is SPYI a moderate risk

The SPYI ETF is considered a moderate-risk investment, but it is important to understand its risk profile before making an investment decision.

1. **Options-Based Strategy**: SPYI employs an options-based strategy that includes call spreads, which can provide income but also exposes the fund to volatility and price fluctuations.
2. **Leverage and Futures Contracts**: The ETF's use of leverage and futures contracts, such as SPX index options, can amplify returns but also increases investment risk.
3. **Tax Efficiency**: SPYI's strategy takes advantage of tax-loss harvesting opportunities and utilizes tax-efficient structures, such as section 1256 contracts, which can help reduce tax liabilities.
4. **Dividend Yield**: While SPYI offers a high dividend yield of 12.05%, this yield is derived from its investment strategy and should be evaluated in the context of the fund's overall risk profile.

In conclusion, while SPYI's dividend yield is attractive, its moderate risk stems from its active investment strategy, leverage, and options-based approach. Investors should consider their risk tolerance, investment goals, and the potential for volatility when evaluating SPYI.