Best Multi-Asset Covered Call ETFs of 2026
Multi-asset covered call ETFs hold more than one kind of investment, often a mix of stock and bond funds, sometimes with other income ETFs inside. They aim to be a one-ticket income portfolio rather than a single slice of the market.
Because the mix differs from fund to fund, it's worth checking what's inside each one. Some are built from the provider's own ETFs, and a few add leverage on top.
With all distributions counted, HDIF is the best of the 6 funds this year at +11.03%, and LEAD is the weakest at −0.20%. The group is split: 5 of 6 are up, and the typical fund is up 4.9%.
Key Takeaways
- HDIF has done best, returning +11.03% so far in 2026.
- 11.2 percentage points divides first place from last.
- The typical fund is up 4.9% with distributions included.
The Top 3 in 2026
1. HDIF: Harvest Diversified Monthly Income ETF
If you had owned one fund from this list this year, HDIF would have served you best, returning +11.03%. Price chipped in 0.7%, but the bulk, 10.3 percentage points, came from distributions. A look at its approach shows that it writes calls on about 33% of the portfolio, it uses about 25% leverage and it hedges its foreign holdings back into Canadian dollars. Owning more than its assets would allow on their own has helped here, at the cost of bigger swings. Its yield sits near 11.99% right now, with an MER of 2.08%. Harvest US Equity Leaders Income ETF, Harvest Tech Leaders Income ETF and Harvest Canadian Dividend Leaders Income ETF are among its biggest positions.
2. GRCC: Global X Growth Asset Allocation Covered Call ETF
Second place goes to GRCC and its +9.20% total return. Payouts account for the bigger share, 7.5 percentage points, with the units up just 1.6%. In its day-to-day running, it writes calls on roughly 30 to 50% of the portfolio and it owns its foreign holdings without a currency hedge. For an MER of 0.71%, it pays an annualized 8.94%. Like its sister funds, it aims for a steadier ride than owning the stocks directly, accepting a cap on part of the upside in return for the option income. Its largest holdings include 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.
3. HBIE: Harvest Balanced Income & Growth Enhanced ETF
The final place among the leaders goes to HBIE, at +4.90%. Its units have lost 3.6%, though 8.5 percentage points in distributions more than fills the gap. Its MER comes to 2.27% and its yield to 10.50%, and on the strategy front, it writes calls on roughly 33 to 100% of the portfolio, it uses about 25% leverage and it hedges back to the Canadian dollar. The heaviest positions belong to Harvest Premium Yield 7-10 Year Treasury ETF, Harvest US Equity Leaders Income ETF and Harvest Tech Leaders Income ETF.
What Sets the Leaders Apart
Most of the spread comes from the units, not the payouts. Price returns averaged −0.40% for the leaders and −5.26% for the bottom of the table, while distributions differed far less (8.8 percentage points against 8.3 percentage points). Holdings set the direction, and strategy decided how much of that move each fund kept.
Borrowing shows up more often near the top, in 2 of the leaders against 1 of the laggards. A rising market rewards that, and a falling one would punish it.
It's also worth noticing that the highest yield in the group belongs to LEAD, at 12.13%, yet it ranks only 6th of 6 on total return. A big payout and a big return are not the same thing, and a fund that pays out more than it earns gives some of it back through a falling price.
Costs differ too: the typical MER among the top three is 2.08%, against 0.99% for the bottom three.
The Bottom 3 in 2026
4. HBIG: Harvest Balanced Income & Growth ETF
In the lower ranks, HBIG sits 4th at +4.84%. Even with the units off 1.9%, the 6.7 percentage points from distributions has kept the total positive. Behind that sits a fund yielding 8.13% at a 0.99% MER, where it writes calls on roughly 33 to 100% of the portfolio and it trims away currency risk with a hedge.
5. BMAX: Brompton Enhanced Multi-Asset Income ETF
Placing 5th of 6, BMAX stands at +4.38%. Without its 8.5 percentage points of distributions, a 4.2% price drop would have left it negative. At 1.2%, its MER is a steady drag on whatever the holdings earn. Its design is worth knowing: it adjusts how much of the portfolio it writes calls on as markets change, it uses about 33% leverage and it shields the return from exchange rates with a hedge. Leverage that lifts results in a strong stretch hasn't paid off for it this time. At today's price it pays an annualized 11.19%.
6. LEAD: Evolve Future Leadership Fund (Hedged)
LEAD ranks dead last, at −0.20% so far in 2026. The income was there, 9.5 percentage points of it, but the price dropped 9.7%. The fund pays an annualized 12.13% and charges 0.92%; beyond that, it writes calls on about 33% of the portfolio and it hedges currency back to the Canadian dollar. Other listings of the fund: LEAD.B (unhedged) and LEAD.U in U.S. dollars.
What to Watch in Multi-Asset Funds
Look through to the funds inside. Most of these hold other ETFs, often a mix of stock and bond funds, so their results depend on that mix and on how much of it carries a covered call strategy of its own.
The balance between stocks and bonds also shapes how much each fund can swing. A fund that leans toward equities, or adds leverage, will tend to rise more in strong markets and fall more in weak ones.
How to Compare Them Yourself
First, count the distributions. For income funds like these, price return understates the result, and only total return shows what an investor actually earned.
Then look at the balance between price and income. A rising price alongside the payouts usually means the fund is earning what it pays.
Finally, open up the funds. Similar names can hide very different strategies, and different names can hide nearly identical holdings. Compare any five in our Compare tool, along with their MERs and leverage.
All 6 Funds Ranked
| # | Fund | 2026 Total Return | Price Return | Annualized Yield | MER | Leverage |
|---|---|---|---|---|---|---|
| 1 | HDIFHarvest Diversified Monthly Income ETF | +11.03% | +0.73% | 11.99% | 2.08% | Yes |
| 2 | GRCCGlobal X Growth Asset Allocation Covered Call ETF | +9.20% | +1.65% | 8.94% | 0.71% | No |
| 3 | HBIEHarvest Balanced Income & Growth Enhanced ETF | +4.90% | −3.58% | 10.50% | 2.27% | Yes |
| 4 | HBIGHarvest Balanced Income & Growth ETF | +4.84% | −1.87% | 8.13% | 0.99% | No |
| 5 | BMAXBrompton Enhanced Multi-Asset Income ETF | +4.38% | −4.16% | 11.19% | 1.20% | Yes |
| 6 | LEADEvolve Future Leadership Fund (Hedged) | −0.20% | −9.73% | 12.13% | 0.92% | No |
Too new to rank this year: WHYP.
How We Rank
Funds are ranked by total return for 2026: the change in price from the last close of the previous year (December 31, 2025), with every distribution reinvested in more units on its pay date. This gives figures similar to the performance fund managers report. Where a fund comes in several versions (hedged, unhedged, U.S. dollar), we rank its main Canadian-dollar units once and mention the others. Funds that launched during the year are listed but not ranked, since they don't have a full year to compare.
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.