EFAA vs NIHI

EFAAAInvesco MSCI EAFE Income Advantage ETF

NIHIBNEOS MSCI EAFE High Income ETF

In short

EFAA An MSCI EAFE index core with an option-income overlay running on only about half the portfolio, so the rest keeps its upside uncapped. The fee is 0.39% net of a waiver through August 31, 2027, below the typical option-income fund.

NIHI Developed-market international equity with the income engine bolted on: NIHI holds MSCI EAFE exposure and sells index calls for high monthly income, structured for 60/40 tax treatment. 0.68% net of a waiver through May 1, 2027.

Stated mandate

EFAA The fund seeks total return through current income and long-term capital growth while providing MSCI EAFE exposure through an active option-income overlay intended to generate income and help mitigate downside risk.

NIHI The Fund seeks high monthly income in a tax-efficient manner while retaining potential for equity appreciation. It invests in ETFs or stocks tracking the MSCI EAFE Investable Market Index and primarily writes call options on that index.

Why people hold it

• EFAA Half-and-half by design: covered calls and cash-secured puts run on roughly 50% of the book; the rest tracks the index. Premiums fund the monthly distributions.invesco.com
• 0.39% net of a waiver through August 31, 2027 (0.42% gross), below the category median and under HOLA, the other fund on this MSCI EAFE index, at 0.68%.
• Developed-market international is thin ground here: most option-income peers wrap US large caps or bonds. Roughly 700 holdings across Europe, Japan and the Pacific.
• One of the stronger builds in its peer group, with index-based equity exposure rather than a stock-picked substitute.

• NIHI 0.68% net of a waiver through May 1, 2027 (0.75% gross), below the median for options-income funds. EFAA, at 0.39% net of a waiver through August 31, 2027, goes lower.
• The index calls are Section 1256 contracts: gains count 60% long-term and 40% short-term no matter the holding period, and managers may harvest losses against gains.neosfunds.comsec.gov
• Not a pure premium harvester. The adviser can run a net-credit call spread, buying further out-of-the-money calls, to keep some participation when the index climbs.neosfunds.comsec.gov
• Developed-market stocks tracked through the MSCI EAFE Investable Market Index, with the option income paid out monthly.

Worth knowing

• EFAA Calls cap gains on the overlaid half when markets run; cash-secured puts collect premium that cushions declines but does not stop losses.invesco.com
• Option premiums move with volatility, so monthly payouts vary rather than arrive at a fixed amount.
• Launched in 2024, so the live record is short, and it trades in smaller size than the headline US covered-call names.

• NIHI Selling calls trades away gains above the strikes: when the index rallies past them, those short calls lose and limit how much of the climb the fund keeps.neosfunds.com
• Monthly payouts vary and can include return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
• Launched in September 2025, so the track record is short, and it trades lightly next to the category's giants.

Full EFAA profile⁠

Full NIHI profile⁠