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What is a synthetic covered call ETF?

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A fund that sells call options on something it does not own, holding Treasuries and options to stand in for the shares. ETFIQ measures 91 of them. The typical one advertises a distribution rate of 40% and the highest here is 113%, and of the 63 with a full year behind them, 38 finished behind their benchmark once the cash is counted back in.

What return of capital meansaskIQ about this question
Where the return came from, over the year to Oct 28, 2026
MRNY246.1 pts behind MRNA
246.1 pts behind MRNAMRNY over 1 year: paid 115.6%, price +152.9%, total +498.7%, MRNA +744.8%, −246.1 pts. Data to Oct 28, 2026.MRNA+744.8%MRNY+498.7%246.1 pts behind MRNATotal return, distributions reinvested246.1 pts behind MRNAMRNY over 1 year: paid 115.6%, price +152.9%, total +498.7%, MRNA +744.8%, −246.1 pts. Data to Oct 28, 2026.MRNA+744.8%MRNY+498.7%246.1 pts behind MRNA
GMEY19 pts behind GME
19 pts behind GMEGMEY over 1 year: paid 37.4%, price −52.1%, total −18.9%, GME +0.1%, −19.0 pts. Data to Oct 28, 2026.GME+0.1%GMEY−18.9%19 pts behind GMETotal return, distributions reinvested19 pts behind GMEGMEY over 1 year: paid 37.4%, price −52.1%, total −18.9%, GME +0.1%, −19.0 pts. Data to Oct 28, 2026.GME+0.1%GMEY−18.9%19 pts behind GME
HOYY11.1 pts behind HOOD
11.1 pts behind HOODHOYY over 1 year: paid 44.9%, price −81.6%, total −48.6%, HOOD −37.5%, −11.1 pts. Data to Oct 28, 2026.HOOD−37.5%HOYY−48.6%11.1 pts behind HOODTotal return, distributions reinvested11.1 pts behind HOODHOYY over 1 year: paid 44.9%, price −81.6%, total −48.6%, HOOD −37.5%, −11.1 pts. Data to Oct 28, 2026.HOOD−37.5%HOYY−48.6%
CRCO6 pts ahead of CRCL
6 pts ahead of CRCLCRCO over 1 year: paid 40.9%, price −73.2%, total −34.0%, CRCL −40.0%, +6.0 pts. Data to Oct 28, 2026.CRCL−40.0%CRCO−34.0%6 pts ahead of CRCLTotal return, distributions reinvested6 pts ahead of CRCLCRCO over 1 year: paid 40.9%, price −73.2%, total −34.0%, CRCL −40.0%, +6.0 pts. Data to Oct 28, 2026.CRCL−40.0%CRCO−34.0%6 pts ahead of CRCL
SMYY2.1 pts ahead of SMCI
2.1 pts ahead of SMCISMYY over 1 year: paid 50.3%, price −75.9%, total −29.5%, SMCI −31.6%, +2.1 pts. Data to Oct 28, 2026.SMCI−31.6%SMYY−29.5%2.1 pts ahead of SMCITotal return, distributions reinvested2.1 pts ahead of SMCISMYY over 1 year: paid 50.3%, price −75.9%, total −29.5%, SMCI −31.6%, +2.1 pts. Data to Oct 28, 2026.SMCI−31.6%SMYY−29.5%
RDYY4.9 pts ahead of RDDT
4.9 pts ahead of RDDTRDYY over 1 year: paid 46.0%, price −69.3%, total −31.9%, RDDT −36.8%, +4.9 pts. Data to Oct 28, 2026.RDDT−36.8%RDYY−31.9%4.9 pts ahead of RDDTTotal return, distributions reinvested4.9 pts ahead of RDDTRDYY over 1 year: paid 46.0%, price −69.3%, total −31.9%, RDDT −36.8%, +4.9 pts. Data to Oct 28, 2026.RDDT−36.8%RDYY−31.9%
COYY2.7 pts behind COIN
2.7 pts behind COINCOYY over 1 year: paid 42.5%, price −84.8%, total −57.0%, COIN −54.3%, −2.7 pts. Data to Oct 28, 2026.COIN−54.3%COYY−57.0%2.7 pts behind COINTotal return, distributions reinvested2.7 pts behind COINCOYY over 1 year: paid 42.5%, price −84.8%, total −57.0%, COIN −54.3%, −2.7 pts. Data to Oct 28, 2026.COIN−54.3%COYY−57.0%2.7 pts behind COIN
AMYY110.1 pts behind AMD
110.1 pts behind AMDAMYY over 1 year: paid 58.3%, price −51.5%, total +14.1%, AMD +124.2%, −110.1 pts. Data to Oct 28, 2026.AMD+124.2%AMYY+14.1%110.1 pts behind AMDTotal return, distributions reinvested110.1 pts behind AMDAMYY over 1 year: paid 58.3%, price −51.5%, total +14.1%, AMD +124.2%, −110.1 pts. Data to Oct 28, 2026.AMD+124.2%AMYY+14.1%110.1 pts behind AMD
MARO3.2 pts behind MARA
3.2 pts behind MARAMARO over 1 year: paid 35.3%, price −85.4%, total −64.3%, MARA −61.1%, −3.2 pts. Data to Oct 28, 2026.MARA−61.1%MARO−64.3%3.2 pts behind MARATotal return, distributions reinvested3.2 pts behind MARAMARO over 1 year: paid 35.3%, price −85.4%, total −64.3%, MARA −61.1%, −3.2 pts. Data to Oct 28, 2026.MARA−61.1%MARO−64.3%3.2 pts behind MARA
HIYY5.2 pts ahead of HIMS
5.2 pts ahead of HIMSHIYY over 1 year: paid 38.8%, price −71.2%, total −32.6%, HIMS −37.8%, +5.2 pts. Data to Oct 28, 2026.HIMS−37.8%HIYY−32.6%5.2 pts ahead of HIMSTotal return, distributions reinvested5.2 pts ahead of HIMSHIYY over 1 year: paid 38.8%, price −71.2%, total −32.6%, HIMS −37.8%, +5.2 pts. Data to Oct 28, 2026.HIMS−37.8%HIYY−32.6%
HOOY4 pts ahead of HOOD
4 pts ahead of HOODHOOY over 1 year: paid 38.7%, price −68.8%, total −33.5%, HOOD −37.5%, +4.0 pts. Data to Oct 28, 2026.HOOD−37.5%HOOY−33.5%4 pts ahead of HOODTotal return, distributions reinvested4 pts ahead of HOODHOOY over 1 year: paid 38.7%, price −68.8%, total −33.5%, HOOD −37.5%, +4.0 pts. Data to Oct 28, 2026.HOOD−37.5%HOOY−33.5%4 pts ahead of HOOD

