Data as of .
SPYI vs ULTY: which paid, and which earned it?
Over the year ULTY paid 46.9% of its price in cash against SPYI’s 12.1%, though SPYI returned more with it reinvested.
ETFIQ Return Stability Score: SPYI scores higher
Was the payout funded by returns, or by your own capital?
A percentile among the 161 income ETFs writing on an index or proxy. It is a position in a set, not a rating, and neither end of it is a recommendation. All income ETFs ranked by it · How it is computed
What they hold in common
By the books each fund has filed, SPYI and ULTY hold 16% of their money in the same securities at the same weight.
| Holding | SPYI | ULTY |
|---|---|---|
| NVIDIA Corp | 7.57% | 4.80% |
| Amazon.com Inc | 3.65% | 5.16% |
| Alphabet Inc | 3.28% | 5.66% |
| Advanced Micro Devices Inc | 1.47% | 4.15% |
| Lam Research Corp | 0.84% | 4.99% |
| Palantir Technologies Inc | 0.42% | 4.40% |
| Analog Devices Inc | 0.30% | 5.47% |
| Quanta Services Inc | 0.17% | 4.95% |
| Fortinet Inc | 0.15% | 3.56% |
| Robinhood Markets Inc | 0.12% | 3.84% |
| Coherent Corp | 0.11% | 4.50% |
| Ciena Corp | 0.11% | 4.95% |
| Only in SPYI | Only in ULTY |
|---|---|
| Apple Inc 6.59% | IREN Ltd 4.80% |
| Microsoft Corp 4.32% | Strategy Inc 4.65% |
| Broadcom Inc 2.80% | Astera Labs Inc 4.56% |
| Alphabet Inc 2.61% | VanEck Gold Miners ETF/USA 4.33% |
| Micron Technology Inc 1.99% | Amplify Junior Silver Miners E 4.21% |
| Meta Platforms Inc 1.92% | Shopify Inc 3.69% |
| Tesla Inc 1.85% | Southern Copper Corp 3.20% |
| Eli Lilly & Co 1.47% | Reddit Inc 3.19% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and Jun 30, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| SPYI | ULTY | SPYI | ULTY | SPYI | ULTY | |
| 3 months | +4.0% | −0.3% | 3.0% | 14.2% | +0.7 pts | −3.6 pts |
| 6 months | +12.6% | +11.2% | 6.3% | 29.8% | −3.4 pts | −4.8 pts |
| 1 year | +15.8% | −5.8% | 12.1% | 46.9% | −1.7 pts | −23.3 pts |
| 3 years | +56.5% | not published | 37.4% | not published | −21.3 pts | not published |
| Since launch | +76.9% | +9.0% | 49.2% | 86.7% | −25.6 pts | −45.9 pts |
| SPYI NEOS S&P 500(R) High Income ETF Covered call on SPY, paying monthly | ULTY YieldMax(R) Ultra Option Income Strategy ETF Synthetic covered call on SPY, paying weekly | |
|---|---|---|
| Issuer | NEOS | YieldMax |
| Strategy | covered call | synthetic covered call |
| Benchmark | S&P 500 (SPY) | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | weekly |
| Payout rate, annualized | 12.2% | 61.5% |
| Expense ratio | 0.68% | 1.30% |
| Cash paid, 1 year | 12.1% | 46.9% |
| Price change, 1 year | +2.6% | −53.3% |
| Total return, 1 year | +15.8% | −5.8% |
| Benchmark return, 1 year | +17.5% | +17.5% |
| Ahead or behind | −1.7 pts | −23.3 pts |
| Return of capital, latest estimate | 93% | 100% |
| Age | 1473 days | 925 days |
SPYI in plain words
Over the year to Sep 11, 2026, SPYI paid 12.1% of its starting value in cash distributions while its price rose 2.6%. With every distribution reinvested, the fund returned +15.8%. S&P 500 (SPY) returned +17.5% over the same days, so a holder was behind by 1.7 pts. At its price on Sep 11, 2026 the latest distribution annualizes to 12.2%, paid monthly. NEOS estimates that 93% of the distribution paid Jun 18, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
ULTY in plain words
Over the year to Sep 11, 2026, ULTY paid 46.9% of its starting value in cash distributions while its price fell 53.3%. With every distribution reinvested, the fund returned −5.8%. S&P 500 (SPY), used as a default proxy returned +17.5% over the same days, so a holder was behind by 23.3 pts. At its price on Sep 11, 2026 the latest distribution annualizes to 61.5%, paid weekly. YieldMax estimates that 100% of the distribution paid Sep 10, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
Questions people ask
- Which paid more, SPYI or ULTY?
- Over the year to Sep 11, 2026, SPYI paid 12.1% of its starting price in cash and ULTY paid 46.9%, so ULTY paid more. Cash paid is not the same as money made: the price change matters too.
- Which returned more once distributions are counted, SPYI or ULTY?
- With every distribution reinvested, SPYI returned +15.8% and ULTY returned −5.8% over the year to Sep 11, 2026, so SPYI returned more.
- Which is cheaper, SPYI or ULTY?
- SPYI charges 0.68% a year and ULTY charges 1.30%, so SPYI is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPYI against ULTY, data as of Sep 11, 2026. https://etfiq.com/compare/income/spyi-vs-ulty Free to use with attribution; the underlying files are at Open data.