Best Covered Call ETFs in 2026
CoveredRank tracks 28 covered call ETFs listed in the United States and scores each on six weighted criteria since inception. This page ranks the ten funds with the highest composite score. The list is not a yield ranking, not a performance ranking for a single year, and not an endorsement. It is a relative quality assessment across the full history of each fund.
Top 10 covered call ETFs by composite score
| Rank | Ticker | Fund | Score |
|---|---|---|---|
| 1 | IDVO | Amplify CWP International Enhanced Dividend Income ETF | 8.64 |
| 2 | QQA | Invesco Nasdaq-100 Income Advantage ETF | 8.04 |
| 3 | QDVO | Amplify CWP Growth & Income ETF | 7.68 |
| 4 | GPIX | Goldman Sachs S&P 500 Premium Income ETF | 7.60 |
| 5 | GPIQ | Goldman Sachs Nasdaq-100 Premium Income ETF | 7.57 |
| 6 | QQQI | NEOS Nasdaq 100 High Income ETF | 7.43 |
| 7 | IWMI | NEOS Russell 2000 High Income ETF | 7.40 |
| 8 | BALI | iShares S&P 500 BuyWrite ETF | 7.26 |
| 9 | JEPQ | JPMorgan Nasdaq Equity Premium Income ETF | 7.24 |
| 10 | SPYI | NEOS S&P 500 High Income ETF | 7.23 |
Score measured since inception, updated monthly. See the full rankings for all 28 funds and four time windows.
What the top 10 have in common
Four of the top five funds write options on the Nasdaq-100 or the S&P 500. Six of the top ten have expense ratios below 0.70%. Seven have never cut their distribution below 85% of the previous payment. None has lost more than 25% of NAV since inception.
The single most important common trait is benchmark quality. A covered call fund is structurally long its index. When the index performs, the fund performs. When the index struggles, no option strategy fully compensates. That is why the S&P 500 and Nasdaq-100 dominate the top of this list, and why the single-sector funds and international funds sit lower despite competent management.
How the score is calculated
Six weighted criteria: total return versus benchmark (25%), downside protection (25%), upside participation (25%), distribution consistency (15%), expense ratio (5%) and liquidity (5%). The ratios of capture are measured since inception against the fund own benchmark, not a generic index. A fund writing on the Russell 2000 is compared to the Russell 2000, not to the S&P 500.
The full methodology, including formulas and time windows, is documented on the methodology page.
What this list does not tell you
The best-scored fund is not necessarily the best fund for your portfolio. A fund can score highly on downside protection and consistency while delivering modest income. Another can rank lower on composite score but pay 12% with stable NAV. The ranking is a filter, not a recommendation. Pair it with your income needs, your tax situation, and your time horizon.
Frequently asked questions
What is the best covered call ETF in 2026?
By composite score, IDVO ranks first at 8.64 out of 10, followed by QQA (8.04), QDVO (7.68), GPIX (7.60) and GPIQ (7.57).
Are the highest-yield covered call ETFs the best?
No. Yield alone does not capture NAV erosion, distribution cuts or risk-adjusted performance. Several high-yield funds rank poorly on composite score because their distributions come partly from returned capital.
How many covered call ETFs does CoveredRank track?
28 funds, grouped into five benchmarks: S&P 500, Nasdaq-100, Russell 2000, international developed and China internet.
See also: the full ETF list, Nasdaq-100 funds, S&P 500 funds.