Best Of
Best Covered Call ETFs in 2026
ETFs that use options-writing strategies to generate enhanced income from equity positions.
Data updated June 2026 · 50 ETFs
Who this page is for
Best for
- Income investors comfortable trading capped upside for premium income
- Portfolios that benefit from lower volatility during sideways markets
- Retirees who prioritize current income over capital appreciation
Not a fit for
- Bull-market maximalists — covered calls cap the best-case return
- Tax-sensitive accounts — most option premiums are taxed as ordinary income
- Investors expecting the fund to beat its underlying index during strong rallies
Analysis
Covered call ETFs generate income by systematically selling call options against underlying equity positions, sacrificing some upside participation in exchange for premium income. The category shown here spans a wide range of strategies — from broad index overlays to sector-specific and buffered approaches — with an average yield of 16.28% and an average expense ratio of 0.72% across all 50 funds. JPMorgan dominates by assets, with JEPI and JEPQ commanding $44.3B and $39.0B in AUM respectively, well ahead of every other fund in the top 10 here. Other notable issuers include NEOS, Global X, Alpha Architect, and Goldman Sachs, reflecting a competitive and growing landscape.
- JEPI and JEPQ share the lowest expense ratio among monthly-pay funds in the top 10 here at 0.35%, offering cost-efficient income delivery relative to peers like QQQI and SPYI at 0.68%.
- QQQI posts the highest reported yield among monthly-pay funds in the top 10 here at 14.42%, though it carries a notably higher fee than the JPMorgan pair.
- BOXX has a yield listed as not reported, making direct income comparisons with other funds difficult despite its substantial $12.5B in AUM.
- BUFR carries the highest expense ratio among the top 10 funds shown at 1.05% while reporting a 0.00% yield, suggesting its return profile is oriented toward capital protection rather than income generation.
- GPIQ stands out among monthly-pay funds in the top 10 here for combining a relatively low 0.29% expense ratio with a 10.91% yield and $4.6B in AUM.
Investors in this category face meaningful tradeoffs between yield, cost, and upside participation. High option-premium income can compress long-term total returns in strongly trending markets, and yields can fluctuate significantly as volatility conditions shift. The presence of buffer and semi-annual distribution funds alongside traditional covered call products underscores how varied the underlying mechanics can be — expense ratios, distribution frequency, and the specific index or sector targeted each materially affect a fund's risk-return profile.
AI-generated analysis — AI can make mistakes. Verify important information independently. Not investment advice. Learn more
Top picks
Top 3 covered call ETFs by assets under management.
Yield distribution
Expense ratio distribution
Income projection
Estimated annual, monthly, and weekly income based on the average yield of 16.28% across these 50 ETFs. For illustration only—actual income will vary.
| Investment | Annual income | Monthly income | Weekly income |
|---|---|---|---|
| $10,000 | $1,628 | $136 | $31 |
| $25,000 | $4,069 | $339 | $78 |
| $50,000 | $8,138 | $678 | $156 |
| $100,000 | $16,275 | $1,356 | $313 |
Issuer breakdown
Distribution of ETFs by fund issuer. Larger issuers often offer lower expense ratios and higher liquidity.
All 50 ETFs
| Ticker | Name | Issuer | Yield | Expense ratio | AUM | Frequency |
|---|---|---|---|---|---|---|
| JEPI | JPMorgan Equity Premium Income ETF | JPMorgan | 8.32% | 0.35% | $44.3B | Monthly |
| JEPQ | JPMorgan Nasdaq Equity Premium Income ETF | JPMorgan | 11.40% | 0.35% | $39.0B | Monthly |
| BOXX | Alpha Architect BOXX ETF | Alpha Architect | — | 0.19% | $12.5B | Semi-Annual |
| QQQI | NEOS Nasdaq-100 High Income ETF | NEOS | 14.42% | 0.68% | $12.5B | Monthly |
| BUFR | FT Vest Laddered Buffer ETF | First Trust | — | 1.05% | $9.7B | Annual |
| QYLD | Global X Nasdaq 100 Covered Call ETF | Global X | 12.46% | 0.61% | $8.2B | Monthly |
| SHLD | Global X Defense Tech ETF | Global X | 0.81% | 0.50% | $7.6B | Semi-Annual |
| DIVO | Amplify CWP Enhanced Dividend Income ETF | Amplify ETFs | 4.83% | 0.56% | $7.2B | Monthly |
| SPYI | NEOS S&P 500 High Income ETF | NEOS | 12.26% | 0.68% | $6.2B | Monthly |
| GPIQ | Goldman Sachs Nasdaq-100 Core Premium Income ETF | Goldman Sachs | 10.91% | 0.29% | $4.6B | Monthly |
| GPIX | Goldman Sachs S&P 500 Core Premium Income ETF | Goldman Sachs | 8.74% | 0.29% | $4.4B | Monthly |
| BOTZ | Global X Robotics & Artificial Intelligence ETF | Global X | 0.88% | 0.68% | $3.4B | Semi-Annual |
| XYLD | Global X S&P 500 Covered Call ETF | Global X | 10.15% | 0.60% | $3.2B | Monthly |
| BALT | Innovator Defined Wealth Shield ETF | Innovator ETFs | — | 0.69% | $2.5B | Quarterly |
| ACIO | Aptus Collared Investment Opportunity ETF | Aptus | 0.57% | 0.79% | $2.3B | Quarterly |
