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

Running SPYH covered calls helps you generate income from NEOS S&P 500 Hedged Equity 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 SPYH 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 SPYH 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 SPYH 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 SPYH covered call is worth writing.

The NEOS S&P 500 Hedged Equity Income ETF (the “Fund”) seeks high monthly income in a tax efficient manner with a measure of downside protection.