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ISPYProShares S&P 500 High Income ETF

Get income2y track recordRanked #580 of 1,650 in this goal

Tracks the performance of the S&P 500 Daily Covered Call Index.

By ProShares · Launched 2023

Annual Cost

0.56%

#2,983 of 5,861 · average

Fund Size

$1.3B

#1,010 of 5,861 · large

Dividend YieldGoal

0.63%

Track Record

2 years

#3,268 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,658+16.6%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Index tracked

S&P 500 Daily Covered Call Index - Income Only

What it actually holds

By weight

Concentration

Top 10 holdings = 38.0% of fund✓ well diversified

ProShares GENIUS Money Market ETF
8.2%
NVIDIA Corp.
6.3%
Apple, Inc.
5.7%
Microsoft Corp.
4.2%
Amazon.com, Inc.
3.0%
Alphabet, Inc.
2.6%
Broadcom, Inc.
2.2%
Alphabet, Inc.
2.1%
Meta Platforms, Inc.
2.1%
Tesla, Inc.
1.6%

Asset allocation

Stocks
84.1%
Cash
12.5%
Other
3.4%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
12.7%Moderate

Year-on-year price swings

Max drawdown
-16.9%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
Cboe BZX

Full fund details

Objective
Tracks the performance of the S&P 500 Daily Covered Call Index.
Strategy
Invests in financial instruments to track the S&P 500 Daily Covered Call Index, employing a covered call strategy that combines long positions in the S&P 500 with short positions in call options. Aims for high income with total return similar to the S&P 500.
Inception date
December 18, 2023
Fund family
ProShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04