FTHI and SPYI are both covered call ETFs tracking the same benchmark, but with different approaches. FTHI offers a 8.97% 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
First Trust BuyWrite Income ETF
5.78
Overall Score
NEOS S&P 500 High Income ETF
7.23
Overall Score
| Criteria | FTHI | SPYI |
|---|---|---|
| Overall Score | 5.78 7.23 | |
| Total Return (25%) | 3.80 7.34 | |
| Downside Protection (25%) | 5.38 5.75 | |
| Upside Participation (25%) | 6.54 7.54 | |
| Consistency (15%) | 9.93 10.00 | |
| Expense Ratio (5%) | 1.88 4.00 | |
| Liquidity (5%) | 5.27 7.40 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | FTHI | SPYI |
|---|---|---|
| Expense Ratio | 0.750% | 0.680% |
| Inception Date | Jan 6, 2014 | Aug 30, 2022 |
| Issuer | First Trust | NEOS |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 3/5 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.
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.
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