Whether you’re a nurse practitioner with your own business or working for someone else, it’s important to have more than one source of income. This can be done in a multitude of ways, from owning real estate to having a side hustle. However, one of my favorite and easiest ways to do this is by collecting dividend payments from the securities in my investment portfolio.

Granted, most stocks and ETFs pay between 2 and 4% annually. Therefore, you’d need tens or even hundreds of thousands of dollars before you saw any significant returns.

However, what if there was a way to get distributions at 10 percent or more? Let me introduce you to something called covered call ETFs. 

A covered call is when someone sells the right (but not the obligation) to another party to buy their shares at a particular price. In exchange, the buyer pays a fee or premium. 

Technically, anyone can sell covered calls if they have a brokerage account that allows options trading. However, this is considered to be an advanced trading technique and can get very messy quickly if you don’t know what you’re doing.

Therefore, the market now has covered call ETFs, where professionals will essentially do this for you. All you have to do is buy shares of the ETF, and you’ll be rewarded with ridiculously high distributions – most of which get paid out monthly rather than quarterly.

A few of my favorite ones to check out are:

• JEPI – JPMorgan Equity Premium Income ETF
• QYLD – Global X Nasdaq 100 Covered Call ETF
• XYLD – Global X S&P 500 Covered Call ETF
• RYLD – Global X Russell 2000 Covered Call ETF

Covered call ETFs are just another way for you to put your hard-earned money to work. Whether you’re comfortable trading stocks or not, these ETFs give you the opportunity to do what the professionals do and still reap the rewards. Plus, if you’re in a situation where you’re looking to produce more income than growth from your holdings, then these might be the assets for you.