NEOS S&P 500 High Income ETF (SPYI)
$53.35−0.87%close of Oct 16, 2026
NEOS S&P 500 High Income ETF (SPYI) is an exchange-traded fund (ETF) run by NEOS. This fund owns the stocks in the S&P 500 and trades options on the index to create monthly income. It charges 0.68% a year. From August 2022 to October 2026 it returned about 14.7% a year, and its worst drop was −16.5%.
Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.68%
- about $68 on $10,000
- 1-year return
- 15.9%
- to Oct 16, 2026
- Return per year
- 14.7%
- since August 2022
- Worst drop
- −16.5%
- since 2022
- Below its high
- −1.4%
- now
- Volatility
- 12.7%
- yearly swings
- Issuer
- NEOS
- Tracks
- No index (actively managed)
- Started trading
- August 29, 2022
- Type
- US stocks, ETF
- Holdings
- 510 holdings as of June 30, 2026
- Expense ratio
- 0.68% a year
How has SPYI done since 2022?#
From August 2022 to October 2026, SPYI returned about 14.7% a year. The S&P 500 returned about 18.7% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $17,611 at the end, with every dividend reinvested.
| Period | SPYI | S&P 500 (SPY) |
|---|---|---|
| 1 month | 1.7% | 1.5% |
| 3 months | 2.7% | 1.9% |
| 6 months | 8.6% | 9.3% |
| Year to date | 11.2% | 12.8% |
| 1 year | 15.9% | 16.8% |
| 3 years per year | 17.1% | 22.0% |
| Since 2022 per year | 14.7% | 18.7% |
Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
SPYI returns by month and year#
SPYI rose in 35 of its 51 months (69%). Its best month was April 2026, at 7.2%. Its worst was September 2022, at −7.8%.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 11.2% | 1.4 | −0.2 | −4.3 | 7.2 | 3.9 | −0.5 | 0.6 | 2.5 | 0.1 | 0.3 | ||
| 2025 | 16.7% | 2.4 | −0.5 | −4.6 | −0.4 | 4.9 | 3.7 | 2.2 | 2.1 | 2.7 | 2.0 | 0.7 | 0.7 |
| 2024 | 19.0% | 1.8 | 3.4 | 2.3 | −3.4 | 3.9 | 2.2 | 1.2 | 2.5 | 1.7 | −0.2 | 4.4 | −1.8 |
| 2023 | 16.9% | 3.1 | −0.8 | 3.1 | 2.3 | 1.3 | 3.8 | 2.2 | −0.7 | −4.0 | −1.3 | 4.7 | 2.4 |
| 2022 | −2.5% | −0.5 | −7.8 | 5.8 | 4.7 | −4.0 |
Each month runs from the last close of the month before. The first month counts from the first close.
How risky is SPYI compared with the S&P 500?#
Measured from August 2022 to October 2026, on the days both traded.
- Beta 0.76. When the S&P 500 moved 1% in a day, SPYI tended to move about 0.76%.
- Correlation 0.96. SPYI mostly moved with the S&P 500.
- Up and down months. In months the S&P 500 rose, SPYI rose 76% as much on average. In months it fell, SPYI fell 71% as much.
| Measure | SPYI | S&P 500 (SPY) |
|---|---|---|
| Return per year | 14.7% | 18.7% |
| Volatility | 12.7% | 15.9% |
| Worst drop | −16.5% | −18.8% |
| Sharpe ratio | 1.15 | 1.16 |
| Sortino ratio | 1.69 | 1.75 |
| Calmar ratio | 0.89 | 1.00 |
Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.
Is SPYI above its 200-day average?#
SPYI closed 5.6% above its 200-day average on October 16, 2026. A rule that holds SPYI only above that average would hold it today.
- vs 200-day average
- +5.6%
- above it
- 50-day vs 200-day
- +5.5%
- trend rising
- vs 52-week high
- −1.4%
- high of $54.11
A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for SPYI and backtest it in a minute.
What was SPYI’s worst drop?#
A drawdown is how far a fund falls from its last high point. SPYI’s worst fall was −16.5%, from February 19, 2025 to April 8, 2025. It got back to that high on June 25, 2025. On October 16, 2026 it was 1.4% below its highest close.
| Drop | From the high | To the bottom | Back to the high |
|---|---|---|---|
| −16.5% | Feb 19, 2025 | Apr 8, 20252 months | Jun 25, 20253 months |
| −10.2% | Sep 12, 2022 | Sep 30, 202218 days | Feb 2, 20234 months |
| −7.7% | Feb 25, 2026 | Mar 30, 202633 days | Apr 15, 202616 days |
| −7.5% | Aug 1, 2023 | Oct 27, 20233 months | Dec 13, 20232 months |
| −6.6% | Jul 16, 2024 | Aug 5, 202420 days | Aug 19, 202414 days |
Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
What does SPYI hold?#
This fund owns the stocks in the S&P 500 and trades options on the index to create monthly income. The options trade away some of the gains when stocks rise fast. Its price can still drop when the stock market falls.
It does not track an index. Its managers choose what it holds. It had 510 holdings as of June 30, 2026, according to NEOS.
What is the SPYI expense ratio?#
SPYI charges 0.68% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.68% fee comes to about $68 a year. Of the 162 ETFs on Tactfolio, 5% charge more.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
Which Tactfolio strategies hold SPYI?#
No classic strategy holds SPYI yet. You can add it to your own rules in the builder and see how they would have done.
How does SPYI compare with similar ETFs?#
Funds that can stand in for SPYI:
- GPIX: Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year
- JEPI: JPMorgan Equity Premium Income ETF, 0.35% a year
- JEPQ: JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year
- DIVO: Amplify CWP Enhanced Dividend Income ETF, 0.56% a year
See all 8 SPYI alternatives, compared on the same dates as SPYI.
Test SPYI in your own rules#
Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add SPYI, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.
The details#
Prices come from Tactfolio’s stored daily prices for SPYI and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.
Fund facts come from NEOS. We checked them on October 17, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of SPYI?#
SPYI charges 0.68% a year, according to NEOS as of October 17, 2026. That is about $68 a year for every $10,000 you hold.
When did SPYI start trading?#
SPYI started trading on August 29, 2022. It is run by NEOS.
What does SPYI track?#
SPYI does not track an index. Its managers choose what it holds.
How much has SPYI returned per year?#
From August 2022 to October 2026, SPYI returned about 14.7% a year with dividends reinvested. Its worst drop was −16.5%. Past returns do not tell you what it will do next.
Is SPYI above its 200-day moving average?#
On October 16, 2026, SPYI closed 5.6% above its 200-day moving average. This page updates after each US market close.
Which strategies use SPYI?#
None of Tactfolio’s classic strategies hold SPYI yet. You can test it in your own rules in the builder.