FTHI and PUTW are both covered call ETFs tracking the same benchmark, but with different approaches. FTHI offers a 8.97% 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
First Trust BuyWrite Income ETF
5.78
Overall Score
WisdomTree PutWrite Strategy Fund
6.13
Overall Score
| Criteria | FTHI | PUTW |
|---|---|---|
| Overall Score | 5.78 6.13 | |
| Total Return (25%) | 3.80 3.71 | |
| Downside Protection (25%) | 5.38 6.98 | |
| Upside Participation (25%) | 6.54 5.96 | |
| Consistency (15%) | 9.93 8.82 | |
| Expense Ratio (5%) | 1.88 7.00 | |
| Liquidity (5%) | 5.27 5.91 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | FTHI | PUTW |
|---|---|---|
| Expense Ratio | 0.750% | 0.440% |
| Inception Date | Jan 6, 2014 | Feb 24, 2016 |
| Issuer | First Trust | WisdomTree |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 5/5 stars |
A 9.0% yield with a 69% overwrite, but the worst drawdown (-23.6%) was nearly identical to SPY's (-23.9%).
Investor Profile:
FTHI holds about 192 U.S.-listed equities of all sizes and writes covered calls on the S&P 500 Index. The overwrite averages 69% of NAV, with calls about 0.6% out of the money and 26 days to expiry on average. First Trust Advisors manages it and the fund pays monthly.
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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