This post summarizes the 15 largest U.S. covered call (buy-write) ETFs by assets under management (AUM), including key metrics such as AUM, distribution yield (TTM), most recent ex-dividend date, and 1‑month / 1‑year returns. The list includes popular funds such as JEPI, JEPQ, QQQI, SPYI, DIVO, QYLD, and others.
Top 15 Covered Call ETFs by AUM
| Rank | Ticker | Fund Name | AUM | Distribution Yield (TTM) | Most Recent Ex‑Div Date | 1‑Month Return | 1‑Year Return |
|---|---|---|---|---|---|---|---|
| 1 | JEPI | JPMorgan Equity Premium Income ETF | $46.2B | 7.79% | 2026‑08‑28 | +2.1% | +10.9% |
| 2 | JEPQ | JPMorgan Nasdaq Equity Premium Income ETF | $41.9B | 13.68% | 2026‑08‑28 | +3.8% | +17.6% |
| 3 | QQQI | NEOS Nasdaq‑100 High Income ETF | $14.1B | 14.29% | 2026‑08‑19 | +4.7% | +19.2% |
| 4 | SPYI | NEOS S&P 500 High Income ETF | $11.7B | 12.08% | 2026‑08‑21 | +3.5% | +17.0% |
| 5 | DIVO | Amplify CWP Enhanced Dividend Income ETF | $7.9B | 4.84% | 2026‑06‑27 | +3.3% | +15.3% |
| 6 | QYLD | Global X NASDAQ 100 Covered Call ETF | $8.3B | 13.38% | 2026‑07‑21 | +1.8% | +10.7% |
| 7 | GPIQ | Goldman Sachs Nasdaq‑100 Core Premium Income ETF | $5.5B | 10.53% | 2026‑08‑22 | +4.1% | +16.8% |
| 8 | XYLD | Global X S&P 500 Covered Call ETF | $3.3B | 8.96% | 2026‑08‑24 | +1.4% | +10.9% |
| 9 | RYLD | Global X Russell 2000 Covered Call ETF | $1.28B | 12.57% | 2026‑07‑21 | +1.0% | +3.9% |
| 10 | FTHI | First Trust BuyWrite Income ETF | $1.41B | 8.84% | 2026‑07‑22 | +2.4% | +13.2% |
| 11 | TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $1.18B | 17.17% | 2026‑07‑02 | +0.0% | +3.6% |
| 12 | ACIO | Aptus Collared Investment Opportunity ETF | $2.02B | 0.43% | 2026‑06‑27 | +3.0% | +12.2% |
| 13 | NVDY | YieldMax NVDA Option Income Strategy ETF | $1.85B | 82.99% | 2026‑07‑17 | +12.2% | +35.6% |
| 14 | CONY | YieldMax COIN Option Income Strategy ETF | $1.60B | 117.76% | 2026‑07‑24 | +7.6% | +30.4% |
| 15 | TSLY | YieldMax TSLA Option Income Strategy ETF | $1.18B | 126.23% | 2026‑07‑10 | −5.5% | +19.7% |
Which of These 15 ETFs May Better Balance Capital Preservation and Returns?
Among the 15 covered call ETFs listed above, if your goal is to protect principal while still earning attractive income, it generally makes sense to focus on large, lower-volatility funds with reputable issuers and moderate distribution yields. Below are five relatively balanced candidates and a simple selection guide.
Candidates Emphasizing Capital Preservation (Lower Volatility, Higher Stability)
JEPI – JPMorgan Equity Premium Income ETF
Characteristics: U.S. large-cap (S&P 500–style) plus options overlay, monthly distributions.
Advantages:
Largest AUM, high issuer credibility (JPM).
Relatively lower volatility than Nasdaq-focused funds.
Distribution yield around 7–8%, offering a reasonable balance between income and principal protection.
Disadvantages:
In strong bull markets, upside is capped compared to a pure index (e.g., SPY).
Suitable for: Investors who want monthly cash flow plus relatively stable large-cap exposure.
