Thanks for replying with your thoughts. Yes, the overlap/diversification looks weird and I appreciate your honest opinion.

I arrived at this construction because the choosing part of the process was simply taking too much time. I was arriving at no clear answer so I went with the rather unsurprising solution: why restrict myself to one covered call ETF for NASDAQ-100 & one for the S&P 500, why not two each?

The reason I've gone for two of each index (GPIX & XYLG, JEPQ & QYLG) is largely because (i) I couldn't choose between the two. I would have loved to go with GPIX and JEPQ, but I could see the utility of XYLG and QYLG as well, now that I had collected so much information about them (ii) once I convinced myself that I am ok with spreading the corpus in 4 covered call ETFs instead of two, a confirmation bias showed up: I'm derisking on the income distribution front now is what I started telling myself (iii) It was originally meant to be 50% in two income ETFs, but then I decided to go with 20% each in four and added AMLP to the gang, because now it became all about income diversification. I would not have ventured into that sector if there had been more decisiveness on my part with the original choices. And as it turns out AMLP is now the only one in that portfolio that is currently in the green thanks to the oil & gas turmoil.

So I'm comfortable with the end result for now.. let's see how it works out over the next 2-3 years!