Best NVII Alternatives in 2026

This category of NVIDIA-linked income ETFs groups together funds that use options-based strategies—primarily covered calls or synthetic covered call structures—to generate elevated income tied to NVDA price action or related mega-cap tech exposure. YieldMax dominates the space with four of the six funds shown (NVDY, ULTY, YMAX, YMAG), while Roundhill Investments (NVDW) and GraniteShares (NVYY) round out the group with single-fund offerings. All six funds distribute weekly, reflecting a broader trend among single-stock and thematic option-income ETFs toward frequent payout schedules designed to appeal to income-focused investors.

• ULTY posts the highest yield among the funds shown above at 63.87%, nearly double the category's next-highest yielder, YMAX at 41.93%.
• NVYY carries the lowest yield in this group at 29.94%, despite tracking NVDIA-related option income strategies like its peers.
• NVDW has the lowest expense ratio among the funds shown at 0.99%, while ULTY has the highest at 1.40%.
• NVDY holds by far the largest AUM in this category at $1.3B, more than double the combined size of YMAX and YMAG.
• NVYY, the smallest fund by AUM at $22M, also posts the lowest yield in the group, illustrating no guaranteed link between fund size and payout level here.

Investors evaluating this category should weigh that extremely high yields—often exceeding 30-60% annualized—typically stem from options premium income and can involve significant NAV erosion over time, particularly in

• Strategy mismatch: several funds on this list track a different index or use a different income mechanism than NVII, 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 39.5%, 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-name concentration: option-income funds built on one underlying stock inherit that company's full drawdown risk, and a sharp decline can overwhelm months of option premium.
• Expense drag: expense ratios in this group average 1.22% — 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 (3 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; NVII 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 NVII — and who each one suits — is covered in the strategy notes and FAQ below.