ISPY and PUTW are both covered call ETFs tracking the same benchmark, but with different approaches. ISPY offers a 5.26% 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
ProShares S&P 500 High Income ETF
5.61
Overall Score
WisdomTree PutWrite Strategy Fund
6.13
Overall Score
| Criteria | ISPY | PUTW |
|---|---|---|
| Overall Score | 5.61 6.13 | |
| Total Return (25%) | 7.63 3.71 | |
| Downside Protection (25%) | — 6.98 | |
| Upside Participation (25%) | 8.95 5.96 | |
| Consistency (15%) | 6.00 8.82 | |
| Expense Ratio (5%) | 5.62 7.00 | |
| Liquidity (5%) | 5.74 5.91 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ISPY | PUTW |
|---|---|---|
| Expense Ratio | 0.550% | 0.440% |
| Inception Date | Mar 22, 2023 | Feb 24, 2016 |
| Issuer | ProShares | WisdomTree |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 2/5 stars | 5/5 stars |
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Investor Profile:
ISPY holds 514 S&P 500 stocks and describes its approach as a covered call strategy using daily options. It aims for monthly income and long-term returns in line with the S&P 500, and its page compares it with the S&P 500 Daily Covered Call Index. The page does not say whether the options are on an index or an ETF, or how much of the portfolio is covered.
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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