ETV and JEPI are both covered call ETFs tracking the same benchmark, but with different approaches. ETV offers a 7.99% yield, while JEPI provides a 8.20% 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
JPMorgan Equity Premium Income ETF
6.90
Overall Score
| Criteria | ETV | JEPI |
|---|---|---|
| Overall Score | 5.96 6.90 | |
| Total Return (25%) | 5.09 5.05 | |
| Downside Protection (25%) | 3.71 8.27 | |
| Upside Participation (25%) | 7.82 6.00 | |
| Consistency (15%) | 9.89 8.12 | |
| Expense Ratio (5%) | 1.38 8.12 | |
| Liquidity (5%) | 4.98 8.89 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ETV | JEPI |
|---|---|---|
| Expense Ratio | 0.890% | 0.350% |
| Inception Date | Sep 30, 2005 | May 20, 2020 |
| Issuer | Eaton Vance | JPMorgan |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 5/5 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%.
Cut volatility by a third (10.0% vs 15.7%) and the 2022 loss to -3.5%, but captured only 60% of S&P 500 upside, so five-year return is half of SPY's.
Investor Profile:
JEPI is an actively managed JPMorgan fund that holds a low-volatility basket of about 142 large-cap U.S. stocks. It earns option income through equity-linked notes (ELNs) on the S&P 500, about 15% of the portfolio against a 20% regulatory cap. The ELNs are unsecured bank obligations spread across at least six issuers. It pays monthly and charges 0.35%.
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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