SPYI matched SPY's 16% one-year price return while generating monthly income, but the options overlay caps gains when the market runs sharply higher. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. Pulling $40,000 a year from $500,000 requires a blended yield of roughly 8%, well above what the 4.7% 10-year Treasury delivers today. Three exchange-traded funds sit near the center of that math: the NEOS S&P 500 High Income ETF (CBOE:SPYI), the Amplify CWP Enhanced Dividend Income ETF (NYSEARCA:DIVO), and the Virtus InfraCap U.S. Preferred Stock ETF (NYSEARCA:PFFA). Each fund attacks the income problem from a different angle. SPYI wraps an options overlay around the S&P 500. DIVO layers tactical call writing on a concentrated book of blue-chip dividend payers. PFFA reaches into leveraged preferred securitie…

Holding the S&P 500 and selling index call options against it is what SPYI does, converting equity upside into monthly distributions. Section 1256 tax treatment on those index options separates SPYI from older covered call products: gains are split 60% long term and 40% short term regardless of holding period, and a portion of distributions are typically classified as return of capital, which defers the tax bill. Every month since inception, SPYI has paid out, with 2026 payments running from $0.5104 to $0.5353 per share. The trailing 12-month total is $6.31, and the forward annualized rate is $6.36. At a share price of $52, that puts the running yield in the low double digits. The fund carries net assets of $6.9 billion and an expense ratio of 0.68%. SPYI is up 7% year to date and 16% over the past year on a price basis, versus 8% and 16% for SPY. The gap reflects the…