ProShares S&P 500 High Income ETF (ISPY) Covered Calls

Running ISPY covered calls helps you generate income from ProShares S&P 500 High Income ETF shares you already own, turning a long stock position into a yield producing asset. A covered call means holding the underlying stock and selling a call option against it, collecting premium in exchange for capping upside at the strike. Use our scanner to find the best ISPY covered calls in real time and filter for the strikes, expiries, and premiums that fit your strategy.

A covered call pairs limited risk with a clear income profile. If ISPY stays below the strike at expiration, you keep the premium and the shares. If it rises above, you deliver the stock at the strike and still pocket the premium. Selling ISPY covered calls works best when implied volatility is elevated, since richer premiums improve the risk reward. Key inputs include strike selection relative to delta, days to expiration, annualized return, and probability of assignment, all of which determine whether a given ISPY covered call is worth writing.

The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index or in instruments with similar economic characteristics.