If you thought SPY was untouchable, think again. The top S&P 500 income ETF has changed, and some underdogs are now outperforming the giants. Let’s break down the latest winners and strategies in the income ETF space.
1️⃣ Spy Eye by Neos
- Dividend Yield: 12%
- AUM: ~$8B
- Return of Capital: ~98%
- Expense Ratio: 0.68%
Spy Eye is a fan favorite, paying monthly dividends using SPX index call spreads and Section 1256 contracts, which also make it tax-efficient. The downside? Its expense ratio is a bit high compared to leveraged ETFs, but the performance remains solid.
2️⃣ Tespy by Tap Alpha
- Dividend Yield: 14.3%
- AUM: $121M
- Return of Capital: 80–90%
- Expense Ratio: 0.77%
The underdog you didn’t see coming! Tespy uses daily zero DTE calls to capture market movements efficiently, adjusting strategies around major events. Its high yield reflects the skill-intensive strategy—perfect for investors who love high performance and agility.
3️⃣ GPIX by Goldman Sachs
- Dividend Yield: 8.6%
- AUM: $3.21B
- Return of Capital: 70%
- Expense Ratio: 0.29%
A growth-income hybrid that dynamically adjusts option coverage depending on market conditions. It’s a winner in recent NASDAQ performance, balancing growth and dividend income like a pro.
4️⃣ I Spy by ProShares
- Dividend Yield: 8.81%
- AUM: $1.17B
- Return of Capital: High
- Expense Ratio: 0.56%
Lower risk, lower reward. Uses passive daily covered call strategies with swaps. A safer choice but outperformed by some of the newer, aggressive ETFs.
5️⃣ Jeeppy
- Dividend Yield: 8.5%
- AUM: $40B+
- Return of Capital: 15–20%
- Expense Ratio: 0.35%
Massive and stable. Uses equity-linked notes to mimic covered calls, ideal for retirees seeking reliable income. Not the highest yield, but security comes first for many investors.
🏆 The Rankings
When factoring in total returns (dividends + growth) over the past year:
- GPIX: +13.76% ✅
- Tespy: +12.31% ✅
- Spy Eye: +11.61% ✅
- I Spy: +10.38%
- Jeeppy: +6%
The surprising winner? Tespy—the underdog that consistently battled GPIX for the top spot.
💡 Pro Tip: Diversify! Keep some money in Spy Eye, Tespy, and GPIX to ride the waves of the income ETF market and maximize returns.
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