PUTW and ISPY are both covered call ETFs tracking the same benchmark, but with different approaches. PUTW offers ~8% yield with a focus on sophisticated investor seeking income via put writing strategy, while ISPY provides ~10% yield targeting yield-focused investor accepting minimal downside protection. 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
WisdomTree PutWrite Strategy Fund
5.5
Overall Score
ProShares S&P 500 High Income ETF
5.5
Overall Score
| Criteria | PUTW | ISPY |
|---|---|---|
| Overall Score | 5.5 5.5 | |
| Total Return (25%) | 3.7 7.8 | |
| Downside Protection (25%) | 6.9 — | |
| Upside Participation (25%) | 6.0 9.2 | |
| Consistency (15%) | 5.0 4.3 | |
| Expense Ratio (5%) | 7.0 5.6 | |
| Liquidity (5%) | 5.9 5.7 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | PUTW | ISPY |
|---|---|---|
| Expense Ratio | 0.440% | 0.550% |
| Inception Date | Feb 24, 2016 | Mar 22, 2023 |
| Issuer | WisdomTree | ProShares |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 2/5 stars |
Interesting alternative to traditional covered calls — similar economics, different mechanics
Investor Profile:
Sophisticated investor seeking income via put writing strategy
High yield but zero downside protection is a significant red flag — not suitable as a defensive holding
Investor Profile:
Yield-focused investor accepting minimal downside protection