Roundhill AMZN WeeklyPay ETF (AMZW) Covered Calls

The Roundhill AMZN WeeklyPay ETF is an actively managed fund that aims to provide weekly distributions and calendar week returns equal to 1.2 times (120%) the total return of Amazon.com, Inc. common shares. Using total return swaps and equity holdings, the fund seeks to amplify weekly performance while generating consistent cash flow. It is designed for investors who want a blend of modest leverage and frequent income from a dominant e-commerce and cloud leader.

You can sell covered calls on Roundhill AMZN WeeklyPay ETF to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for AMZW (prices last updated Fri 4:16 PM ET):

Roundhill AMZN WeeklyPay ETF (AMZW) Stock Quote
Last Change Bid Ask Volume P/E Market Cap
36.38 -2.87 35.85 36.98 151K - 0.0
Covered Calls For Roundhill AMZN WeeklyPay ETF (AMZW)
Expiration Strike Call Bid Net Debit Return
If Flat		 Annualized
Return If Flat
Feb 20 37 0.05 36.93 0.1% 2.4%
Mar 20 35 0.00 36.98 -5.4% -45.8%
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Extended Business Description

Roundhill AMZN WeeklyPay ETF is a hybrid investment vehicle designed for investors who want to go beyond standard dividends and amplify their participation in Amazon’s price action. Unlike "income-only" funds, AMZW targets a specific 1.2x (120%) weekly performance multiple alongside a high-frequency, weekly distribution schedule.

Core Strategy and Operations

  1. 1.2x Weekly Performance Target: The fund seeks to provide investment results, before fees and expenses, that correspond to 120% of the calendar week total return of Amazon. This "leveraged-lite" approach allows for more upside participation than traditional covered call funds while carrying lower "volatility decay" risk than 2x or 3x daily reset products.
  2. Synthetic and Physical Exposure: AMZW achieves its target through a mix of direct stock ownership and total return swap agreements. This structure allows the fund to maintain its 1.2x exposure efficiently. Collateral for these derivatives is typically held in short-term U.S. Treasuries, which also generate interest income used to support payouts.
  3. Weekly Distribution Schedule: As part of the "WeeklyPay" suite, the fund aims to pay distributions to shareholders every single week. As of 2026, these payouts are a key feature for income seekers. However, investors should note that during weeks of poor underlying performance, a portion of the distribution may be classified as Return of Capital (ROC).

Competitive Landscape

AMZW competes directly with the YieldMax AMZN Option Income Strategy ETF, which prioritizes income but often caps upside more aggressively. For traders seeking pure bullish leverage without a distribution focus, the Direxion Daily AMZN Bull 2X Shares is the primary 2x alternative. It also sits alongside other Roundhill weekly products like the Roundhill TSLA WeeklyPay ETF and the Roundhill NVDA WeeklyPay ETF.

Strategic Outlook and Innovation

Managed by Roundhill Financial, the fund carries a gross expense ratio of 0.99% as of early 2026. AMZW is positioned for "total return" investors who believe Amazon’s cloud (AWS) and AI segments will drive steady weekly gains. The fund’s 1.2x leverage provides a "booster" for these gains, though it also magnifies losses. For instance, a 5% weekly drop in Amazon stock would result in a roughly 6% drop in the fund's NAV. It is best suited for experienced investors who value weekly liquidity and a slightly more aggressive posture than standard equity income funds.