ETV and SPYI are both covered call ETFs tracking the same benchmark, but with different approaches. ETV offers a 7.99% yield, while SPYI provides a 11.92% 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
NEOS S&P 500 High Income ETF
7.23
Overall Score
| Criteria | ETV | SPYI |
|---|---|---|
| Overall Score | 5.96 7.23 | |
| Total Return (25%) | 5.09 7.34 | |
| Downside Protection (25%) | 3.71 5.75 | |
| Upside Participation (25%) | 7.82 7.54 | |
| Consistency (15%) | 9.89 10.00 | |
| Expense Ratio (5%) | 1.38 4.00 | |
| Liquidity (5%) | 4.98 7.40 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ETV | SPYI |
|---|---|---|
| Expense Ratio | 0.890% | 0.680% |
| Inception Date | Sep 30, 2005 | Aug 30, 2022 |
| Issuer | Eaton Vance | NEOS |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 3/5 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%.
Pays 11.9%, 3.7 points more than GPIX, at a fee 2.3 times higher (0.68% vs 0.29%).
Investor Profile:
SPYI is an actively managed NEOS fund that holds S&P 500 stocks, 511 positions, and uses a call spread approach on SPX index option futures. The options qualify as Section 1256 contracts, taxed at the 60/40 rate. NEOS aims for high monthly income in a tax-efficient way, and distributions are partly return of capital. 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.
28 covered call ETFs, rescored every month on total return, downside protection and NAV stability. One email a month, no promotions.
We store your email to send the monthly ranking. Unsubscribe any time by replying to any email. We never share or sell it.