Covered call ETFs own stocks and sell call options against them, paying the premium out as monthly income. The yields are high, but they are not free: selling calls gives up upside. Compare the return columns as well as the yield.
Updated October 31, 2026 · fund data as of October 30, 2026
| Ticker | Name | Yield | Expense Ratio | 1Y Return | 3Y Return | 5Y Return |
|---|---|---|---|---|---|---|
| QQQI | NEOS Nasdaq-100 High Income ETF | 14.77% | 0.68% | +18.0% | n/a | n/a |
| RYLD | Global X Russell 2000 Covered Call ETF | 12.19% | 0.60% | +16.0% | +9.2% | +2.7% |
| SPYI | NEOS S&P 500 High Income ETF | 12.06% | 0.68% | +14.6% | +17.7% | n/a |
| QYLD | Global X Nasdaq 100 Covered Call ETF | 11.98% | 0.60% | +23.2% | +17.6% | +9.8% |
| JEPQ | JPMorgan Nasdaq Equity Premium Income ETF | 11.96% | 0.35% | +19.5% | +21.8% | n/a |
| GPIQ | Goldman Sachs Nasdaq-100 Premium Income ETF | 10.62% | 0.29% | +22.8% | n/a | n/a |
| XYLD | Global X S&P 500 Covered Call ETF | 10.32% | 0.60% | +17.6% | +14.0% | +8.2% |
| GPIX | Goldman Sachs S&P 500 Premium Income ETF | 8.32% | 0.29% | +16.3% | n/a | n/a |
| JEPI | JPMorgan Equity Premium Income ETF | 7.93% | 0.35% | +6.6% | +10.0% | +7.8% |
| DIVO | Amplify CWP Enhanced Dividend Income ETF | 6.39% | 0.56% | +11.4% | +16.6% | +11.7% |
Yield is trailing 12-month distributions divided by the latest price, calculated the same way for every fund, as of October 30, 2026. Distributions, prices, and fees change; confirm with the issuer before investing.
Read how covered call ETFs work for a worked example.
Yield tells you how much cash a fund paid out, not how much you earned. A fund paying 12% whose share price falls 5% has returned about 7%. That is why this table shows total returns next to yield. See return of capital and NAV erosion.
Holding four covered-call funds is not diversification: they all rise and fall with the same stocks and all lose upside in the same rallies. Most income investors keep them to a slice of the portfolio and pair them with dividend growers and bonds.
It depends on the job. JEPI and GPIX suit S&P 500 income, JEPQ suits Nasdaq income, and SPYI or QQQI suit taxable accounts.
They can suit investors who need income now. Long-term investors who reinvest usually end up with less than in an index fund, because the upside sold away compounds.
They can. They keep most of the downside but sell much of the upside, so over long periods some funds' share prices drift lower even when the index rises.
It varies by fund: ordinary income for JEPI and JEPQ, and 60/40 treatment plus possible return of capital for index-option funds such as SPYI and QQQI. Check the year-end 1099.