| FTHI | First Trust BuyWrite Income ETF | First Trust | 8.80% | 0.75% | $2.3B | Monthly |
| TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | iShares | 11.57% | 0.35% | $1.9B | Monthly |
| BUFD | FT Vest Laddered Deep Buffer ETF | First Trust | — | 1.05% | $1.9B | Annual |
| PJAN | Innovator U.S. Equity Power Buffer ETF - January | Innovator ETFs | — | 0.79% | $1.5B | Annual |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | First Trust | — | 1.10% | $1.5B | Annual |
| BITO | ProShares Bitcoin Strategy ETF | ProShares | 2.09% | 0.95% | $1.4B | Monthly |
| NVDY | YieldMax NVDA Option Income Strategy ETF | YieldMax | 43.66% | 1.01% | $1.4B | Weekly |
| FJAN | FT Vest U.S. Equity Buffer ETF - January | First Trust | — | 0.85% | $1.4B | Annual |
| FDEC | FT Vest U.S. Equity Buffer ETF - December | First Trust | — | 0.85% | $1.4B | Annual |
| RYLD | Global X Russell 2000 Covered Call ETF | Global X | 12.24% | 0.60% | $1.4B | Monthly |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | NEOS | 4.69% | 0.38% | $1.3B | Monthly |
| ISPY | ProShares S&P 500 High Income ETF | ProShares | 5.98% | 0.55% | $1.3B | Monthly |
| IDVO | Amplify International Enhanced Dividend Income ETF | Amplify ETFs | 6.00% | 0.66% | $1.3B | Monthly |
| BALI | iShares Blackrock Advantage Large Cap Income ETF | iShares | 7.79% | 0.35% | $1.2B | Monthly |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | YieldMax | 49.58% | 1.03% | $1.1B | Weekly |
| BTCI | NEOS Bitcoin High Income ETF | NEOS | 28.74% | 0.98% | $1.1B | Monthly |
| MSTY | YieldMax MSTR Option Income Strategy ETF | YieldMax | 84.79% | 0.99% | $1.0B | Weekly |
| IWMI | NEOS Russell 2000 High Income ETF | NEOS | 14.20% | 0.68% | $947M | Monthly |
| ULTY | YieldMax Ultra Option Income Strategy ETF | YieldMax | 68.64% | 1.14% | $914M | Weekly |
| QDTE | Roundhill Innovation-100 0DTE Covered Call Strategy ETF | Roundhill Investments | 40.70% | 0.95% | $867M | Weekly |
| BITX | Volatility Shares 2x Bitcoin Strategy ETF | Volatility Shares | 1.96% | 1.85% | $833M | Monthly |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | VistaShares | 14.89% | 0.95% | $831M | Monthly |
| TSLY | YieldMax TSLA Option Income Strategy ETF | YieldMax | 52.49% | 1.01% | $823M | Weekly |
| QQA | Invesco QQQ Income Advantage ETF | Invesco | 10.76% | 0.29% | $739M | Monthly |
| QDVO | Amplify CWP Dividend & Option Income ETF | Amplify ETFs | 10.95% | 0.56% | $713M | Monthly |
| QDEC | FT Cboe Vest Growth-100 Buffer ETF - December | First Trust | — | 0.90% | $690M | — |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | REX Shares | 25.60% | 0.65% | $682M | Weekly |
| WTAI | WisdomTree Artificial Intelligence and Innovation Fund | WisdomTree | 1.18% | 0.45% | $624M | Annual |
| TDVI | FT Cboe Vest Technology Dividend Target Income ETF | First Trust | 8.28% | 0.75% | $493M | Monthly |
| WTPI | WisdomTree Equity Premium Income Fund | WisdomTree | 12.08% | 0.44% | $479M | Monthly |
| IAUI | NEOS Gold High Income ETF | NEOS | 12.55% | 0.79% | $464M | Monthly |
| YMAX | YieldMax Universe Fund of Option Income ETFs | YieldMax | 50.54% | 1.28% | $420M | Weekly |
| AIPI | REX SHARES AI Equity Premium Income ETF | REX Shares | 35.47% | 0.65% | $415M | Weekly |
| PAPI | Parametric Equity Premium Income ETF | Morgan Stanley | 6.86% | 0.29% | $402M | Monthly |
| AMDY | YieldMax AMD Option Income Strategy ETF | YieldMax | 84.93% | 0.99% | $400M | Weekly |
Frequently asked questions
What are the best covered call ETFs?
This page lists the top 50 ETFs in this category ranked by key metrics. The list includes funds from issuers like JPMorgan, Alpha Architect, NEOS, First Trust and more.
How often is this list updated?
The data on this page is refreshed regularly using the latest available distribution rates, expense ratios, and AUM figures. Last updated June 2026.
What is the average yield of these ETFs?
The average distribution yield across the 50 ETFs on this list is 16.28%. Individual yields range from 84.93% to 8.32%.
How does a covered call strategy work?
The fund owns stocks (or an index) and sells call options against those positions. The option buyer pays a premium for the right to buy the stock at a set price. If the stock stays below that price, the fund keeps the premium as income. If the stock rises above, the fund's gain is capped at the strike price.
Do covered call ETFs lose money in bear markets?
Yes, but typically less than their underlying index. The options premiums collected provide a partial buffer against losses. However, in a severe downturn, the premiums won't fully offset the decline in the underlying holdings.
What's the difference between index and single-stock covered call ETFs?
Index-based covered call ETFs (like JEPI, QYLD) sell options on broad indices, offering diversified, moderate premiums. Single-stock covered call ETFs (like TSLY, NVDY) sell options on individual volatile stocks, generating higher premiums but carrying concentration risk tied to one company's performance.
Explore more
Go deeper
Use the ETF Screener to filter, sort, and compare any dividend ETF.