Why are some S&P 500 covered call ETFs missing from this list?

CoveredRank excludes single-stock, bond, crypto, leveraged and inverse covered call funds, as well as funds selling volatility futures rather than equity calls. The S&P 500 group here contains only diversified US large-cap equity covered call strategies.

S&P 500 Covered Call ETFs

Q: What is the best S&P 500 covered call ETF?

By composite score, GPIX ranks first among S&P 500 covered call ETFs at 7.60 out of 10, followed by BALI (7.26), JEPI (6.90), SPYI (7.23) and DIVO (7.09). The ranking weighs total return, downside protection, upside participation, distribution consistency, expense ratio and liquidity since inception.

Q: Is JEPI better than DIVO?

They serve different purposes. JEPI holds a defensive low-beta equity basket and writes out-of-the-money calls, delivering lower volatility but also lower upside. DIVO holds large-cap dividend payers and writes calls selectively. DIVO scores slightly higher on composite (7.09 vs 6.90) and has delivered higher total return, but JEPI has held up better in market drawdowns.

Fourteen of the 28 covered call ETFs tracked by CoveredRank write options on the S&P 500. This is the largest and oldest group in the universe, and it contains the two funds most widely held by retail investors: JEPI and DIVO. This page ranks all fourteen by composite score and explains what separates them.

The 14 S&P 500 covered call ETFs ranked

Rank	Ticker	Fund	Score
1	GPIX	Goldman Sachs S&P 500 Premium Income ETF	7.60
2	BALI	iShares S&P 500 BuyWrite ETF	7.26
3	SPYI	NEOS S&P 500 High Income ETF	7.23
4	DIVO	Amplify CWP Enhanced Dividend Income ETF	7.09
5	JEPI	JPMorgan Equity Premium Income ETF	6.90
6	XYLG	Global X S&P 500 Covered Call & Growth ETF	6.89
7	RSPA	Invesco S&P 500 Equal Weight Income Advantage ETF	6.25
8	SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	6.21
9	PUTW	WisdomTree PutWrite Strategy Fund	6.13
10	ETV	Eaton Vance Tax-Managed Buy-Write Opportunities Fund	5.96
11	XYLD	Global X S&P 500 Covered Call ETF	5.79
12	FTHI	First Trust BuyWrite Income ETF	5.78
13	PBP	Invesco S&P 500 BuyWrite ETF	5.76
14	ISPY	ProShares S&P 500 High Income ETF	5.61

JEPI, DIVO and GPIX: three different answers to the same question

JEPI, DIVO and GPIX all write options on S&P 500 exposure. They produce very different outcomes. JEPI holds a defensive, low-beta equity basket and writes out-of-the-money calls, aiming for stability and monthly income. DIVO holds large-cap dividend payers and writes calls selectively, accepting lower distribution yield for higher total return. GPIX sells calls above the current price on the full index, capturing more upside in a rising market.

Over the first three quarters of 2026, GPIX returned 14.75%, DIVO 8.31%, and JEPI 3.65%. That spread reflects the underlying strategy, not fund management quality. In a year driven by mega-cap growth, the defensive tilt of JEPI was a drag, while GPIX participated more fully in the rally. In a market correction, the order would likely reverse.

Coverage ratio matters

Not all S&P 500 covered call funds write options on their full portfolio. XYLG covers roughly half its position, leaving the other half to run with the index. This produces a lower distribution yield but higher total return in rising markets. XYLD, by contrast, covers the full portfolio, distributing more but capturing less upside. The composite score rewards the balance between the two, which is why XYLG (6.89) ranks ahead of XYLD (5.79).

Frequently asked questions

What is the best S&P 500 covered call ETF?

By composite score, GPIX ranks first at 7.60, followed by BALI (7.26) and SPYI (7.23).

Is JEPI better than DIVO?

They serve different purposes. DIVO scores slightly higher on composite and has delivered higher total return. JEPI has held up better in drawdowns and pays a higher distribution.

Why are single-stock covered call ETFs excluded?

Concentration risk in a single equity is incompatible with the diversified mandate of this category. TSLY, NVDY and similar funds are tracked elsewhere but do not belong in a diversified covered call comparison.