What are SPYI and VOO?

SPYI and VOO are both exchange-traded funds. SPYI is a derivative income fund, while VOO is a large blend ETF. Both are designed to provide access to large-company stocks. SPYI has 12.1 billion net assets, and VOO has 1.08 trillion net assets.

Exchange-traded funds hold a basket of assets. Investors can buy or sell them on an exchange just like any other stock. ETFs have an expense ratio that affects long-term returns. For instance, VOO charges a 0.03% expense ratio, while SPYI charges 0.68%.

What does a high expense ratio mean?

The expense ratio represents the annual cost of managing the fund. A higher expense ratio, like SPYI's 0.68%, could eat into your investment returns over time. In comparison, VOO's 0.03% expense ratio minimises costs and keeps more money in your pocket.

What fees will I pay with SPYI vs VOO?

VOO charges a 0.03% expense ratio, while SPYI's expense ratio is 0.68%. The difference between the two is 0.65 percentage points. Over time, this can significantly affect your returns. VOO's fee keeps more of your money in the fund, enhancing its potential for long-term growth.

How do the funds compare in terms of liquidity?

VOO has an asset base of 1.08 trillion, suggesting strong liquidity and institutional support. SPYI, with 12.1 billion in net assets, has ample liquidity but less so than VOO. Higher liquidity generally means easier buying and selling without significant price swings.

Which fund might suit a low-cost investor?

Investors focused on minimising costs may prefer VOO. VOO's 0.03% expense ratio ensures that costs remain very low, allowing for greater net return over time. In contrast, SPYI's expense ratio is higher at 0.68%, which might impact returns on investments seeking low expenses.

How do SPYI and VOO track their markets?

Both funds aim to mirror the S&P 500 index, though SPYI also uses derivatives for income. SPYI's top holdings heavily reflect leading mega-cap tech stocks like NVDA and AAPL, but its approach includes strategies that differ from VOO's direct index tracking.

What is the overlap in their top holdings?

Both SPYI and VOO share top holdings like NVDA, AAPL, MSFT, and AMZN. This overlap shows that both funds have similar market exposures, particularly towards large tech companies. However, the way they derive returns from these holdings may differ, particularly for SPYI.

How do ETF distributions work?

When an ETF earns dividends, it pays them out to investors as distributions. VOO offers a 1.03% yield from its dividend payout, while SPYI has a higher yield at 11.79%. These distributions are essential for investors seeking income, but it's vital to understand how they reflect each fund's strategy.

What does it mean for my investing goals?

If your goal is to build long-term wealth, VOO might align with its focus on growth at lower costs. If you're interested in current income, SPYI, with its high dividend yield, could be more suitable. Always consider your financial objectives and how different funds serve them.

What does a yield of 11.79% mean for SPYI?

SPYI's 11.79% yield indicates that investors receive income payments annually from the fund's holdings and strategies, which may involve derivatives. This is significantly higher than VOO's 1.03% yield, making it appealing for those prioritising income over capital appreciation.

What should I know about SPYI's track record?

SPYI was launched on 30 August 2022, meaning it has a shorter operational history compared to VOO, which started on 7 September 2010. Investors may want to consider how new funds like SPYI perform over time before making decisions, especially in the context of derivatives income.

SPYI vs VOO

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare the NEOS S&P 500 High Income ETF (SPYI) and the S&P 500 Vanguard ETF (VOO). This page reviews fees, holdings, dividends and how each fund tracks its market. SPYI offers a higher distribution focus, while VOO has a lower expense ratio. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SPYI

Metric

VOO

0.68%

Expense Ratio

0.03%

11.79%

Dividend Yield

1.03%

$12.13B

Net Assets

$1.08T

511

Holdings

516

Aug 30, 2022

Inception Date

Sep 7, 2010

–

Index Tracked

–

Derivative Income

Fund Category

Large Blend

VOO costs about $65.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SPYI	VOO
NVDANVIDIA Corporation	8.14%	8.08%
AAPLApple Inc.	7.52%	7.03%
MSFTMicrosoft Corporation	5.65%	5.70%
AMZNAmazon.com, Inc.	3.77%	3.84%
GOOGLAlphabet Inc.	3.09%	3.01%
AVGOBroadcom Inc.	2.52%	2.65%
GOOGAlphabet Inc.	2.49%	2.40%
METAMeta Platforms, Inc.	2.27%	1.90%
MUMicron Technology, Inc.	1.67%	1.63%
TSLATesla, Inc.	1.58%	1.57%

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Investment Analysis

SPYI

Pros

Its 11.79% yield provides significant current income potential for cash-flow focused investors.
The substantial 12.1 billion net asset base suggests ample trading liquidity and operational scale.
The top holdings heavily mirror the S&P 500's leading mega-cap technology stocks.

Considerations

The 0.68% expense ratio is significantly higher than standard broad-market index ETFs.
The relatively recent August 2022 inception means it has a limited operational track record.
Category details show 'Derivative Income' but the specific index tracked is currently unavailable.

VOO

Pros

The 0.03% expense ratio ensures highly cost-efficient ownership of the US large-cap market.
Its massive 1.08 trillion net asset base indicates deep liquidity and institutional investor adoption.
The September 2010 inception provides a lengthy, stable operational history for the fund.

Considerations

The low 1.03% dividend yield offers minimal income generation compared to higher-yielding alternatives.
Significant concentration in top mega-cap technology stocks exposes it to sector-specific volatility.
The specific index tracked is unavailable, though it is widely understood to be the S&P 500.

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About SPYI and VOO

SPYI (SPYI)

The NEOS S&P 500 High Income ETF is designed to provide investors with high monthly income by combining exposure to the S&P 500 index with a covered call strategy. This approach aims to generate option premium income to enhance yields, potentially at the cost of limited upside participation during strong bull markets. The fund is actively managed and maintains a large number of holdings to diversify its equity exposure. It may be suitable for investors seeking regular income streams, though high yields often come with increased complexity and different risk profiles compared to traditional index funds. Investors should consider that dividends are not guaranteed, can fluctuate significantly, and may include return of capital, which can erode net asset value over time.

VOO (VOO)

VOO is Vanguard’s exchange-traded fund designed to track the S&P 500 Index, offering broad exposure to about 500 of the largest publicly traded US companies. It aims to replicate the index’s performance minus fees by holding the same stocks in similar proportions, making it a straightforward, passive way to access large‑cap US equities. Investors commonly use VOO as a core holding for long‑term growth or as a simple building block in a diversified portfolio. It typically offers high liquidity and regular dividend distributions from underlying companies. As with any equity investment, VOO’s value can rise or fall with the market, and past performance is not a guide to future returns. Fees, trading costs and potential tracking error reduce returns slightly. This information is general and educational only and not personalised financial advice — consider your own circumstances or speak to a qualified adviser before investing.

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SPYI vs VOO

Fund Snapshot