SPYI Dividend: Next Ex-Date, History & Total Return

The NEOS S&P 500® High Income ETF (SPYI) is an actively managed ETF that holds the stocks of the S&P 500 and runs a call options strategy on the S&P 500 Index itself. It generally replicates the index, owning its component securities in about the same proportions. SPYI seeks to generate income from premiums earned on SPX call options, which are call options on the S&P 500 Index, and from dividends on its stock holdings.¹

An option gives its buyer the right to buy or sell an asset at an agreed price and date, and the seller collects a premium for granting that right. SPYI writes (sells) SPX calls on up to 100% of the value of its stocks, typically with strikes close to the current index level, and uses part of the premium to buy out-of-the-money SPX calls with strikes typically above it. It seeks a net credit, meaning the premium received exceeds the cost of the calls bought.^1,2

The fund's stated objective is high monthly income in a tax efficient manner, with the potential for equity appreciation in rising markets. Its adviser, NEOS Investment Management, LLC, may manage the written and purchased calls before expiration to potentially capture gains and minimize losses from S&P 500 moves.¹

SPYI pairs its written calls with purchased out-of-the-money calls on the same index, a feature the prospectus says provides the potential for upside equity participation when the S&P 500 appreciates. The fund expects the total value of its written calls and of its purchased calls to each be up to 100% of its net assets.¹

The fund focuses primarily on SPX call options, which are European style, meaning they can be exercised only at their expiration date, and cash settled, meaning the seller pays the difference between the strike price and the settlement value. Opportunistically, the fund may seek to harvest tax losses on its SPX call options or equity positions, taking investment losses to offset realized taxable gains.¹

Dividend Stacker's record of past payments for SPYI begins with an ex-date of September 21, 2022. The fund made 12 distributions in each of 2023, 2024 and 2025, totaling $5.79 per share in 2023, $6.12 in 2024 and $6.15 in 2025.³

The 2024 total was up 5.7% from 2023, and 2025 rose 0.5% from 2024, giving 2 consecutive completed years with a higher annual total. Single payments in 2025 ranged from $0.4616 to $0.5316.³

By writing covered call options, SPYI gives up S&P 500 gains above the strike prices while still bearing the risk of declines, though its purchased out-of-the-money calls are meant to provide the potential for upside participation. Premiums may not be sufficient to offset losses from volatility in the underlying stocks. If exchanges suspend option trading in volatile markets, the fund may be unable to write options when it wants to.¹

As a call seller, the fund tends to lose money when the index rises above the strike price, and as a buyer it risks losing the entire premium paid if it does not exercise the option. Derivative values may not track the underlying asset perfectly, and losses from unanticipated market movements are potentially unlimited.¹

Because SPYI holds S&P 500 stocks, its net asset value moves with those equities. The index has been concentrated in the information technology sector, so the fund's results may depend to a greater extent on that sector, where products may face obsolescence due to rapid technological developments.¹

SPYI is actively managed, and there is no guarantee the adviser's investment views will produce the desired results. Derivatives may also adversely affect the timing, character and amount of income the fund realizes, so a larger portion of its distributions may be treated as ordinary income.¹