Best Global & International Covered Call ETFs of 2026
These covered call ETFs hold companies outside Canada and the U.S., or a mix from around the world. They're a way to add international income to a portfolio without buying foreign shares directly.
This is a broad label that cuts across industries, so funds here range from global health care and energy to world equity. Currency matters more than usual too: check whether each fund hedges its foreign currency exposure, as that can change its return a lot in a year when the Canadian dollar moves.
Across 29 funds with a full year of history, ZWEN comes out ahead at +43.16% and CGXF brings up the rear at −2.31%. Some have made money and some haven't: 26 of 29 are positive, with the middle of the pack up 9.2%.
Key Takeaways
- Number one this year: ZWEN, returning +43.16%.
- The distance from first place to last is 45.5 percentage points, far too wide to treat these funds as interchangeable.
- The middle of the group sits up 9.2%, distributions included.
The Top 5 in 2026
1. ZWEN: BMO Covered Call Energy ETF
The best result of 2026 so far comes from ZWEN: a total return of +43.16%. Higher prices supplied 34.4%, and distributions tacked on another 8.7 percentage points. In its construction, it writes calls on roughly 20 to 50% of the portfolio and its currency risk is hedged away; investors get a 7.09% yield for 0.72% a year. BMO's managers treat coverage and strike distance as dials: in strong markets they write fewer calls further out, and in rougher ones they cover more, closer to the current price. Open it up and you'll find ConocoPhillips, EOG RESOURCES INC and Canadian Natural Resources Ltd at the top. The fund also has ZWEN.T (Target Cash Flow Units).
2. NXF: CI Energy Giants Covered Call ETF (Hedged)
NXF ranks second on a total return of +35.94%. Before any payouts, the units were already up 26.2%; distributions added 9.7 percentage points. As for the strategy, it writes calls on about 25% of the portfolio and it uses a hedge to keep exchange rates out of its return; it yields 9.96% today and charges 0.71%. At the top of its holdings list sit Petroleo Brasileiro SA Petrobras - ADR, Shell PLC - ADR and Exxon Mobil Corp. Other ways to own it include NXF.B (unhedged) and NXF.U in U.S. dollars.
3. FHI: CI Health Care Giants Covered Call ETF (Hedged)
FHI comes in at number 3 with a total return of +17.79%. Both parts pulled their weight: 10.9% from price and 6.9 percentage points from distributions. On the income side of the design, it writes calls on about 25% of the portfolio and it takes currency out of the equation with a hedge to the loonie. It offers an annualized yield of 7.24% and an MER of 0.72%. Its biggest bets are Amgen Inc, Danaher Corp and Thermo Fisher Scientific Inc. Another version trades as FHI.B (unhedged) and FHI.U in U.S. dollars.
4. BASE: Evolve Global Materials & Mining Enhanced Yield Index ETF (Hedged)
Taking the fourth spot is BASE, at +14.57%. Most of the return is income, 9.1 percentage points, with price adding 5.5%. In how it is run, it writes calls on about 33% of the portfolio and it hedges its foreign holdings back into Canadian dollars. Investors are getting a 12.22% yield at the moment, and paying an MER of 0.77%. The fund leans most on Dow Inc, Nucor Corp and LyondellBasell Industries NV. It can be bought as BASE.B (unhedged) too.
5. EQCL: Global X Enhanced All-Equity Asset Allocation Covered Call ETF
Wrapping up the leaders, EQCL is up 13.64% this year. Its units rose a modest 3.4%, leaving distributions, at 10.3 percentage points, to supply most of the return. From a strategy point of view, it writes calls on roughly 40 to 50% of the portfolio, it uses about 25% leverage and it leaves the currency side open rather than hedging back to Canadian dollars. Its leverage has magnified a good year, which is exactly what it is designed to do, in both directions. Expect an annualized yield of 12.38% at today's price and an MER of 1.63%. Its line-up covers everything from Canadian banks and the TSX 60 to the Nasdaq-100, emerging markets and miners, each offered with this light-leverage option. Its top positions are Global X S&P 500 Covered Call ETF, Global X MSCI EAFE Covered Call ETF and Global X S&P/TSX 60 Covered Call ETF.
