Amplify CWP Growth & Income ETF (QDVO) holds >43% in tech stocks with a partial covered call overlay, yielding 11.4%.

The funds deliver opposite outcomes in downturns versus rallies: JEPI’s diversification shields it during corrections while QDVO’s concentrated tech bet and uncovered portfolio positions it to capture upside when markets recover.

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Two covered call ETFs can sell options against equity positions and arrive at completely different outcomes depending on what stocks they own, how much of the portfolio they cover, and whether their underlying holdings are built for income or growth. The distinction matters right now, as the 2026 correction has exposed just how differently these strategies behave when markets slide.

Amplify CWP Growth & Income ETF (NYSEARCA:QDVO) is a growth-first fund. Its stated objective is capital appreciation first, with high current income as a secondary goal. That ordering is intentional. The fund holds large-cap growth stocks and runs a partial covered call overlay managed by sub-advisor Capital Wealth Planning, writing options on only a portion of the portfolio. The partial approach is designed to leave a portion of the portfolio uncovered to participate in market rallies while still generating premium income.

The holdings reflect this growth orientation clearly, as IT alone accounts for >43% of the portfolio. This is a concentrated bet on mega-cap tech with an income layer on top. QDVO lives and dies with the Nasdaq's mood.

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JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI) is built around a different problem. Its mandate is current income while maintaining prospects for capital appreciation, with income listed first. The fund holds over 150 positions across every major sector, with no single stock exceeding roughly 1.75% of the portfolio. Technology represents only 14.6% of JEPI's holdings, compared to nearly half of QDVO's. That diversification drives JEPI's stability, not its growth potential.

JEPI uses equity-linked notes tied to S&P 500 index options rather than writing calls on individual stocks, producing a smoother income stream. Monthly payouts across 2025 ranged from $0.32586 to $0.54001, with recent 2026 payments of $0.35134 in March and $0.34443 in February. The fund has never missed a monthly distribution since its May 2020 inception.

The correction has treated these two funds very differently. QDVO is down 8.6% year-to-date, consistent with its heavy tech exposure. JEPI has held near flat, off just 1.45% year-to-date. Over the past month, QDVO fell 5% while JEPI dropped 4.9%. JEPI's diversification and lower tech weighting have cushioned it.

Over the past year, the picture flips. QDVO returned nearly 17.2% while JEPI gained only 5.9%. When tech is running, QDVO's growth engine produces results a diversified income fund cannot match.

QDVO's yield has climbed as the share price pulled back, a mechanical result of the correction rather than a change in the fund's income strategy. The fund currently yields over 11.4% on a trailing basis, and its $607 million in net assets give it enough scale to operate efficiently. The partially covered call structure means that if the Nasdaq recovers, QDVO participates in that upside rather than having it stripped away by a full options overlay. That is the key structural advantage over funds that write calls on 100% of their holdings.

The tradeoff is concentration. Nearly half the portfolio sits in a single sector, and the top four names each carry weights between 8% and 10.3%. If the recovery thesis is wrong and tech continues to slide, QDVO will underperform JEPI by a wide margin. The fund has only been trading since August 2024, leaving limited history to stress-test across a full bear cycle.

Income variability vs. income stability: QDVO's monthly distributions have ranged from $0.149 at inception to $0.291 in late 2025, so that premium income fluctuates with volatility and the sub-advisor's tactical decisions. JEPI's payouts are also variable but backed by a far broader set of positions and a longer track record. Investors who need a predictable monthly income will find JEPI more reliable.

Sector risk is built into QDVO, and it cannot be treated as a diversified income fund. Buyers are making a sector call on growth tech alongside an income strategy. JEPI's income stream is far less dependent on any single sector.

The expense gap is real but modest: QDVO charges 0.55% annually versus JEPI's 0.35%. Over a long holding period, that difference compounds.

QDVO fits a thesis that the 2026 correction is near its end, offering income while growth holdings recover. Investors prioritizing downside protection or expecting the selloff to continue will find JEPI's broader, more defensive portfolio better aligned with that outlook. But if you think a recovery is around the corner QDVO is worth looking into.

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