ETV and ISPY are both covered call ETFs tracking the same benchmark, but with different approaches. ETV offers a 7.99% yield, while ISPY provides a 5.26% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
Eaton Vance Tax-Managed Buy-Write Opportunities
5.96
Overall Score
ProShares S&P 500 High Income ETF
5.61
Overall Score
| Criteria | ETV | ISPY |
|---|---|---|
| Overall Score | 5.96 5.61 | |
| Total Return (25%) | 5.09 7.63 | |
| Downside Protection (25%) | 3.71 — | |
| Upside Participation (25%) | 7.82 8.95 | |
| Consistency (15%) | 9.89 6.00 | |
| Expense Ratio (5%) | 1.38 5.62 | |
| Liquidity (5%) | 4.98 5.74 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ETV | ISPY |
|---|---|---|
| Expense Ratio | 0.890% | 0.550% |
| Inception Date | Sep 30, 2005 | Mar 22, 2023 |
| Issuer | Eaton Vance | ProShares |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 2/5 stars |
The call overlay costs upside (78% captured) without cushioning losses (95% down capture), and a 1.08% expense ratio adds to the drag.
Investor Profile:
ETV is a closed-end fund that holds two stock segments: one seeks to beat the S&P 500, the other the Nasdaq-100. It sells index call options continuously on at least 80% of each segment, with S&P 500 calls on the first and Nasdaq-100 calls on the second. The fund is tax-managed, uses no leverage, and pays monthly. Its shares trade at a discount to NAV of about 9%.
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Investor Profile:
ISPY holds 514 S&P 500 stocks and describes its approach as a covered call strategy using daily options. It aims for monthly income and long-term returns in line with the S&P 500, and its page compares it with the S&P 500 Daily Covered Call Index. The page does not say whether the options are on an index or an ETF, or how much of the portfolio is covered.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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