Dividend comparison

SPYI vs ULTY: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Neos S&P 500(R) High Income ETF and YieldMax Ultra Option Income Strategy ETF, side by side. Updated October 21, 2026.

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SPYI vs ULTY: key differences
The short answer, from the latest data on this page.
  • Fees. SPYI is cheaper at 0.68% a year versus 1.40% for ULTY. On $10,000 that is $72 a year less in fees.
  • Income. ULTY pays more income, yielding 98.01% over the last twelve months versus 11.81% for SPYI. That is about $8,621 more a year on $10,000. SPYI pays monthly, ULTY pays weekly.
  • Performance. Over the last 1 year, SPYI returned 4.0% versus -8.8% for ULTY, with dividends reinvested. $10,000 would have grown to $10,399 in SPYI and $9,116 in ULTY.
  • Risk. ULTY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -28.3%, against -16.5% for SPYI.
  • Diversification. ULTY holds 112 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 43.9% of ULTY.
  • Overlap. At least 13% of the two portfolios overlap by weight, across 10 shared holdings. They mostly own different companies, so they can complement each other.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $654 million for ULTY.

Bottom line: SPYI fits better if you care most about lower fees, stronger 1-year returns and smaller drawdowns. ULTY fits better if you care most about more income today and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPYI
Neos S&P 500(R) High Income ETF
ULTY
YieldMax Ultra Option Income Strategy ETF
Dividend yield (TTM)11.81%98.01%
Dividend / share (TTM)$6.34$23.25
Payout frequencyMonthlyWeekly
Last dividend$0.5338 on Sep 18, 2026$0.2955 on Oct 15, 2026
Ex-dividend dateSep 16, 2026Oct 14, 2026
Next payment—$0.2772 on Oct 22, 2026
Dividend growth (CAGR)3.1% over 2 yrs—
Price$53.70$23.72
Dividend growth streak2 years—
Beta0.701.45
Max drawdown (5Y)-16.5%-28.3%
Market cap$10.50B$1.53B
ExchangeCBOEAMEX
Expense ratio0.68%1.40%
Assets under management$12.56B$653.5M
Number of holdings10112
Top 10 concentration38.5%43.9%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

ULTY

$816.79/mo

$9801 /yr at 98.01% yield

Dividend history
Total dividends paid per share in each calendar year. SPYI pays monthly; ULTY pays weekly.
YearSPYIULTY
2025$6.1458$52.6126
2024$6.1182—
2023$5.7873—
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.

What SPYI vs ULTY actually do

SPYI
A NEOS ETF that holds the S&P 500 and runs a call-writing program on SPX index options for monthly income.

It owns the index constituents, then layers on a data-driven call strategy that can include both sold and purchased SPX options, so the manager can dial how much upside is given away instead of overwriting the whole book every month. SPX options are section 1256 contracts, which are marked to market and taxed 60% long-term and 40% short-term regardless of holding period, and NEOS also harvests losses inside the options sleeve. Together those choices change the tax character of what lands in your account, which is the main thing separating this from an ordinary buy-write fund.

Suits a taxable-account holder who wants S&P 500 exposure with a much larger monthly payout and cares about how that income is taxed. Not for someone who wants uncapped participation in a strong bull market or the lowest possible expense ratio.

Tax-aware equity income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Feb 29, 2024 would now be worth $13,362 in SPYI and $9,137 in ULTY.
PeriodSPYIULTY
1 month1.15%-3.73%
3 months1.19%1.32%
Year to date2.23%5.89%
1 year3.99%-8.84%
3 years49.83%—
5 years——
  • SPYI
  • ULTY
7810914020242025202613491

Both series indexed to 100 on 2024-02-29 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SPYI
  • ULTY
0%12%24%37%49%Technology39.1%48.9%Industrials7.4%14.8%Financial Services11.5%7.2%Consumer Cyclical9.2%8.0%Communication Services9.7%7.1%Healthcare9.6%3.4%Basic Materials1.5%8.3%Energy3.7%2.3%Consumer Defensive4.7%0.0%Utilities1.9%Other1.7%0.3%
SPYI vs ULTY holdings overlap
At least 13% overlap by weight, with 10 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsSPYI weightULTY weight
AMZNAmazon.com Inc3.90%4.08%
GOOGLAlphabet Inc3.00%4.76%
NVDANVIDIA Corp7.94%2.54%
AMDAdvanced Micro Devices Inc1.32%3.81%
PLTRPalantir Technologies Inc0.66%4.48%
CATCaterpillar Inc0.50%3.03%
LRCXLam Research Corp0.49%4.23%
ADIAnalog Devices Inc0.29%4.74%
MPCMarathon Petroleum Corp0.21%2.92%
DELLDell Technologies Inc0.20%2.60%
Top 10 holdings
Largest positions by portfolio weight.

SPYI10 holdings total

NameWeight
NVDANVIDIA Corp7.94%
AAPLApple Inc7.49%
MSFTMicrosoft Corp5.97%
AMZNAmazon.com Inc3.90%
GOOGLAlphabet Inc3.00%
GOOGAlphabet Inc2.41%
AVGOBroadcom Inc2.40%
METAMeta Platforms Inc2.29%
TSLATesla Inc1.59%
LLYEli Lilly & Co1.55%

ULTY112 holdings total

NameWeight
GOOGLAlphabet Inc4.76%
ADIAnalog Devices Inc4.74%
SHOPShopify Inc4.57%
PLTRPalantir Technologies Inc4.48%
SPCXSpace Exploration Technologies Corp4.39%
MELIMercadoLibre Inc4.33%
BABAAlibaba Group Holding Ltd4.29%
LRCXLam Research Corp4.23%
AMZNAmazon.com Inc4.08%
GDXVanEck Gold Miners ETF/USA4.06%

Quick verdict

SPYI fits better if you care most about lower fees, stronger 1-year returns and smaller drawdowns. ULTY fits better if you care most about more income today and broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPYI or ULTY better for dividend income?
It depends on your goals. SPYI currently yields 11.81% Trailing Twelve Months (TTM) while ULTY yields 98.01%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPYI and ULTY?
Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. YieldMax Ultra Option Income Strategy ETF (ULTY) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SPYI or ULTY?
SPYI has the lower expense ratio. SPYI charges 0.68% a year and ULTY charges 1.40%, a difference of $72 a year on a $10,000 investment.
Which has performed better, SPYI or ULTY?
Over the last 1 year, SPYI has the higher total return with dividends reinvested: SPYI returned 4.0% and ULTY returned -8.8%. Past performance does not predict future returns.
Which is riskier, SPYI or ULTY?
Measured by the worst peak-to-trough decline over the last five years, ULTY has been riskier: SPYI fell as much as 16.5% and ULTY as much as 28.3%. Their betas are 0.70 and 1.45.
How much do SPYI and ULTY overlap?
At least 13% of the two portfolios overlap by weight, across 10 shared holdings. The largest shared positions are AMZN, GOOGL, NVDA. Holding both still adds meaningful diversification.
How often do SPYI and ULTY pay dividends?
SPYI pays monthly and ULTY pays weekly.
How much income does $10,000 in SPYI vs ULTY generate?
At current TTM yields, $10,000 in SPYI would generate roughly $98.39 per month ($1181 annually). The same amount in ULTY would produce about $816.79 per month ($9801 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPYI and ULTY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPYI vs ULTY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYI and ULTY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.