11 of the 20 funds below have a full year behind them; the rest are not drawn.

A plain covered call fund owns the shares and sells calls against them. A synthetic one holds cash equivalents plus a long call and a short put to reproduce the exposure, then sells calls on top. The premium is real money. It arrives monthly or weekly, and the headline rate describes it.

A distribution rate is not a return. It annualizes the latest payment against the current price, so a fund whose price has fallen shows a higher rate for that reason alone. A payment can also come out of the fund’s own assets. What a holder ended up with is total return: the cash plus whatever the price did. Both are on every fund page here, next to what the fund writes on.

The structure caps the upside by design. In a quarter when the underlying runs, the calls are exercised against the fund and the holder keeps the premium instead of the move. That is the trade being made. It is not the same trade as owning the stock.

On ETFIQ today

Answered from ETFIQ data as of Oct 28, 2026.

Points (pts) are percentage points.

TickerFundDistribution rateCash paid, 1YTotal return, 1YWrites onAgainst itPays
MRNYYieldMax MRNA Option Income Strate113.0%115.6%+498.7%MRNA−246.1 ptsweekly
MAAYGraniteShares YieldBOOST MARA ETF95.6%too newtoo newMARAtoo newweekly
RTYYGraniteShares YieldBOOST RIOT ETF92.3%too newtoo newRIOTtoo newweekly
CRYGraniteShares YieldBOOST CRCL ETF87.1%too newtoo newCRCLtoo newweekly
CWYGraniteShares YieldBOOST CRWV ETF82.2%too newtoo newCRWVtoo newweekly
GMEYYieldMax GME Option Income Strateg80.4%37.4%−18.9%GME−19.0 ptsweekly
HOYYGraniteShares YieldBOOST HOOD ETF79.7%44.9%−48.6%HOOD−11.1 ptsweekly
HMYYGraniteShares YieldBOOST HIMS ETF77.6%too newtoo newHIMStoo newweekly
CRCOYieldMax CRCL Option Income Strate74.5%40.9%−34.0%CRCL+6.0 ptsweekly
QBYGraniteShares YieldBOOST QBTS ETF74.3%too newtoo newQBTStoo newweekly
SMYYGraniteShares YieldBOOST SMCI ETF72.4%50.3%−29.5%SMCI+2.1 ptsweekly
RDYYYieldMax RDDT Option Income Strate69.2%46.0%−31.9%RDDT+4.9 ptsweekly
COYYGraniteShares YieldBOOST COIN ETF69.1%42.5%−57.0%COIN−2.7 ptsweekly
RGYYGraniteShares YieldBOOST RGTI ETF68.4%too newtoo newRGTItoo newweekly
AMYYGraniteShares YieldBOOST AMD ETF67.7%58.3%+14.1%AMD−110.1 ptsweekly
MAROYieldMax MARA Option Income Strate66.6%35.3%−64.3%MARA−3.2 ptsweekly
HIYYYieldMax HIMS Option Income Strate66.1%38.8%−32.6%HIMS+5.2 ptsweekly
IOYYGraniteShares YieldBOOST IONQ ETF65.7%too newtoo newIONQtoo newweekly
SEMYGraniteShares YieldBOOST Semicondu65.7%too newtoo newSOXXtoo newweekly
HOOYYieldMax HOOD Option Income Strate62.1%38.7%−33.5%HOOD+4.0 ptsweekly
Where to next
What return of capital meansquestion →The largest synthetic covered call ETFsranking →
Where these numbers came from
Rule 19a-1 distribution notices and prospectus filings on SEC EDGAR ↗SEC EDGAR, full-text search of fund filings ↗SEC Form N-PORT, what a fund filed it holds ↗Rule 19a-1, what a distribution notice must say ↗

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ETFIQ, What is a synthetic covered call ETF?, data as of Oct 28, 2026. https://etfiq.com/questions/what-is-a-synthetic-covered-call-etf

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