DIVO – Amplify CWP Enhanced Dividend Income ETF
Characteristics: Mix of high-quality dividend stocks and covered call (CWP) strategy.
Advantages:
Disadvantages:
Suitable for: Investors who prioritize capital preservation and long-term capital growth over maximum yield.
Candidates Balancing Yield and Risk (Good Returns Without Extreme Risk)
QQQI – NEOS Nasdaq‑100 High Income ETF
Characteristics: Nasdaq‑100 index plus covered call strategy, monthly distributions.
Advantages:
Very high distribution yield (~14%), providing strong cash flow.
Nasdaq‑100 base offers some long-term growth potential.
1‑year returns have been comparable to or slightly ahead of JEPQ in some periods.
Disadvantages:
Tech-heavy, so volatility is higher than JEPI.
Suitable for: Investors who want tech growth exposure plus high monthly income and can tolerate some volatility.
JEPQ – JPMorgan Nasdaq Equity Premium Income ETF
Characteristics: Nasdaq‑100–based active fund with options overlay, monthly distributions.
Advantages:
High yield (~13–14%) and JPM management as a comfort factor.
Strong total returns in Nasdaq up markets.
Disadvantages:
Tech concentration can lead to larger drawdowns in market declines.
Suitable for: Investors who prefer Nasdaq-focused high income with JPM management.
SPYI – NEOS S&P 500 High Income ETF
Characteristics: S&P 500 index plus covered call strategy, monthly distributions.
Advantages:
Disadvantages:
Suitable for: Investors who want S&P 500 large-cap exposure plus high monthly income.
High-Yield but Higher-Risk Funds (Use Caution for Capital Preservation)
The following ETFs offer very high distribution yields, but also come with significantly higher principal volatility and downside risk. If your priority is to “protect principal as well as earn income,” it is common to keep these as small satellite positions or avoid them until you fully understand the risks.
YieldMax Single-Stock Option ETFs: NVDY, CONY, TSLY
Characteristics: Option income strategies on single stocks (NVDA, COIN, TSLA).
Key Risks:
Guideline: Consider only very small allocations if you fully understand the risks, or skip if capital preservation is your main goal.
TLTW – iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
Characteristics: Long-duration Treasury bonds plus covered call overlay.
Key Risks:
Guideline: Suitable only if you understand duration and rate risk in long-term bonds.
RYLD – Global X Russell 2000 Covered Call ETF
Characteristics: Small-cap (Russell 2000) index plus covered call strategy.
Key Risks:
Guideline: Use cautiously if capital preservation is a priority.
Example Portfolio Ideas (Core + Satellite Approach)
To balance capital preservation and income, many investors use a core–satellite structure:
Core (Stability-Oriented, 60–80%)
Choose 1–2 from: JEPI, DIVO, SPYI
Satellite (Income Enhancement, 20–40%)
Choose 1 from: QQQI, JEPQ
High-Yield / High-Risk (Optional, 0–10%)
Very small positions in NVDY, TSLY, CONY, or none at all
Example Allocations
50% JEPI + 30% QQQI + 20% DIVO
40% JEPI + 30% SPYI + 30% JEPQ
This approach limits exposure to high-volatility funds while still achieving an attractive overall distribution yield.
Final Checklist Before Investing
Before finalizing your choices, make sure to verify the following for each ETF:
Latest distribution yield and payout composition (ordinary income vs. return of capital)
1-year and 3-year maximum drawdown – critical from a capital preservation perspective
Fund documents and prospectus – strategy, risks, fees, and tax treatment
Your own goals and risk profile:
Is monthly cash flow your top priority?
How much principal fluctuation can you tolerate?
What is your intended investment horizon?
Summary Recommendation
In summary, from a “protect principal while earning decent returns” perspective:
Top candidates (stability-focused): JEPI, DIVO
Second-tier candidates (yield + risk balance): QQQI, JEPQ, SPYI
The remaining high-yield, high-volatility ETFs are best used in small proportions or avoided unless you fully understand and accept their risks.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The data is based on early September 2026 and may contain errors or change over time, so please verify the latest official information before making any investment decisions.
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