ETV and PBP are both covered call ETFs tracking the same benchmark, but with different approaches. ETV offers a 7.99% yield, while PBP provides a 11.36% 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
Invesco S&P 500 BuyWrite ETF
5.76
Overall Score
| Criteria | ETV | PBP |
|---|---|---|
| Overall Score | 5.96 5.76 | |
| Total Return (25%) | 5.09 2.53 | |
| Downside Protection (25%) | 3.71 8.47 | |
| Upside Participation (25%) | 7.82 5.37 | |
| Consistency (15%) | 9.89 7.22 | |
| Expense Ratio (5%) | 1.38 6.38 | |
| Liquidity (5%) | 4.98 5.41 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ETV | PBP |
|---|---|---|
| Expense Ratio | 0.890% | 0.490% |
| Inception Date | Sep 30, 2005 | Dec 20, 2007 |
| Issuer | Eaton Vance | Invesco |
| 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 to 8.9% (SPY 15.7%) and pays 11.4%, but it captured 54% of S&P 500 upside and 58% of the downside.
Investor Profile:
PBP tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500 stocks, about 507 positions, and sells at-the-money one-month call options on the S&P 500 index. The rules are mechanical, with no active manager decisions. It pays monthly.
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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