SPYI and ETV are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while ETV provides a 7.99% 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
NEOS S&P 500 High Income ETF
7.23
Overall Score
Eaton Vance Tax-Managed Buy-Write Opportunities
5.96
Overall Score
| Criteria | SPYI | ETV |
|---|---|---|
| Overall Score | 7.23 5.96 | |
| Total Return (25%) | 7.34 5.09 | |
| Downside Protection (25%) | 5.75 3.71 | |
| Upside Participation (25%) | 7.54 7.82 | |
| Consistency (15%) | 10.00 9.89 | |
| Expense Ratio (5%) | 4.00 1.38 | |
| Liquidity (5%) | 7.40 4.98 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | ETV |
|---|---|---|
| Expense Ratio | 0.680% | 0.890% |
| Inception Date | Aug 30, 2022 | Sep 30, 2005 |
| Issuer | NEOS | Eaton Vance |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 5/5 stars |
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.
The call overlay costs upside (78% captured) without cushioning losses (95% down capture), and a 1.08% expense ratio adds to the drag.
Investor Profile:
ETV is a closed-end fund that holds two stock segments: one seeks to beat the S&P 500, the other the Nasdaq-100. It sells index call options continuously on at least 80% of each segment, with S&P 500 calls on the first and Nasdaq-100 calls on the second. The fund is tax-managed, uses no leverage, and pays monthly. Its shares trade at a discount to NAV of about 9%.
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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