High Income
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ISPY

S&P 500 High Income ETF

 

Target high income and S&P 500 returns over the long term—all in one ETF.

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A Next-Generation Covered Call Strategy

Traditional covered call strategies rely on monthly options, generating income but potentially sacrificing returns. With ISPY, investors can target high income and S&P 500 returns over the long term—all in one ETF.

High Income Potential

Daily call options can produce a high level of income*

Efficient Income Generation

Seek income and target S&P 500 returns over the long term

Higher Return Potential

Seek to capture returns that monthly covered call strategies may sacrifice

*ISPY gains exposure to the sale of daily call options using swap agreements and does not trade options.

The Opportunity

Should You Expect More From Your Covered Call Strategy?

While covered call strategies can generate attractive levels of income under the right circumstances, traditional strategies typically require investors to make a costly trade-off between high income potential and potential total returns. Learn how ProShares High Income ETFs may offer a better solution.

ProShares High Income ETFs

High Income

ISPY

S&P 500 High Income ETF

ProShares S&P 500 High Income ETF seeks investment results, before fees and expenses, that track the performance of the S&P 500 Daily Covered Call Index.

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High Income

IQQQ

Nasdaq-100 High Income ETF

ProShares Nasdaq-100 High Income ETF seeks investment results, before fees and expenses, that track the performance of the Nasdaq-100 Daily Covered Call Index.

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High Income

ITWO

Russell 2000 High Income ETF

ProShares Russell 2000 High Income ETF seeks investment results, before fees and expenses, that track the performance of the Cboe Russell 2000 Daily Covered Call Index.

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Research & Insights

How Tax Efficient Is Your Covered Call Strategy?
The tax treatment of covered call distributions can vary widely. Here’s what you need to know.
Read More
Target High Income Beyond Traditional Bonds

Watch Global Investment Strategist Simeon Hyman discuss potential ways to generate efficient income with ProShares High Income ETFs. 

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Covered Call ETFs: The Myth of Downside Protection

Traditional monthly covered call strategies have failed to provide downside protection, but ProShares has an innovative solution.

Read the article
Should You Expect More from Your Covered Call Strategy?

A new covered call approach may help investors capture both income and greater returns.

Read the article
Balancing Yield & Total Return

Explore the effectiveness of an innovation in covered call strategies that may help investors better balance equity income and returns while managing risk.

Read the article
A More Effective Approach to Equity Income?

A strategy based on daily call options combined with a dividend growth strategy can together potentially deliver high income now, grow income over time, and improve long-term total returns.

Read the article
Seek High Income Potential With Small-Cap Upside

Investors have flocked to covered call strategies to help generate income and maintain the potential for equity market returns. Now, daily covered call innovations offer a potentially more effective approach than traditional covered call strategies in the small-cap space.

Read the article
Simeon Hyman Talks to Investment News about Covered Call ETFs

Learn how ISPY and IQQQ capitalize on a recent innovation in the options market, enabling investors to seek high income while targeting long-term total returns consistent with their large-cap benchmarks.

View the video
Get the latest perspectives and updates.

The Fund seeks to replicate a daily covered call strategy by investing in equity securities and derivatives. The Fund does not sell (write) call options.

Index information does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged, and one cannot invest directly in an index.

Investing involves risk, including the possible loss of principal. This ProShares ETF is non-diversified and entails certain risks, including risks associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, and market price variance, all of which can increase volatility and decrease performance. Please see summary and full prospectuses for a more complete description of risks.

There is no guarantee any ProShares ETF will achieve its investment objective.­ The performance of the Fund may not correspond to the performance of the S&P 500 Index, the Fund may not be successful in generating income for investors, and the Fund may not capture returns that traditional covered call strategies may sacrifice.

The S&P 500 Daily Covered Call Index replicates the performance of a covered call investment strategy that combines a long position in the S&P 500 Index with a short position in S&P 500 Index call options. In particular, the index is designed to replicate a daily covered call strategy that sells call options with one day to expiration each day. The Fund intends to distribute amounts that generally reflect the dividend and call premium income earned by the Index’s daily covered call strategy (net of expenses). Each month the Fund intends to distribute the dividend and call premium income earned by the Index, subject to a minimum yield of 6% (annualized). If the income earned by the Index is less than the minimum yield, the Fund will seek to distribute an additional amount to maintain the minimum yield. The dividend and call premium income earned by the Fund’s Index in subsequent months will be used to recoup the additional distribution amounts of prior months. This will reduce future distributions of the Fund. If the Fund experiences sustained periods of low income, the Fund will continue to make distributions to meet the minimum monthly yield, which may result in economic returns of capital. An economic return of capital may result in a return of your investment in the Fund.

There is no guarantee the Fund will make any distributions and the amount of such distributions, if any, may vary significantly from month to month. On 19a-1 notices, the Fund discloses the accounting source of each distribution, either net investment income or accounting return of capital. The accounting source of the distribution does not impact whether the distribution is considered to be taxable income or a tax return of capital for income tax purposes.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.

“The S&P 500 Daily Covered Call Index" is a product of S&P Dow Jones Indices LLC and its affiliates and has been licensed for use by ProShares. "S&P®" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. ProShares have not been passed on by S&P Dow Jones Indices LLC and its affiliates as to their legality or suitability. ProShares based on the S&P 500 Daily Covered Call Index are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Quote data provided by Interactive Data - Real Time Services, Inc. and subject to terms of use.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

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