Largest Covered Call ETFs by AUM

The covered call ETF universe has grown to over 94 funds with a combined $147 billion in assets under management as of March 2026 — up from roughly $18 billion just four years ago. But that growth is concentrated heavily in a small number of large funds. The top ten covered call ETFs by AUM account for the vast majority of total category assets, with the largest single fund — JEPI — managing over $45 billion on its own. Understanding which funds are the largest, why size matters in this category, and critically, how each large fund grades on NAV erosion and total return is essential context for any covered call ETF investor. Our free covered call ETF dashboard shows AUM, grade, yield, and NAV change for every fund we track — updated every market day.

Why AUM Matters More for Covered Call ETFs Than Other ETFs

AUM matters for all ETFs — larger funds have tighter bid-ask spreads, better liquidity, and lower closure risk. But for covered call ETFs specifically, AUM plays an additional role: it directly affects the efficiency of options execution. When a covered call ETF sells call options on its underlying portfolio, it does so at institutional scale. A fund with $40 billion in assets can negotiate superior options execution — better fill prices, tighter spreads on the options contracts themselves — compared to a fund with $40 million. Over time, this execution advantage compounds into meaningfully better net returns for investors in larger funds.

Closure risk is the other critical AUM consideration specific to covered call ETFs. The category has attracted hundreds of new fund launches since 2022, and not all of them will survive. Funds below $100 million in AUM face real risk of closure if investor interest wanes — forcing shareholders to reinvest at potentially unfavorable times and disrupting income strategies. The $500 million AUM threshold is generally considered the minimum for a stable, institutionally sustainable covered call ETF. All of the funds profiled below comfortably clear that bar.

The 10 Largest Covered Call ETFs — With NAV Erosion Grades

1. JEPI — JPMorgan Equity Premium Income ETF | ~$45B AUM | Grade B
JEPI is the largest covered call ETF in the world and the largest actively managed ETF of any kind. Launched in May 2020, it has attracted $45 billion by delivering on its core promise: consistent monthly income with NAV preservation. Share price has grown 13.3% since inception. TTM yield of ~8.5%. Zero reinvestment required. Its dominance reflects genuine investor satisfaction — $45 billion doesn't accumulate in a fund that doesn't deliver. Grade B.

2. JEPQ — JPMorgan Nasdaq Equity Premium Income ETF | ~$34B AUM | Grade B
JEPQ is JEPI's Nasdaq 100 counterpart, launched in May 2022 and already the second-largest covered call ETF with $34 billion in assets — remarkable growth in under three years. Share price up 9.7% since inception, TTM yield ~11%, zero reinvestment required. Morningstar five-star rated for risk-adjusted returns in its peer group. The rapid AUM accumulation reflects strong investor confidence. Grade B.

3. SPYI — NEOS S&P 500 High Income ETF | ~$8.1B AUM | Grade B
SPYI is the largest covered call ETF using a spread-based options strategy, with $8.1 billion in assets since launching in August 2022. TTM yield of ~13.5%, zero NAV erosion, Section 1256 tax efficiency. One of our six portfolio funds. Its rapid growth from zero to $8 billion in under three years signals strong institutional and retail adoption of the NEOS spread approach. Grade B.

4. QQQI — NEOS Nasdaq 100 High Income ETF | ~$8.9B AUM | Grade B
QQQI is actually the fourth-largest tracked fund with $8.9 billion despite launching only in January 2024 — making it one of the fastest-growing covered call ETFs in history. TTM yield ~16%, zero NAV erosion, same NEOS spread-based approach as SPYI applied to the Nasdaq 100. The speed of AUM accumulation is a strong signal of genuine investor demand and fund quality. Grade B.

5. QYLD — Global X Nasdaq 100 Covered Call ETF | ~$8.3B AUM | Grade D
QYLD is the most important cautionary tale in the covered call ETF category. It is the fifth-largest by AUM with $8.3 billion — yet it earns Grade D due to 31.55% NAV decline since its 2013 inception. QYLD's size is a legacy of its early-mover advantage, not evidence of quality. Investors who bought at inception and collected distributions while reinvesting nothing have experienced significant capital erosion. AUM is not a quality signal here — it is historical momentum. Grade D.

