Best GPIQ Alternatives in 2026

Covered call and income-generating ETFs tracking the Nasdaq-100 dominate this "GPIQ alternatives" category, with strategies ranging from traditional at-the-money/out-of-the-money call writing to more aggressive 0DTE (zero days to expiration) options overlays. JPMorgan anchors the space through both JEPQ and ROCQ, while Global X offers two variants (QYLD and QYLG) with differing growth participation. Newer entrants like NEOS's QQQI, Roundhill's QDTE, and TappAlpha's TDAQ reflect a trend toward higher-yield, more frequent-distribution products, with QDTE standing out as the only weekly-pay fund among the funds shown above.

• QDTE shows the highest yield in the top 9 here at 28.20%, but also carries the highest expense ratio at 0.96% and is the only weekly-distribution fund shown.
• JEPQ, ROCQ, and QYLG tie for the lowest expense ratio among the funds shown above at 0.35%.
• JEPQ accounts for the largest share of category AUM at $43.3B, dwarfing the next-largest fund, QQQI, at $14.8B.

• Strategy mismatch: several funds on this list track a different index or use a different income mechanism than GPIQ, so swapping into one changes the exposure — upside participation, payout cadence, and tax character can all shift, not just the ticker.
• Capped upside: covered-call and option-overlay funds in this group keep the option premium in a rally but surrender gains above the strike, so they can trail the very index they write options against.
• Distribution sustainability: the average distribution rate here is 13.4%, and payouts at that level often include return of capital — when distributions persistently exceed total return, NAV erodes and shrinks the base that generates future income.
• Single-index dependence: most funds here are built on the same Nasdaq-100 exposure, so they rise and fall together and share that index's concentration in its largest constituents — holding several of them does not diversify the underlying index risk.
• Expense drag: expense ratios in this group average 0.56% — several times what broad index funds charge — and that cost compounds directly against total return.

• Universe: a hand-curated peer set, split into close peers (8 here — same core exposure and same income mechanism, so a like-for-like swap) and broader substitutes (a different index, underlying asset, or income mechanism). Every fund is labelled in the Strategy fit column; GPIQ itself is excluded.
• Eligibility: active ETFs only — liquidated, delisted, and renamed funds drop out automatically. Leveraged and inverse products are never listed: a daily-reset 2x or -1x fund is not an alternative to a long income position.
• Ranking: assets under management, used only as a fund-size ranking. Never ranked by yield — yields are shown as data, not used to order the list.
• Fit: how each fund's strategy differs from GPIQ — and who each one suits — is covered in the strategy notes and FAQ below.