not a total-return monster versus JEPQ/alternatives.
TOPW looks skippable for a total-return investor because even JEPQ is beating it and it’s not “a monster for total return.”
The total-return comparisons since late 2025 show TOPW is not even close to some of the covered-call baselines like JEPQ, with even JEPQ beating it. The motivation to consider TOPW is mostly higher yield, not total-return strength.