What Sets the Leaders Apart
Most of the difference shows up in the unit price. The leaders averaged +16.08% on price against −7.40% for the laggards, while distributions were far closer (8.9 percentage points versus 7.3 percentage points). Price depends on more than the holdings: a fund that writes calls on less of its portfolio keeps more of any rally, and leverage enlarges every move, so strategy has mattered as much as what the funds own.
1 of the top five use leverage, against 0 of the bottom five. In a year like this that has been an advantage; in a weaker one it could easily flip the table.
Yield and return have parted ways for EMCL: the highest payout here, 14.19%, but a 7th-place finish out of 29.
Fees sit close together, a median MER of 0.72% among the top five against 0.86% among the bottom five.
The Bottom 5 in 2026
25. BGIE: Brompton Global Infrastructure ETF
Lower on the list, BGIE lands 25th at +2.03%. Strip out the payouts and it would be down; the units fell 2.6% while distributions contributed 4.7 percentage points. It helps to know that it adjusts how much of the portfolio it writes calls on as markets change and it hedges back to the Canadian dollar. Its current annualized yield is 6.58%, for an MER of 0.86%.
26. HGR: Harvest REIT Leaders Income ETF
One rung higher, HGR sits 26th at +1.09%. The payouts, 7.2 percentage points, outweighed a 6.1% drop in price. Keep in mind how it works: it writes calls on about 33% of the portfolio and it trims away currency risk with a hedge. Today it offers a 7.22% annualized yield for an MER of 0.99%. It comes from Harvest's original family of income funds, which hold a focused group of large, established companies in one sector and write calls on up to about a third of the portfolio.
27. LEAD: Evolve Future Leadership Fund (Hedged)
In 27th, LEAD has gained −0.20% once payouts are counted. Even 9.5 percentage points of distributions couldn't offset a 9.7% slide in the units. Bear in mind that it writes calls on about 33% of the portfolio and it shields the return from exchange rates with a hedge; it yields 12.13% against an MER of 0.92%. Its alternative units are LEAD.B (unhedged) and LEAD.U in U.S. dollars.
28. EDGF: Brompton European Dividend Growth ETF
The 28th-place fund is EDGF, at −1.22%. The price has fallen 6.8%, which more than wiped out the 5.6 percentage points from distributions. On how it works, it adjusts how much of the portfolio it writes calls on as markets change and it hedges currency back to the Canadian dollar, with a current yield of 7.76% and an MER of 0.86%.
29. CGXF: CI Gold+ Giants Covered Call ETF
Bringing up the very end of the table, CGXF sits at −2.31%. Its payouts contributed 9.4 percentage points, though the units lost 11.7%, leaving it behind overall. A quick look shows a 9.13% yield, an MER of 0.72%, and a fund where it writes calls on about 25% of the portfolio and it keeps its foreign currency exposure as is. If you prefer, there's also CGXF.U in U.S. dollars.
What to Watch in Global & International Funds
Read the fund name closely before comparing anything. This label gathers funds on European banks, global health care, emerging markets and worldwide dividend payers, so the spread in results often reflects which part of the world, or which industry, had the better year.
Hedging matters more here than almost anywhere else. Some funds hedge their currency back to Canadian dollars and some don't, which can add or remove several points of return in a year when the loonie moves sharply.
How to Compare Them Yourself
Price charts flatter growth funds and shortchange income funds. With covered call ETFs, add the distributions back in and compare total return, or you'll misjudge almost every fund on this list.
Then look at where the return came from. A fund whose return is mostly distributions is paying you to wait, while one whose price has climbed is keeping more of the market's upside. Neither is better on its own, but if you plan to live off the income, a fund that pays out more than it earns will slowly shrink your capital.
Lastly, factor in what you pay and what you own. The MER, leverage and overlapping holdings all shape your result, and our Compare tool can show any five funds side by side.
