Rankings / ETV
Eaton Vance Tax-Managed Buy-Write Opportunities
6.0
Overall Score
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%.
The fund holds a diversified portfolio of US common stocks and writes call options on the S&P 500 and Nasdaq-100 indices. Premium collected from option sales is distributed monthly under a managed distribution plan. The strategy does not hedge market declines: down-capture has exceeded up-capture since inception. As a CEF, shares may trade at a discount or premium to NAV.
The call overlay costs upside (78% captured) without cushioning losses (95% down capture), and a 1.08% expense ratio adds to the drag.
Cumulative total return of ETV against SPY, distributions reinvested.
Cumulative total return, rebased to 0% at the start of each period. Distributions reinvested. Data through end of previous month.
Calendar-year total return, distributions reinvested.
| Year | ETV | SPY |
|---|---|---|
| 2026 YTD | +10.41% | +12.71% |
| 2025 | +8.61% | +17.72% |
| 2024 | +27.66% | +24.89% |
| 2023 | +9.96% | +26.19% |
| 2022 | -19.69% | -18.17% |
| 2021 | +18.41% | +28.75% |
| 2020 | +13.17% | +18.37% |
| 2019 | +8.63% | n/a |
Historical years are frozen. YTD is refreshed monthly.
Composite score from six weighted criteria, measured since inception.
Performance since inception against the benchmark.
How much of the benchmark drawdown the fund absorbed.
How much of the benchmark rally the fund kept.
Frequency of distribution cuts below 85% of the previous payment.
Inversely proportional to the annual management fee.
Assets under management on a log scale.
The same six criteria, applied to different trailing periods. Pro subscribers see the full breakdown.
Since inception
6.0
3 years
6.6
1 year
6.1
3 months
6.8
How has ETV ranked across inception, 3 years, 1 year, and 3 months? Pro subscribers can compare a fund's trajectory over every window, across all 28 funds.
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Expense Ratio
0.890%
Inception Date
September 30, 2005
Benchmark
SPY
Category
Covered Call - Large Cap
Distribution Frequency
Monthly
Maturity Rating
5/5 stars
Scores calculated using CoveredRank methodology. Every formula is published and reproducible.
See full methodology→Disclaimer: CoveredRank provides independent educational content only. This is not financial advice. Please consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.