SPYI Total Return Analyzer

SPYI total return combines two components: the cumulative distributions you received from SPYI over the holding period, and the change in NAV (share price) across the same window. Many high-yield funds advertise distribution rates that look spectacular in isolation but mask meaningful NAV erosion. The analyzer above shows exactly how much of your SPYI return came from distributions versus price change — a 50% annualized distribution rate paired with a 30% NAV decline is a very different investment than a 50% distribution with flat NAV.

NEOS S&P 500 High Income ETF (SPYI) is issued by NEOS. Holds the S&P 500 constituents with a tax-efficient call-spread overlay rather than a single short-call position. Options are structured as IRS Section 1256 contracts, so distributions are mostly taxed at the 60/40 long-term/short-term blended rate rather than as ordinary income — the main reason SPYI is marketed against JEPI/QYLD. Monthly distributions, forward yield ~12%, expense ratio 0.68%, AUM ~$8-9B. That strategy directly shapes the gap between headline yield and real yield: option-premium and covered-call funds tend to show large gaps, while traditional dividend ETFs and index funds usually show small ones.

For the detail behind each payment, see the SPYI dividend history. To project how future SPYI distributions compound under DRIP, open the SPYI dividend calculator.