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% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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