SPYI and PUTW are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% 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
NEOS S&P 500 High Income ETF
7.23
Overall Score
WisdomTree PutWrite Strategy Fund
6.13
Overall Score
| Criteria | SPYI | PUTW |
|---|---|---|
| Overall Score | 7.23 6.13 | |
| Total Return (25%) | 7.34 3.71 | |
| Downside Protection (25%) | 5.75 6.98 | |
| Upside Participation (25%) | 7.54 5.96 | |
| Consistency (15%) | 10.00 8.82 | |
| Expense Ratio (5%) | 4.00 7.00 | |
| Liquidity (5%) | 7.40 5.91 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | PUTW |
|---|---|---|
| Expense Ratio | 0.680% | 0.440% |
| Inception Date | Aug 30, 2022 | Feb 24, 2016 |
| Issuer | NEOS | WisdomTree |
| 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.
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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