High Income

High Income ETFs

Can you get equity market returns and high income in the same ETF?

ProShares high-income strategies—the first ETFs powered by a daily call options strategy— deliver high income potential and seek to capture returns that traditional monthly covered call strategies sacrifice.

ABOUT THE FUND

A Next-Generation Covered Call Strategy

High Income Potential

Selling call options each day can produce a high level of income*.

*ISPY and IQQQ gain exposure to the sale of daily call options using swap agreements and do not trade options.

The entire Metaverse in a single ETF

Seek income and target equity market returns over the long term.

The entire Metaverse in a single ETF

Seek to capture returns that monthly covered call strategies may sacrifice.

The Opportunity

Traditional Covered Calls: A Costly Trade-Off?

Traditional monthly covered call strategies face a critical trade-off between income potential and total returns. Learn how ProShares' High Income ETFs, based on a daily call options strategy, may offer a better solution.

Learn More
HARNESSING THE POWER OF DAILYCALL OPTIONS

High Income Doesn’t Need to Mean Low Returns

Covered call strategies limit appreciation potential by capping the gains of the underlying asset at the strike price of the option.For a monthly covered call strategy, this can be a significant drawback if the value of the asset goes above, and stays above, the strike price early in the month. The strategy could potentially be unable to participate in gains for days, or weeks, until the call option expires and a new call option is sold, resetting the cap.

ProShares’ High Income ETFs are powered by a daily call options strategy and aim to improve this tradeoff, allowing them to seek high income, target equity market returns over the long term, and capture returns traditional covered call strategies may sacrifice.

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.

View Fund Details
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.

View Fund Details
This is the test block text

ISPY and IQQQ seek to replicate a daily covered call strategy by investing inequity securities and derivatives. The Funds do not sell (write) call options.

Index information does not reflect any management fees, transaction costs or expenses. Indexes are unhmanaged, 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, leverage 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.

The Nasdaq-100® Daily Covered Call Index replicates the performance of a covered call invesetment strategy that combines a long position in the Nasdaq-100 Index with a short position in Nasdaq-100 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 make distributions each month of an amount that reflects the dividends and call premium income earned by a daily Nasdaq-100 Index covered call strategy (net of expenses). 

There can be no guarantee any ProShares ETF will achieve its investment objective, if any, may vary significantly from month to month. A significant portion of such disstributions may be characterized as a return of capital.

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 stratetgy that sells call options with one day to expiration each day. The Fund intends to make distributions each month of an amount that reflects the dividends and call premium income earned by a daily S&P 500 Index covered call strategy (net of expenses). There can be no guarantee that the Fund will make such distributions and the amount of such distributions, if any, may vary significantly from month to month. A significant portion of such distributions may be characterized as a return to capital.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. ISPY’s total operating expenses are 0.55%. There is no guarantee that capital gain distributions will not be made in the future. There is no guarantee that dividends or interest income will be paid. 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. Obtain them from your financial advisor or broker-dealer representative or visit ProShares.com.  

“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.

Nasdaq®, Nasdaq-100 Index®, Nasdaq-100®, NDX®, Nasdaq-100 Daily Covered Call™ Index, NDXDCC™, Nasdaq-100 Daily Covered Call Option™ Index, NDXDCCOV™, Nasdaq-100 Daily Covered Call Income™ Index, NDXDCCI™, are registered trademarks of Nasdaq, Inc. (which with its affiliates and third party licensors is referred to as the “Corporations”) and are licensed for use by ProShare Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

ProShares ETFs (ProShares Trust and ProShares Trust II) are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor or sponsor.

Your use of this site signifies that you accept our Terms and Conditions of Use.