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

Trading a SPYH straddle lets you take a pure volatility position on NEOS S&P 500 Hedged Equity Income ETF without committing to a direction. NEOS S&P 500 Hedged Equity Income ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate SPYH straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on SPYH profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when NEOS S&P 500 Hedged Equity Income ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the SPYH straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

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.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the SPYH straddle is the cleanest expression of that view. Our scanner prices every SPYH straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a SPYH straddle into a catalyst or short a SPYH straddle to harvest decay, the options straddle setups that matter are all in one place.