6. DIVO — Amplify CWP Enhanced Dividend Income ETF | ~$3.4B AUM | Grade B
DIVO is the sixth-largest with $3.4 billion and one of the best-performing covered call ETFs by total return since inception in December 2016. NAV has grown nearly 79% since launch while paying consistent income. Its selective, active covered call approach — writing calls on only 20-30% of its portfolio — has produced superior long-term results. Grade B.

7. XYLD — Global X S&P 500 Covered Call ETF | ~$3.0B AUM | Grade C
XYLD has $3.0 billion in assets and a 12-year track record since June 2013. It uses the same at-the-money strategy as QYLD but on the S&P 500. NAV change since inception is slightly negative — better than QYLD but still showing modest erosion. XYLD earns Grade C — acceptable for income-focused investors who reinvest a small portion of distributions but not ideal as a standalone income vehicle. Grade C.

8. GPIX — Goldman Sachs S&P 500 Premium Income ETF | ~$3.2B AUM | Grade A
GPIX is the highest-graded large covered call ETF in the universe. Launched in October 2023, it has accumulated $3.2 billion with NAV up nearly 29% since inception, zero reinvestment required, and a remarkably low 0.29% expense ratio. The combination of institutional Goldman Sachs management, superior NAV performance, low costs, and strong AUM growth makes GPIX one of the most compelling covered call ETFs available. Grade A.

9. GPIQ — Goldman Sachs Nasdaq 100 Premium Income ETF | ~$3.1B AUM | Grade A
GPIQ mirrors GPIX in the Nasdaq 100 category — same Goldman Sachs management, same 0.29% expense ratio, same out-of-the-money strategy, same Grade A rating. NAV up nearly 29% since October 2023 inception with zero reinvestment required and ~12% TTM yield. Grade A.

10. QYLD / RYLD / QYLG — Global X Family | Various AUM | Grade C-D
The remaining Global X covered call fund family — RYLD (Russell 2000, ~$1.4B) and QYLG (Nasdaq half-buywrite, ~$135M) — round out the largest funds. RYLD earns Grade C with modest NAV erosion. QYLG earns Grade B as the half-coverage approach better preserves NAV. Both are significantly smaller than the top-tier funds and serve niche strategies.

The QYLD example above makes a critical point that applies across the covered call ETF category: AUM size is a measure of investor confidence and historical momentum — not a measure of fund quality. QYLD accumulated $8+ billion in assets largely because it was one of the first Nasdaq 100 covered call ETFs and benefited from years of early-mover advantage and income investor enthusiasm. Its Grade D rating reflects the reality that despite its size, it has significantly eroded shareholder capital over its operating history.

The most useful way to interpret AUM in the covered call ETF context is as a minimum threshold filter — not as a positive quality signal. Any fund above $500 million in AUM has cleared the closure risk and liquidity hurdle. Above that threshold, the quality evaluation should focus entirely on NAV erosion, total return, distribution coverage, and expense ratio. A $500 million Grade A fund is a dramatically better investment than a $5 billion Grade D fund. Use AUM to rule out small, risky funds — then use our grading system to find the best among the large ones.

Our free dashboard shows AUM for every tracked fund alongside grade and NAV erosion data — giving you both filters in one view. Sort by AUM to identify the largest funds, then filter by Grade A and B to find the large funds that have also earned top quality ratings. That intersection — large AND high-grade — is where the most compelling covered call ETF investments currently sit. For a complete comparison across all fund metrics, our best covered call ETFs guide covers the full Grade A and B universe with detailed fund profiles. 🎯

⚠️ Disclaimer: CoveredCallETFHQ is for informational purposes only and does not constitute financial advice. All data sourced from Yahoo Finance. Grades and scores reflect our proprietary methodology and should not be used as the sole basis for investment decisions. Past performance does not guarantee future results. Always consult a qualified financial advisor before investing.