IYR is up 13% year to date but pays a low single-digit yield, while IYRI converts the same REIT exposure into monthly distributions yielding nearly 11%.
KBWY has surged 23% year to date, confirming the REIT rebound that the NEOS team behind SPYI harvests as income through IYRI's covered-call overlay.
IYRI's call overlay caps price gains at 10% versus IYR's 13%, and 2026 distributions have drifted lower as softening volatility thins call premiums.
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The iShares U.S. Real Estate ETF (NYSEARCA:IYR) is having a moment. Shares are up 12.77% year to date and 13.57% over the last twelve months, finally outperforming the broader market as capital rotates back into rate-sensitive sectors. If you own IYR for real estate exposure, that rebound is exactly what you signed up for. IYR is a passive index tracker, though, and its distribution yield sits in the low single digits. Investors who bought a REIT fund specifically to collect income now have a specific alternative from the team behind the popular SPYI and QQQI covered-call ETFs, and it is currently paying a distribution rate near 11%.

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