Defiance S&P 500 Target Income ETF
$17.21+0.04 (+0.20%)
- 0.92%
- $170M
- +18.4%
- 20.61%
- 0.1M sh
- $17.17
- low $15.77high $18.68
The ETF.net SPYT Grade
C
Score 49 out of 100
- 33 of 52
Score 49 of 100 falls in the C 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.F20 out of 100Rank 42 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.A99 out of 100Rank 13 of 35Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D30 out of 100Rank 41 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C52 out of 100Rank 22 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D38 out of 100Rank 33 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C53 out of 100Rank 32 of 52
Our read on SPYT
CMost S&P 500 income funds sell a call and stop there. SPYT sells a daily call spread, buying a higher strike back, so above that upper strike it can track index gains again. Stated aim: a 20% annualized payout, paid monthly.
The Fund primarily seeks current income and secondarily seeks exposure to the performance of the S&P 500 Index through an actively managed strategy that holds index-tracking ETFs and sells daily credit call spreads.
Why people hold it
- The spread is the whole idea: sell a call at or near the money, buy one at a higher strike, so above that upper strike the fund can participate in index gains again.defianceetfs.comdefianceetfs.com
- The income goal is written down, not implied: a 20% annual target paid monthly, and the fund has run the daily credit-spread strategy on its label since launching in 2024.defianceetfs.com
- The equity sleeve is plain vanilla: unaffiliated ETFs that track the S&P 500 do the index work, with the options overlay bolted on top rather than replacing the stocks.defianceetfs.com
Worth knowing
- Fee is 0.92%, above the typical S&P 500 income fund, and well above cheaper peers like IVVW at 0.25%, RSPA at 0.32% and GPIX at 0.35%.
- Distributions can include return of capital, which Defiance discloses. Return of capital hands back your own money and reduces NAV per share rather than adding to it.defianceetfs.com
- Writing near-the-money calls every day trades away index gains inside the spread band, so the payout and the S&P's move are pulling in opposite directions.defianceetfs.com
SPYT Holdings
- Stocks
- 4
- 100%
- IVV
Sectors
- Technology40.4%
- Financials11.2%
- Communication9.9%
- Health Care9.3%
- Consumer Discretionary8.7%
- Industrials7.5%
- Consumer Staples4.3%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
Geography
- United States100.00%
SPYT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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SPYT$11,841
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 | SPYT |
|---|---|
| Year to date | +14.1% |
| 1 month | +2.0% |
| 3 months | +3.5% |
| 1 year | +18.4% |
| 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 | SPYT |
|---|---|---|
| 2026 YTD | +14.1% | |
| 2025 | +12.5% | |
| 2024 | +13.0% |
SPYT in the news
SPYT Dividends
- 20.61%
- $3.54
- $0.29 per share
- Monthly
Distribution history
SPYT Risk
- 10.8%
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.
- 0.92
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.
- −18.2%
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.
- 0.91
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPYT Cost
0.92%
SPYT0.92%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
40 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- CBNDINeos Enhanced Income Aggregate Bond ETFExpense ratio 0.61%1 year return +0.1%
- CHEDGEquable Shares Hedged Equity ETFExpense ratio 0.96%1 year return —
- CSPUTInnovator Equity Premium Income – Daily PutWrite ETFExpense ratio 0.79%1 year return +14.2%
- CXDTERoundhill Investments - S&P 500 0DTE Covered Call Strategy ETFExpense ratio 0.97%1 year return +19.9%
- CCAIECalamos Autocallable Income ETFExpense ratio 0.74%1 year return +16.9%