ETV and PUTW are both covered call ETFs tracking the same benchmark, but with different approaches. ETV offers a 7.99% yield, while PUTW provides a n/a 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
WisdomTree PutWrite Strategy Fund
6.13
Overall Score
| Criteria | ETV | PUTW |
|---|---|---|
| Overall Score | 5.96 6.13 | |
| Total Return (25%) | 5.09 3.71 | |
| Downside Protection (25%) | 3.71 6.98 | |
| Upside Participation (25%) | 7.82 5.96 | |
| Consistency (15%) | 9.89 8.82 | |
| Expense Ratio (5%) | 1.38 7.00 | |
| Liquidity (5%) | 4.98 5.91 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ETV | PUTW |
|---|---|---|
| Expense Ratio | 0.890% | 0.440% |
| Inception Date | Sep 30, 2005 | Feb 24, 2016 |
| Issuer | Eaton Vance | WisdomTree |
| 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%.
Put-writing delivered 61% of S&P 500 upside and 63% of the downside, and the April 2025 index change limits how far its history can be trusted.
Investor Profile:
Since April 4, 2025 the fund trades under the ticker WTPI and tracks the Volos US Large Cap Target 2.5% PutWrite Index. It sells put options on SPY and holds U.S. Treasury bills as collateral, 96% T-bills and 4% a Treasury floating-rate fund as of October 2026. The index replaced the earlier CBOE PUT index approach, so earlier history reflects a different strategy. 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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