SPYI and PBP are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while PBP provides a 11.36% 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
Invesco S&P 500 BuyWrite ETF
5.76
Overall Score
| Criteria | SPYI | PBP |
|---|---|---|
| Overall Score | 7.23 5.76 | |
| Total Return (25%) | 7.34 2.53 | |
| Downside Protection (25%) | 5.75 8.47 | |
| Upside Participation (25%) | 7.54 5.37 | |
| Consistency (15%) | 10.00 7.22 | |
| Expense Ratio (5%) | 4.00 6.38 | |
| Liquidity (5%) | 7.40 5.41 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | PBP |
|---|---|---|
| Expense Ratio | 0.680% | 0.490% |
| Inception Date | Aug 30, 2022 | Dec 20, 2007 |
| Issuer | NEOS | Invesco |
| 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.
Cut volatility to 8.9% (SPY 15.7%) and pays 11.4%, but it captured 54% of S&P 500 upside and 58% of the downside.
Investor Profile:
PBP tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500 stocks, about 507 positions, and sells at-the-money one-month call options on the S&P 500 index. The rules are mechanical, with no active manager decisions. 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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