NEOS S&P 500 Hedged Equity Income ETF (SPYH)

The NEOS S&P 500 Hedged Equity Income ETF is an exchange-traded fund from NEOS Investments that seeks to provide income and exposure to the S&P 500 while incorporating downside protection. It holds the stocks of the S&P 500 or equivalent exposure and overlays an options strategy.

The options overlay typically pairs the sale of call options, which generates premium income, with the purchase of put options, which helps cushion the portfolio against sharp market declines. This hedged structure aims for a smoother return profile than an unhedged index fund, at the cost of giving up some upside in strong markets. NEOS is known for its tax-aware approach to options-based income funds. The fund trades on Cboe BZX.