PAYH vs SIOO

PAYHDTrueShares S&P Autocallable High Income ETF

SIOOAVistaShares Target 15 S&P 100 Distribution ETF

In short

PAYH Autocallable notes are usually a private-bank product. PAYH packages that payoff into an ETF: an index of synthetic autocallables on a volatility-targeted S&P 500 futures index, with monthly income as the stated goal.

SIOO Most equity-income ETFs pay out whatever the options market hands them. SIOO starts from the answer: a 15% annual income target, paid monthly, bolted onto an S&P 100 core using index options that carry 60/40 tax treatment.

Stated mandate

PAYH The Fund seeks to generate high monthly income while reducing downside risk through exposure to an index tracking a synthetic portfolio of autocallable notes linked to a custom volatility index.

SIOO The actively managed ETF seeks income and, secondarily, long-term capital appreciation. It combines equity exposure based on the S&P 100 Index (OEX) with an options portfolio intended to generate income.

Why people hold it

• PAYH An autocallable-style income strategy in a plain 1940 Act ETF wrapper: no private-bank minimums, no note paperwork, just a ticker.
• Rules-based, not discretionary. It tracks an index of synthetic autocallable notes rather than leaning on a trader's judgment about when to write options.
• The reference index, S&P 500 Futures 35% Intraday VT 4% Decrement, is engineered for note pricing: a volatility target that dials exposure, plus a fixed annual drag that funds a richer coupon.
• The mandate is unusually specific for an income fund: high monthly income paired with reduced downside risk, both written into the objective.

• SIOO 0.59% expense ratio, below the 0.75% typical for options-income funds. Modest toll for an actively managed overlay.
• The overlay uses S&P 100 (OEX) index options, section 1256 contracts taxed at blended 60/40 rates, and the manager also hunts tax-loss harvesting in the equity sleeve.vistashares.com
• You keep the stocks. The equity sleeve generally mirrors the S&P 100's mega-cap roster, with the income machinery layered on top rather than replacing it.vistashares.com
• The payout target is stated up front: 15% a year, distributed monthly. A published yardstick you can hold the fund to, rather than a mystery yield.vistashares.com

Worth knowing

• PAYH At 0.74% it sits above autocallable rival ATCL (0.65%) and the cheaper names at the top of the options-income group, so the coupon has more fee to clear.
• Launched at the end of 2025 and still small, it trades lightly, so there is no full-cycle record and spreads can run wider than the category's household names.
• Monthly income is the goal, not a guarantee: autocallable coupons hinge on where the reference index sits, so payouts can arrive unevenly.

• SIOO 15% is a target, not a coupon. Distributions can include return of capital, which sends part of your own principal back and trims net asset value.vistashares.com
• Income comes from an actively managed options book, so the outcome rides on manager decisions and options pricing instead of a fixed dividend stream.
• Launched in December 2025 and still a small, lightly traded fund. Short history and wider bid-ask spreads come with that territory.

Full PAYH profile⁠

Full SIOO profile⁠