ISPY and RSPA are both covered call ETFs tracking the same benchmark, but with different approaches. ISPY offers a 5.26% 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
ProShares S&P 500 High Income ETF
5.61
Overall Score
Invesco S&P 500 Equal Weight Income Advantage ETF
6.25
Overall Score
| Criteria | ISPY | RSPA |
|---|---|---|
| Overall Score | 5.61 6.25 | |
| Total Return (25%) | 7.63 5.78 | |
| Downside Protection (25%) | — 3.65 | |
| Upside Participation (25%) | 8.95 6.84 | |
| Consistency (15%) | 6.00 10.00 | |
| Expense Ratio (5%) | 5.62 7.62 | |
| Liquidity (5%) | 5.74 6.01 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ISPY | RSPA |
|---|---|---|
| Expense Ratio | 0.550% | 0.390% |
| Inception Date | Mar 22, 2023 | Jul 1, 2024 |
| Issuer | ProShares | Invesco |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 2/5 stars | 4/5 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.
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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