Defiance S&P 500 Income Target ETF (NYSEARCA:SPYT) launched in March 2024 with a simple promise: deliver high monthly income by writing daily call options on the S&P 500 while holding the index itself. The strategy has delivered on the income promise, with steady monthly distributions averaging around $0.31 per share. But that income comes at ... The SPYT Income ETF Pays Monthly but Caps Your Gains When Markets Rally