# IncomeShares S&P500 Options ETP (SPYO)

**Page:** https://fundology.uk/fund/spyo · ISIN XS2875106242

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 10/11/2026, SPYO (IncomeShares S&P500 Options ETP, ISIN XS2875106242) closed at £3.15 on the London Stock Exchange. Its ongoing charge is 0.73% a year (about £73 on £10,000). Over the year to 10/11/2026 its price changed by −24.8% (income paid out is not included), or −27.4% after UK CPIH inflation.

## Summary

IncomeShares S&P500 Options ETP is an exchange-traded product from Leverage Shares, launched in 2024. It tracks the No Underlying Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.73% a year — about £73 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **£3.15** (10/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | SPYO |
| ISIN | XS2875106242 |
| Also listed as | SPYY (London Stock Exchange, US dollars), DSPY (Xetra, euros) |
| Category | US shares |
| Type | ETN / ETP |
| Provider | Leverage Shares |
| Income | Distributing |
| Ongoing charge | 0.73% a year (£73 per £10,000) |
| Fund size | £6.4m |
| Launched | 2024 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 12/05/2024 |

## Past returns (periods to 10/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -24.77% | -27.43% | price only |

Returns: worked out from recorded daily closes. Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of IncomeShares S&P500 Options ETP in pounds (price only, income paid out not included): 2025 −45.6%; 2026 to 10/11/2026 −20.1%. Returns of IncomeShares S&P500 Options ETP in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −21.7%; to 30/09/2025: −44.2%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2025 | -45.6% | -47.4% | Price |
| 2026 to 10/11/2026 | -20.1% | -22.7% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 13.06% | -27.55% |

## Largest fall

Volatility of IncomeShares S&P500 Options ETP in pounds, annualised from weekly returns to 10/11/2026: 13.1% over 1 year. Largest fall in the price of IncomeShares S&P500 Options ETP since August 2024, in pounds: −59.2% from 30/08/2024 to 06/11/2026. The lowest 12-month return of IncomeShares S&P500 Options ETP in pounds (price only, income paid out not included) since August 2024 was −46.7% (12 months to 30/01/2026); the highest was −17.8% (12 months to 05/06/2026). On 10/11/2026 the price of IncomeShares S&P500 Options ETP was 58.8% below its highest weekly close since August 2024 (30/08/2024), in pounds.

## Charges compared with similar funds

Ongoing charge of IncomeShares S&P500 Options ETP 0.73% a year. Compared on 11/11/2026, 4 of the 253 other US share funds charge more, 0 the same and 249 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.73%** per year (as of 10/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## Questions people ask

**What is the ongoing charge of SPYO?**

The ongoing charge of SPYO is 0.73% a year — about £73 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of IncomeShares S&P500 Options ETP 0.73% a year. Compared on 11/11/2026, 4 of the 253 other US share funds charge more, 0 the same and 249 less (share classes counted once).

**Is SPYO accumulating or distributing?**

SPYO is distributing: income is paid out to holders as cash, usually a few times a year. It pays out monthly.

**What is the ISIN of SPYO?**

The ISIN of SPYO is XS2875106242. An ISIN identifies one exact share class of a fund; SPYO is its ticker on the London Stock Exchange. The same share class is also listed as SPYY (London Stock Exchange, US dollars) and DSPY (Xetra, euros).

**What were SPYO’s returns in each of the last five years?**

Calendar-year returns of SPYO in pounds (price only, income paid out not included): 2025 −45.6%; 2026 to 10/11/2026 −20.1%. Past performance is not a guide to future returns.

**How has SPYO done after inflation?**

Over the year to 10/11/2026 SPYO’s price changed by −24.8% (income paid out is not included), or −27.4% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.