NEOS S&P 500 Hedged Equity Income ETF
$56.46−0.32 (−0.56%)
- Expense ratio
- 0.68%
- Fund size
- $45M
- 1Y return
- +12.3%
- Yield · Last 12 months
- 7.56%
- Volume · 30D
- 0M sh
- NAV per share
- $56.52
- 52W range
The ETF.net SPYH Grade
Score 60 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 42Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 91Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 60Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 47Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 69Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 43Category rank
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
- —
- 39%
- NVDA
Sectors
- Technology38.6%
- Financials12.1%
- Communication9.7%
- Health Care9.3%
- Consumer Discr.9.2%
- Industrials7.3%
- Cons. Staples4.7%
- Energy3.6%
- Utilities2.2%
- Real Estate1.9%
- Materials1.7%
Geography
- United States97.51%
- Ireland1.28%
- United Kingdom0.42%
- Singapore0.31%
- Switzerland0.29%
- Netherlands0.12%
- 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.
Returns run to the Sep 22, 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 | +9.1% |
| 1 month | +1.3% |
| 3 months | +4.0% |
| 1 year | +12.3% |
| 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 | +9.1% | |
| 2025 | +21.1% |
SPYH in the news
ETF.net Research hasn’t filed on SPYH yet — coverage lands here as it’s written.
SPYH Dividends
- 7.56%
- $4.32
- $0.37 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 26, 2026 | Aug 28, 2026 | $0.37 |
| Jul 29, 2026 | Jul 31, 2026 | $0.36 |
| Jun 24, 2026 | Jun 26, 2026 | $0.36 |
| May 27, 2026 | May 29, 2026 | $0.37 |
| Apr 29, 2026 | May 1, 2026 | $0.36 |
| Mar 25, 2026 | Mar 27, 2026 | $0.35 |
| Feb 25, 2026 | Feb 27, 2026 | $0.36 |
| Jan 28, 2026 | Jan 30, 2026 | $0.36 |
| Dec 24, 2025 | Dec 26, 2025 | $0.36 |
| Nov 26, 2025 | Nov 28, 2025 | $0.36 |
| Oct 22, 2025 | Oct 24, 2025 | $0.36 |
| Sep 24, 2025 | Sep 26, 2025 | $0.36 |
SPYH Risk
- 7.4%
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.
- 2.01
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
- 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.