Income investing with Infrastructure Capital: the next chapter of option-income investing may belong to active management
Our Partner
Potentially monthly income generation
SPYC’s option strategies are designed to generate monthly income through option premiums by seeking a target annual income level.
Capital appreciation
SPYC aims to capture upside by selecting equity and option investments driven by quantitative and qualitative analysis, including relative value indicators.
Active strategies
Infrastructure Capital Advisors manages $4B in assets and is a leading provider of income solutions designed to meet the needs of income investors. Infrastructure Capital’s proprietary investment process is deployed in SPYC.
Monthly income generation
Option income strategies are designed to generate monthly income through option premiums by seeking a target annual income level.
Potential to maintain wider exposure
Option income strategies may also select equity and option investments with the aim of capturing any capital growth.
Active management
Active management may allow option income strategies to be more selective and curate a portfolio using quantitative, qualitative and relative-value analysis.
S&P 500 Income ETF can write shorter-dated call options selectively on individual holdings or the S&P 500 Index, adjusting the proportion of the portfolio covered, as well as the options’ strike prices and expiry dates. The strategy can seek to capture premiums from companies the manager considers overvalued or where implied volatility is elevated, while aiming to leave more growth potential across the rest of the portfolio. SPYC aims to convert these premiums into monthly distributions while also seeking capital appreciation from its equity holdings.
The level of option income depends mainly on three factors: the volatility of the underlying investments, the proportion of the portfolio covered by call options, and the strike prices and expiry dates of those options.
For example, the technology sector and certain S&P 500 companies have historically exhibited higher implied volatility than the broader market, potentially creating opportunities to generate greater option premiums. SPYC can selectively target these opportunities to support monthly distributions. Unlike a passive strategy, the manager can also adjust the equity portfolio, reducing exposure to companies it considers expensive and favouring smaller S&P 500 constituents that may appear more attractively valued. This flexibility across both stock selection and option writing distinguishes SPYC from more rules-based approaches.
Before founding the Infrastructure Capital Advisors, Mr. Hatfield established Infrastructure Capital Management (ICM) in 2002. He was previously a portfolio manager at SAC Capital Advisors (now Point72) and head of fixed-income research at Zimmer Lucas Partners, an energy-focused hedge fund. Earlier, he spent over a decade at Morgan Stanley advising energy and utility companies, executing $10B+ in capital raises and M&A deals. He later led the Utility and Power Group at CIBC Oppenheimer, managing a 15-member team focused on capital markets and strategic transactions across energy, power, and utilities.
Mr. Caffrey-Agoglia is a member of the investment committee of Infrastructure Capital Advisors. Before joining in 2018, he worked at a law firm in New York, and previously at PwC and the U.S. Department of Energy. He is a licensed attorney and CPA in New York, with FINRA Series 7 and 63 registrations. He holds a B.S. in Accounting (Business Administration concentration), a J.D., and an Executive LL.M. in Asset Management Practice, Compliance, and Regulation. While in law school, he was a Staff Editor on the New York Law School Law Review. Mr. Caffrey-Agoglia is a registered representative of Quasar Distributors, LLC.
Prior to joining Infrastructure Capital Advisors in 2016, Mr. Meleney was an equity analyst at Parker Global Strategies, focusing on midstream MLP, oil and gas equities and commodity fundamentals. Mr. Meleney is a CFA Charterholder and earned a Bachelor of Arts and science in economics at Tufts University.
Infrastructure Capital S&P 500 Option Income UCITS ETF (SPYC) aims to generate monthly income and capital growth by combining an actively selected portfolio of S&P 500 equities with a flexible covered-call strategy.
Equity markets have been one of the more discussed topics of the past several years. Most option-income strategies in the marketplace approach the problem the same way – they sit on top of a broad index, write calls against it on a fixed schedule, and pass the premiums through as monthly distributions. The mechanics are simple, and the trade-off is straightforward: if the underlying index rises above a set level (the strike price), your returns may be capped, meaning you may not benefit from all of the market’s gains.
SPYC takes a more selective approach. Infrastructure Capital actively constructs the equity portfolio using quantitative, qualitative and relative-value analysis, considering measures such as price-to-earnings, price-to-book, profitability and price-to-cash-flow. The portfolio gives investors exposure to the largest names that anchor the index, but the manager has the flexibility to over- or under-weight individual companies based on valuation rather than mechanical capitalisation weighting to seek income and total return.
Key Risks
The funds assets will be actively managed by the investment manager who will have discretion to invest the fund’s assets. There is no guarantee that the fund’s investment objective will be achieved. While the fund uses a covered call strategy which is intended to provide income, there is no guarantee that the derivative strategy will achieve this. In the event that income during the relevant period is insufficient to pay dividends as declared, the Directors may in their discretion determine such dividends be paid form capital. Investors should note that where this is the case, it may result in an immediate decrease in the value of the shares of the relevant fund. Exchange rates can have a positive or negative effect on returns. The value of equities and equity-related securities can be affected by daily stock and currency market movements. Investors’ capital is fully at risk and may not get back the amount originally invested. For a complete overview of all the risks, please refer to the Risk Factors in the Prospectus.
Source: HANetf, data as of . Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled “Risk Factors” for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in ETFs your capital is at risk.
No. of holdings: 166
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
Infrastructure Capital expands European ETF range with launch of S&P 500 option income ETF
September 2026
About Partner
Infrastructure Capital Advisors is a boutique financial firm with over $2 billion in managed assets. They are a leading provider of investment management solutions specialising in ETFs, managed hedge funds, and providing consulting services for other investment firms. Their success comes from their ability to offer innovative solutions to meet the needs of income-focused investors.
As shareholders in Infrastructure Capital Advisors’ funds, you own a part of a professionally managed portfolio. They take their role as fiduciaries seriously and offer funds to meet the needs of investors with varying levels of risk tolerance.
They are long-term investors seeking to maximise investment returns over full market cycles. To minimise risk, we they to invest in securities backed by long-lived assets that generate substantial streams of free cash flow. To enhance income for more risk tolerant investors, they may use modest leverage or options strategies.
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