ETV and RSPA are both covered call ETFs tracking the same benchmark, but with different approaches. ETV offers a 7.99% yield, while RSPA provides a 9.42% 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 Equal Weight Income Advantage ETF
6.25
Overall Score
| Criteria | ETV | RSPA |
|---|---|---|
| Overall Score | 5.96 6.25 | |
| Total Return (25%) | 5.09 5.78 | |
| Downside Protection (25%) | 3.71 3.65 | |
| Upside Participation (25%) | 7.82 6.84 | |
| Consistency (15%) | 9.89 10.00 | |
| Expense Ratio (5%) | 1.38 7.62 | |
| Liquidity (5%) | 4.98 6.01 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ETV | RSPA |
|---|---|---|
| Expense Ratio | 0.890% | 0.390% |
| Inception Date | Sep 30, 2005 | Jul 1, 2024 |
| Issuer | Eaton Vance | Invesco |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 4/5 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%.
Down capture of 82% against 68% up capture means the structure gave up more upside than it cushioned losses over 26 months.
Investor Profile:
RSPA is an actively managed Invesco fund of funds that holds stocks and ETFs to mirror the S&P 500 Equal Weight Index, 523 positions. It earns option income through equity-linked notes (ELNs), and about 20% of assets sit in an Invesco government money market fund. It pays monthly and charges 0.29%.
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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