NEOS S&P 500 Hedged Equity Income ETF
$57.01−0.01 (−0.02%)
- 0.68%
- $36M
- +14.3%
- 7.59%
- 0M sh
- $56.99
- low $48.41high $57.38
The ETF.net SPYH Grade
B
Score 61 out of 100
- 22 of 52
Score 61 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C44 out of 100Rank 29 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.A88 out of 100Rank 21 of 35Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B57 out of 100Rank 19 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B57 out of 100Rank 17 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A74 out of 100Rank 9 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 40 of 52
Our read on SPYH
BMost S&P 500 income funds sell calls and leave the downside wide open. SPYH sells the calls, then spends part of that premium on a put spread, so the hedge is built into the strategy rather than bolted on later. Pays monthly.
The Fund seeks high monthly income in a tax-efficient manner while providing a measure of downside protection.
Why people hold it
- Holds the S&P 500 stocks, then layers a put spread collar on the index: calls sold for premium, protective puts bought with part of it, lower-strike puts sold to fund the rest.neosfunds.com
- Index options here qualify as Section 1256 contracts, taxed 60% long-term and 40% short-term. Part of the payout can be return of capital, which defers tax and trims cost basis.neosfunds.com
- Options are written on the index, not on individual names, so the equity sleeve stays a broad S&P 500 replication rather than a stock-picking bet.neosfunds.com
- Sits in the upper half of a crowded S&P 500 options-income field, and the issuer describes the hedge as constant and fully financed by option premium.neosfunds.com
Worth knowing
- The collar cuts both ways: sold calls limit how much of a rally you keep, and the bought-put cushion covers a band, not everything below it.neosfunds.com
- 0.68% a year is above the median for S&P 500 options-income funds; cheaper builds exist, such as IVVW at 0.25% and RSPA at 0.32%.
- Launched in 2025, small, and not among the heavily traded names in its category, so bid-ask spreads can run wider than at the giants.
SPYH Holdings
- Stocks
- 486
- 39%
- NVDA
Sectors
- Technology40.1%
- Financials11.3%
- Communication10.0%
- Health Care9.3%
- Consumer Discretionary8.6%
- Industrials7.2%
- Consumer Staples4.4%
- Energy3.5%
- Utilities2.0%
- Real Estate1.8%
- Materials1.6%
Geography
- United States97.52%
- Ireland1.31%
- United Kingdom0.43%
- Switzerland0.29%
- Singapore0.28%
- Netherlands0.11%
- Bermuda0.05%
- Canada0.02%
SPYH Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
SPYH$11,430
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SPYH |
|---|---|
| Year to date | +9.8% |
| 1 month | +1.6% |
| 3 months | +3.3% |
| 1 year | +14.3% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPYH |
|---|---|---|
| 2026 YTD | +9.8% | |
| 2025 | +21.1% |
SPYH in the news
SPYH Dividends
- 7.59%
- $4.33
- $0.37 per share
- Monthly
Distribution history
SPYH Risk
- 7.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.90
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −6.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.58
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPYH Cost
0.68%
SPYH0.68%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
27 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- BFTHIFirst Trust BuyWrite Income ETFExpense ratio 0.75%1 year return +12.5%
- BPEPSParametric Equity Plus ETFExpense ratio 0.10%1 year return +22.1%
- BSPUCSimplify US Equity Income ETFExpense ratio 0.53%1 year return +17.1%
- BTSPYTappAlpha SPY Growth & Daily Income ETFExpense ratio 0.71%1 year return +18.6%
- BHEQTSimplify Hedged Equity ETFExpense ratio 0.53%1 year return +13.8%