All 29 Funds Ranked
| # | Fund | 2026 Total Return | Price Return | Annualized Yield | MER | Leverage |
|---|---|---|---|---|---|---|
| 1 | ZWENBMO Covered Call Energy ETF | +43.16% | +34.42% | 7.09% | 0.72% | No |
| 2 | NXFCI Energy Giants Covered Call ETF (Hedged) | +35.94% | +26.25% | 9.96% | 0.71% | No |
| 3 | FHICI Health Care Giants Covered Call ETF (Hedged) | +17.79% | +10.90% | 7.24% | 0.72% | No |
| 4 | BASEEvolve Global Materials & Mining Enhanced Yield Index ETF (Hedged) | +14.57% | +5.49% | 12.22% | 0.77% | No |
| 5 | EQCLGlobal X Enhanced All-Equity Asset Allocation Covered Call ETF | +13.64% | +3.37% | 12.38% | 1.63% | Yes |
| 6 | ZWQTBMO Global Enhanced Income Fund (ETF Series) | +12.93% | +8.20% | 5.12% | 0.72% | No |
| 7 | EMCLGlobal X Enhanced MSCI Emerging Markets Covered Call ETF | +12.48% | +1.99% | 14.19% | 1.83% | Yes |
| 8 | EACLGlobal X Enhanced MSCI EAFE Covered Call ETF | +12.23% | +3.31% | 11.82% | 1.63% | Yes |
| 9 | EMCCGlobal X MSCI Emerging Markets Covered Call ETF | +11.63% | +3.10% | 10.89% | 0.78% | No |
| 10 | HUTEHarvest Utilities Leaders Enhanced Income ETF | +11.54% | +2.83% | 10.12% | 1.89% | Yes |
| 11 | ZWGBMO Global High Dividend Covered Call ETF | +11.45% | +5.88% | 6.42% | 0.72% | No |
| 12 | EQCCGlobal X All-Equity Asset Allocation Covered Call ETF | +11.21% | +3.10% | 9.95% | 0.71% | No |
| 13 | EACCGlobal X MSCI EAFE Covered Call ETF | +10.40% | +3.16% | 9.39% | 0.60% | No |
| 14 | HUTLHarvest Utilities Leaders Income ETF | +10.23% | +3.10% | 8.23% | 0.64% | No |
| 15 | GRCCGlobal X Growth Asset Allocation Covered Call ETF | +9.20% | +1.65% | 8.94% | 0.71% | No |
| 16 | LIFEEvolve Global Healthcare Enhanced Yield Fund (Hedged) | +8.97% | −1.92% | 12.06% | 0.64% | No |
| 17 | EBNKEvolve European Banks Enhanced Yield ETF (Hedged) | +8.83% | −0.44% | 11.10% | 0.87% | No |
| 18 | PHWPurpose International Enhanced Equity Income Fund | +8.69% | +1.71% | 8.04% | 0.97% | No |
| 19 | HIGBrompton Global Healthcare Income & Growth ETF | +7.32% | −0.06% | 6.06% | 0.85% | No |
| 20 | ZWEBMO Europe High Dividend Covered Call Hedged to CAD ETF | +6.39% | +0.61% | 6.77% | 0.72% | No |
| 21 | ZWPBMO Europe High Dividend Covered Call ETF | +5.64% | +0.25% | 6.50% | 0.72% | No |
| 22 | TLFBrompton Tech Leaders Income ETF | +5.64% | −0.18% | 10.94% | 0.85% | No |
| 23 | BMAXBrompton Enhanced Multi-Asset Income ETF | +4.38% | −4.16% | 11.19% | 1.20% | Yes |
| 24 | BDIVBrompton Global Dividend Growth ETF | +2.49% | −2.81% | 7.26% | 0.96% | No |
| 25 | BGIEBrompton Global Infrastructure ETF | +2.03% | −2.62% | 6.58% | 0.86% | No |
| 26 | HGRHarvest REIT Leaders Income ETF | +1.09% | −6.12% | 7.22% | 0.99% | No |
| 27 | LEADEvolve Future Leadership Fund (Hedged) | −0.20% | −9.73% | 12.13% | 0.92% | No |
| 28 | EDGFBrompton European Dividend Growth ETF | −1.22% | −6.80% | 7.76% | 0.86% | No |
| 29 | CGXFCI Gold+ Giants Covered Call ETF | −2.31% | −11.71% | 9.13% | 0.72% | No |
Too new to rank this year: EASY, HHII, HONE, IMAX, INTY and PAYG.
How We Rank
For 2026, each fund is measured from its close on December 31, 2025, with every distribution after that reinvested in more units on its pay date, which produces values similar to fund managers' reported performance. We rank each fund's main Canadian-dollar units once, mention any other versions, and set aside funds launched during the year until they have a full year to show.
Past returns don't predict future returns. This article is written automatically from market data and updated every trading day; it is for information only and is not investment advice. Check each provider's documents before investing.