Price return. Total return. Distribution rate.
Three different numbers. One real example: NEOS S&P 500 High Income ETF $SPYI, 1 year ended September 30, 2026:
๐ข Price return: +1.66% ($52.30 to $53.17 per share)
๐ข Distributions paid: $6.3403 per share across 12 monthly payments
๐ข Total return: +14.65% (price change plus distributions reinvested)
๐ข Distribution rate: 12.15% (latest monthly distribution times 12, divided by net asset value, as of August 31, 2026)
Price return ignores the cash. Total return counts it. Distribution rate is a snapshot of the latest payment, not a return.
Distribution rate is not total return.