QQQI vs SPYI — income now or growth kept?

QQQI and SPYI come from the same issuer and use related tax-aware option overlays. QQQI applies its strategy to Nasdaq-100 exposure, while SPYI pairs the overlay with the S&P 500. That changes the equity basket and its concentration even though both funds seek monthly option income and tax-aware distribution treatment. As of July 15, 2026, NEOS issuer data showed prices of $55.87 for QQQI and $53.74 for SPYI. Similar share prices do not make their risks or results equivalent.

QQQI's distribution rate was 14.05% and its SEC 30-day yield was negative 0.02%. SPYI's distribution rate was 11.99% and its SEC yield was 0.48%. A distribution rate annualizes recent cash payments; SEC yield uses a standardized net-investment-income calculation. Option proceeds and return-of-capital classifications can make the distribution rate much larger. Neither figure is a total-return measure, and the spread between them is not a prediction of future payouts.

QQQI's latest 12 recurring payout events totaled $7.6270 per share, averaging $0.63558 within a $0.6089-to-$0.6589 range. SPYI's totaled $6.2900, averaging $0.52417 within a $0.5104-to-$0.5353 range. The totals were 4.06% and 2.33% above the preceding 12-event windows, respectively. Both latest stored events were dated June 16, 2026: $0.6572 for QQQI and $0.5310 for SPYI. These event-window changes describe history and are not annual payout-growth forecasts.

Both expense ratios were 0.68%. The stored facts did not provide a numeric trailing return-of-capital share for either fund, so the strategy descriptions should not be converted into an unsupported percentage. Return of capital generally reduces tax basis and can defer tax until a later sale, subject to final tax reporting; it is neither additional return nor automatically evidence of erosion. The central comparison is therefore Nasdaq-100 concentration versus broader S&P 500 exposure within the same issuer's option-income framework.

AI-assisted analysis · generated 2026-07-17 from each fund’s stored, issuer-sourced data · reviewed structure, not advice