Overview
S&P 500 exposure with a tax-aware options overlay — selling index call spreads for a ~12% distribution while keeping more upside than classic covered calls.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NVDA | NVIDIA Corp. | 7.9% |
| MSFT | Microsoft Corp. | 6.4% |
| AAPL | Apple Inc. | 6.1% |
| AMZN | Amazon.com Inc. | 4.0% |
| META | Meta Platforms | 3.0% |
| AVGO | Broadcom Inc. | 2.9% |
| GOOGL | Alphabet Inc. A | 2.6% |
| SPX | S&P 500 call spreads | -0.4% |
| TSLA | Tesla Inc. | 2.0% |
| BRK.B | Berkshire Hathaway | 1.8% |
Fund Details
Investment Thesis
SPYI is the covered-call idea rebuilt by tax lawyers: it holds the actual S&P 500 stocks, sells SPX index spreads (Section 1256 contracts with favourable 60/40 tax treatment), and structures distributions as largely return-of-capital — meaning more of that 12% survives taxes than QYLD's approach. A +16% total-return year while paying double digits shows why it became the category's fastest riser at $12B.
Who It's For
Income maximisers in taxable accounts who've done the homework on return-of-capital mechanics. The modern, tax-optimised alternative to first-generation covered-call funds.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | $33.62 | -- |
| 2023 | $39.67 | +18.0% |
| 2024 | $46.02 | +16.0% |
| 2025 | $52.00 | +13.0% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | -- |
| 2021 | -- |
| 2022 | 10.80% |
| 2023 | 12.10% |
| 2024 | 11.90% |
| 2025 | 11.80% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | $0.2B | -- |
| 2023 | $2B | +900.0% |
| 2024 | $5.5B | +175.0% |
| 2025 | $9.5B | +72.7% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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