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Covered Call ETFs

Covered call and options-income ETFs for high distribution yield (JEPI, JEPQ, QYLD, and more)

Data updated 2026-10-29. Yields refresh on an hourly cache.

Covered call ETFs hold equities or an index sleeve and sell call options to boost distribution income. Popular names include JEPI, JEPQ, QYLD, XYLD, DIVO, SPYI, and QQQI. Higher yield often means capped upside and, for some products, NAV pressure — compare peers here, then model decay in the NAV erosion calculator.

14 covered-call ETFs · average trailing yield 13.13% (hourly cache).

Who this page is for

Best for

Learning what a covered-call ETF actually sells before you size it
Comparing index overwrite (JEPI, JEPQ, QYLD, XYLD) to stock-picking overlays (DIVO)
Checking NAV path and total return, not just distribution yield

Not a fit for

Treating covered-call yield as a bond coupon
Using single-stock YieldMax products as the definition of this strategy — they live on a separate list
Ignoring tax character (ordinary vs return of capital) in a taxable account

Risks specific to this yield range

Sold calls cap upside. Strong tape years can leave you behind the index after fees.
Distributions can include return of capital; yield is not the same as earnings.
0DTE and weekly products on related lists are a different risk book than JEPI.
Stacking several overwrite ETFs often stacks the same mega-cap names.

Analysis

A covered-call ETF holds stocks or an index sleeve and sells calls to raise cash distributions. That can smooth income and cut some volatility. It does not remove equity drawdowns.

JEPI and JEPQ are the active JPMorgan pair (S&P-like vs Nasdaq-like). QYLD and XYLD are systematic buy-writes. QQQI and SPYI are NEOS-style high-income overlays. DIVO is a stock-picking + call sleeve.

This list is the strategy hub. Monthly 8%+ is the income-schedule screen. Nasdaq and S&P income lists split the two index books. YieldMax and single-stock funds are intentionally separate so they do not bury these names.

Largest names on this roster

Yield and AUM from our quote data. Issuer, expense ratio, and payment frequency are not on the stock payload yet — open each scorecard for full detail.

JEPI

JPMorgan Equity Premium Income ETF

7.97% yield

$45.6B AUM

JEPQ

JPMorgan Nasdaq Equity Premium Income ETF

11.53% yield

$42.8B AUM

QYLD

Global X - Nasdaq 100 Covered Call ETF

11.65% yield

$8.3B AUM

QQQI

NEOS Nasdaq-100 High Income ETF

14.18% yield

$14.9B AUM

Frequently asked questions

What are covered call ETFs?

Covered call ETFs hold a stock or index portfolio and sell call options to generate extra distribution income. That often raises yield but can cap upside and, in some products, contribute to NAV pressure over time.

Which covered call ETFs are most popular?

Widely followed names include JEPI, JEPQ, QYLD, XYLD, DIVO, SPYI, and QQQI. Compare distribution yield, total return, and strategy (index vs equity vs single-stock) before buying.

How do I check if a covered call ETF is eroding NAV?

Use the NAV Erosion Calculator to model distributions against share-price decline, then compare peers on this list and in the Compare Dividend Returns tool.