 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% |
| SPYI Grade (NAV) | C | B | C | B | na | na | na | na | na | na | na |
| +/- Category | 5.5% | 6.0% | 0.5% | 0.9% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.70 |
| R-Squared: | 96% |
| Standard Deviation: | 9.3% |
| Category Risk Index: | 0.71 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.76 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.4% |
| Total Assets: | $ 11,053 Mil |
| Share Class Assets: | $ 11,053 Mil |
| Turnover: | na |
| Expense Ratio: | 0.68% |
| Index Fund: | No |
| 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: 3.9 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Paolella Garrett (2022), Cates Troy (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 512 |
| % in Top 10 Holdings: | 37.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.2% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.5% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neos Funds |
| Phone Number: | 833-833-1311 |
| Website: | |
| Inception Date: | August 29, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.68% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.83% |
