PAYM vs SIOO

PAYMCTrueShares S&P Autocallable Defensive Income ETF

SIOOAVistaShares Target 15 S&P 100 Distribution ETF

In short

PAYM Autocallables are the private bank's income trade: contingent coupons, a downside barrier, an early call. PAYM tracks an index of them inside a 1940 Act ETF that trades on an exchange all day and declares income monthly.

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

PAYM The Fund seeks moderate monthly income while aiming to reduce downside risk. It pursues this objective through a synthetic portfolio of autocallable notes and invests primarily in U.S. Treasuries, cash, cash equivalents, and unfunded total return swaps.

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

• PAYM Puts a structured-note payoff, contingent coupons plus a conditional downside cushion, into a registered fund wrapper you can buy and sell on exchange.
• Income is the stated job, not a byproduct: the prospectus objective is moderate monthly income with reduced downside risk, on a monthly declaration schedule.
• Rules do the work. Exposure follows an S&P 500 futures index that targets 20% intraday volatility and applies a 2% decrement, not a manager's option calls.

• 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

• PAYM The cushion is conditional. Coupons hinge on the index holding above its barrier, and an autocall can end the exposure early and hand the cash back.
• At 0.74% it sits at the peer median, while autocallable rival ATCL (0.65%) and covered-call DJIA (0.60%) charge less for their income builds.
• It launched at the end of 2025 and has traded thinly, so there is little history to judge and spreads can be wider than in the big options-income names.

• 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 PAYM profile⁠

Full SIOO profile⁠