Best Materials & Commodities Covered Call ETFs of 2026
This group holds gold and silver miners, copper and uranium producers and other resource companies, and a few hold the metal itself. Mining shares are known for big price swings, and covered call ETFs turn some of that volatility into regular income.
Gold, silver, copper and uranium can move in very different directions, so look at what each fund actually holds before comparing returns. Some hold the producers' shares and some hold the metal, which can behave quite differently too.
BASE has the best total return of the 9 funds this year, +14.57%, while AGCC has the weakest, −28.11%. 1 of the 9 has a positive total return, and the median fund is down 2.3%.
Key Takeaways
- BASE leads with a +14.57% total return so far in 2026.
- The best fund beat the worst by 42.7 percentage points.
- A typical result here is down 2.3%.
The Top 4 in 2026
1. BASE: Evolve Global Materials & Mining Enhanced Yield Index ETF (Hedged)
BASE leads the way with a total return of +14.57% so far in 2026. Its distributions supplied 9.1 percentage points, well ahead of the 5.5% the units added. As a fund, it writes calls on about 33% of the portfolio and it carries a currency hedge. An MER of 0.77% buys a current yield of 12.22%. Leading its holdings are Dow Inc, Nucor Corp and LyondellBasell Industries NV. Its sister listings are BASE.B (unhedged).
2. CPCC: Global X Copper Producer Equity Covered Call ETF
CPCC has put up the next best number, −0.55%. Lower prices cost it 8.5%, with distributions offsetting 8.0 percentage points of that. To explain the result, it writes calls on roughly 30 to 50% of the portfolio and it doesn't hedge its currency, so moves in the loonie flow through. At current prices the payout comes to 13.92% a year, with an MER of 0.73%. Its family includes funds on calmer markets and on jumpier ones, and the jumpier the holdings, the richer the premiums and the more often shares can be called away. Inside, the largest weights go to GLOBAL X Copper Miners ETF, FREEPORT-MCMORAN INC and TECK RESOURCES LTD.
3. GLCC: Global X Gold Producer Equity Covered Call ETF
Number 3 on the list is GLCC, at −0.75%. It has handed out 8.8 percentage points in distributions while its units shed 9.6%. Its structure is simple: it writes calls on roughly 30 to 50% of the portfolio and it leaves its foreign currency exposure unhedged. It is paying 12.46% annualized right now, for a 0.76% MER. It belongs to Global X's broad covered call line-up, which pairs an index or sector portfolio with an actively managed call program and a monthly payout. Its biggest positions are Global X Gold Producers Index ETF, Barrick Mining Corp. and Newmont Corp..
4. AMAX: Hamilton Gold Producer Yield Maximizer ETF
Squeezing into the top four is AMAX, which has returned −0.80%. Down 8.7% on price, it got 7.9 percentage points back through distributions, not quite enough. On its options side, it adjusts how much of the portfolio it writes calls on as markets change and it keeps its currency exposure unhedged. The numbers to know: a 10.83% annualized yield and a 0.8% MER. Its line-up puts income first, selling calls at the current price where premiums tend to be richest, then tuning how much of the portfolio is covered to leave some room for growth. The top of its portfolio includes Royal Gold Inc, Newmont Corp and Franco-Nevada Corp.
What Sets the Leaders Apart
Price is where the ranking was decided. The leaders' units averaged −5.34% while the bottom four came in at −18.06%, a far wider gap than in distributions (8.5 percentage points against 6.6 percentage points). A fund keeps more of a rally when it writes calls on less of its portfolio, and leverage stretches every move further.
Borrowed exposure shows up more among the laggards (1) than the leaders (0), which is what you'd expect when the holdings have struggled.
The biggest payer here is GLCL, yielding 15.52%, but it ranks just 6th of 9 on total return. A high yield and a high return are different things, and a fund paying out more than it earns gives some of it back through its price.
Fees vary between the groups as well, with a typical MER of 0.77% at the top and 1.01% at the bottom.
The Bottom 4 in 2026
6. GLCL: Global X Enhanced Gold Producer Equity Covered Call ETF
The 6th spot goes to GLCL, at −4.36% so far in 2026. Its 10.5 percentage points in distributions was swamped by a 14.9% fall in price. Its 1.74% MER also takes a noticeable bite out of the return each year. In its approach, it writes calls on roughly 30 to 50% of the portfolio, it uses about 25% leverage and it lets the loonie's moves show up in its return. The borrowing it uses has added to the swings without lifting it up the rankings. Investors are currently collecting 15.52% a year. Global X built its enhanced funds for investors who want a bit more growth potential and income than the plain versions, accepting bigger swings in return.
