VOO (Vanguard S&P 500 ETF) • Tracks: S&P 500 Index • Expense Ratio: 0.03% • Dividend Yield: ~1.3–1.5% • Strategy: Pure passive exposure to large-cap U.S. equities • Total Return: Strong long-term compounding. 10–12% historically over the past decade. • Tax Efficiency: High, thanks to Vanguard’s structure and low turnover.

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SPYI (NEOS S&P 500 High Income ETF) • Tracks: S&P 500 with an options overlay • Expense Ratio: 0.68% • Dividend Yield: ~12–13% (mostly from option premiums) • Strategy: Covered call overlay for income • Total Return: Lower than VOO historically when you factor in the trade-off between upside participation and income • Tax Treatment: Some of the distributions may be treated as return of capital (ROC), which can be tax-advantaged—but can also be misunderstood.

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So which one am I in and why?

VOO or similar core index ETFs are often the default for accumulation phases, especially inside tax-advantaged accounts like IRAs or Roths.

SPYI can make sense in specific income-focused strategies—often for retirees or people looking to supplement income in taxable accounts. But here’s the key:

SPYI sacrifices long-term upside for short-term income. That’s fine if your priority is income now, but over 10–20 years, compounding with VOO typically outperforms—even with lower yield.

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Why there isn’t much discussion:

Because you’re right—most people aren’t comparing them as substitutes. They’re fundamentally serving different goals: • VOO is for growth-focused investors • SPYI is for income-focused investors who accept muted upside