7. ZWGD: BMO Covered Call Spread Gold Bullion ETF
ZWGD occupies 7th place out of 9 at −4.49%. Distributions cushioned the fall by 4.3 percentage points, but the units are still down 8.8%. With a 6.12% annualized yield and an MER of 0.73%, its main lever is strategy: it writes calls on about 50% of the portfolio and it is unhedged, so exchange rates affect its return. You can find it as ZWGD.T (Target Cash Flow Units) as well.
8. HGY: Global X Gold Yield ETF
Ranked 8th, HGY has delivered −8.90%. The 14.3% decline in its units is larger than the 5.4 percentage points it paid out, hence the negative total. By design, it writes calls on roughly 30 to 50% of the portfolio and it hedges currency, so the loonie's moves barely register, and at today's price that means a 8.40% yield against a 0.83% MER.
9. AGCC: Global X Silver Covered Call ETF
AGCC ranks last of the 9 funds, at −28.11% so far in 2026. The price side shows a 34.3% loss, more than the 6.2 percentage points the distributions returned. Costs matter here too: its MER is 1.2%. When it comes to how it's run, it writes calls on roughly 30 to 50% of the portfolio and its currency risk is hedged away. Its annualized yield currently sits at 14.46%. Global X runs most of its covered call funds in pairs, a plain version like this one and an enhanced version that adds about 25% leverage.
What to Watch in Materials & Commodities Funds
Check what's actually inside. A fund holding gold miners, one holding the metal itself and one spread across mining companies of every kind can all sit in this group, and they rarely move in step.
Miners also tend to move more than the metals they dig up, which can make the option income generous and the price swings large. In a strong year for metals, heavy call writing can leave a fund well behind the miners it owns.
How to Compare Them Yourself
The headline number should be total return. A fund whose price is flat may still have done well once its distributions are counted, and that's common in this corner of the market.
See whether the fund's price is keeping up. If the units keep sliding while the payout stays high, the fund may be paying out more than it earns, which can wear down what you own.
Wrap up with the details: the MER, leverage, and the companies inside. Two funds can look different on paper and own much the same thing, which our Compare tool makes easy to spot.
All 9 Funds Ranked
| # | Fund | 2026 Total Return | Price Return | Annualized Yield | MER | Leverage |
|---|---|---|---|---|---|---|
| 1 | BASEEvolve Global Materials & Mining Enhanced Yield Index ETF (Hedged) | +14.57% | +5.49% | 12.22% | 0.77% | No |
| 2 | CPCCGlobal X Copper Producer Equity Covered Call ETF | −0.55% | −8.53% | 13.92% | 0.73% | No |
| 3 | GLCCGlobal X Gold Producer Equity Covered Call ETF | −0.75% | −9.59% | 12.46% | 0.76% | No |
| 4 | AMAXHamilton Gold Producer Yield Maximizer ETF | −0.80% | −8.74% | 10.83% | 0.80% | No |
| 5 | CGXFCI Gold+ Giants Covered Call ETF | −2.31% | −11.71% | 9.13% | 0.72% | No |
| 6 | GLCLGlobal X Enhanced Gold Producer Equity Covered Call ETF | −4.36% | −14.87% | 15.52% | 1.74% | Yes |
| 7 | ZWGDBMO Covered Call Spread Gold Bullion ETF | −4.49% | −8.76% | 6.12% | 0.73% | No |
| 8 | HGYGlobal X Gold Yield ETF | −8.90% | −14.33% | 8.40% | 0.83% | No |
| 9 | AGCCGlobal X Silver Covered Call ETF | −28.11% | −34.27% | 14.46% | 1.20% | No |
Too new to rank this year: CMCC, CMCL, HPYG, SVCC, SVCL and URCC.
How We Rank
To rank the funds, we start from each one's close on December 31, 2025 and reinvest every 2026 distribution in more units on its pay date, which gives figures similar to fund managers' own reports. Only the main Canadian-dollar units are ranked, and funds launched during the year are shown separately.
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.