Covered Call ETFs: A High-Yield Income Strategy for Investors 커버드콜 ETF: 투자자를 위한 고수익 전략

Covered Call ETFs: A High-Yield Income Strategy for Investors

October 05, 2023 — 12:19 pm EDT

In a quest for higher yields amid increased volatility in the stock market, investors are flocking to ETFs utilizing covered-call strategies, resulting in a notable uptick in fund inflows. Covered-call ETFs have seen a surge of interest lately, attracting investors with the promise of hefty yields alongside a shelter from market turbulence.

These ETFs, by employing options strategies known as writing covered calls, provide exposure to the stock market with lower volatility compared to the overall market.

How Do Covered Call ETFs Work?

A covered call is an investment strategy used to generate income and potentially hedge against downside risk. It involves buying a stock or a basket of stocks and then selling or writing call options on those same assets. These options give the buyer the right, but not the obligation, to purchase the stocks at a predetermined price before a specified date.

If the stocks rise above a specified “strike” price, the fund pays the buyer of the option the difference between the stock price and the strike price. However, if the stock declines or simply stays below the exercise price, the fund keeps the income paid by the option buyer. That premium is passed on to fund holders, which is a big attraction for many investors. Most ETFs write monthly call options and pay out the premium they earn at the end of each month (read: S&P 500 Logs Worst Month of 2023: 5 Stocks Still Up in ETF).

With this process, the ETF portfolio aims to generate additional monthly income from the call option (premiums collected). The income from option premiums can help to offset losses from the underlying stocks, which can potentially result in lower portfolio volatility. This means that covered call strategies might experience smaller price swings compared to a pure equity investment.

The main drawback is that the written call options cap the gains of the ETF. During bullish markets, the ETFs might underperform as the profits from rising stock prices are partially offset by the losses on the call options. As such, the strategy outperforms in neutral to bear markets but underperforms in bull markets in the short term.

Additionally, the fees associated with the management of the covered call strategy, along with the ETF’s expense ratio, could erode the fund's returns, especially if the strategy fails to generate the expected income. Further, the tax treatment of the payouts is another concern. The cash flow sometimes isn’t tax-efficient because part of the income can be taxed at the short-term capital gains rate.

Investors seeking to make a play on the stock market using this strategy have many options available in the space. We have highlighted some of the popular ETFs with rock-solid yields below:

JPMorgan Equity Premium Income ETF (JEPI)

JPMorgan Equity Premium Income ETF is an actively managed fund that seeks to provide current income while maintaining prospects for capital appreciation. It generates income through a combination of selling options and investing in U.S. large-cap stocks, seeking to deliver a monthly income stream from associated option premiums and stock dividends. JPMorgan Equity Premium Income ETF has AUM of $29 billion and charges 35 bps in annual fees. The product trades in an average daily volume of 4 million shares and sports an excellent yield of 9.98% (read: 5 ETFs That Pulled in Maximum Assets in the First Nine Months).

Global X Nasdaq 100 Covered Call ETF (QYLD)

Global X Nasdaq 100 Covered Call ETF follows a “covered call” or “buy-write” strategy, in which the fund buys the stocks in the Nasdaq 100 Index and “writes” or “sells” corresponding call options on the same index. It seeks to track the Cboe Nasdaq-100 BuyWrite V2 Index. Global X Nasdaq 100 Covered Call ETF has $7.7 billion in AUM and trades in a solid volume of 4.7 million shares a day on average. It charges 60 bps in annual fees from investors and has higher yields of 12.25%.

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ)

JPMorgan Nasdaq Equity Premium Income ETF generates income through a combination of selling options and investing in U.S. large-cap growth stocks. It seeks to deliver a significant portion of the returns associated with the Nasdaq 100 Index with less volatility. JPMorgan Nasdaq Equity Premium Income ETF has AUM of $5.6 billion and charges 35 bps in fees per year. It trades in an average daily volume of 2 million shares and has a massive dividend yield of 12.09%.

Global X S&P 500 Covered Call ETF (XYLD)

Global X S&P 500 Covered Call ETF buys stocks in the S&P 500 Index and “writes” or “sells” corresponding call options on the same index. It tracks the Cboe S&P 500 BuyWrite Index, charging 60 bps in fees per year. Global X S&P 500 Covered Call ETF has amassed $2.8 billion in its asset base and trades in a good volume of 466,000 shares. It has a solid yield of 11.45% (read: Time to Bet on Buy-Write ETFs).

Global X Russell 2000 Covered Call ETF (RYLD)

Global X Russell 2000 Covered Call ETF buys stocks in the Russell 2000 Index (at times by exposure to the Vanguard Russell 2000 ETF) and “writes” or “sells” corresponding call options on the Russell 2000 Index. It follows the Cboe Russell 2000 BuyWrite Index and charges 60 bps in fees per year. Global X Russell 2000 Covered Call ETF has AUM of $1.5 billion and trades in an average daily volume of 793,000 shares. It has a solid yield of 13.27%.

Amplify CWP Enhanced Dividend Income ETF (DIVO)

Amplify CWP Enhanced Dividend Income ETF is an actively managed ETF of high-quality large-cap companies with a history of dividend growth, along with a tactical covered call strategy on individual stocks. It has accumulated $2.9 billion in its asset base and charges 55 bps in fees per year. Amplify CWP Enhanced Dividend Income ETF trades in a good volume of 342,000 shares and has an annual yield of 4.99%.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW)

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF seeks to provide enhanced income compared to traditional U.S. Treasury bonds by selling monthly covered call options. It may outperform in periods of rising rates. With AUM of $651.7 million, iShares 20+ Year Treasury Bond BuyWrite Strategy ETF charges 35 bps in annual fees and trades in average daily volume of 516,000 shares. It has a solid yield of 21.56% (read: Inverse Treasury ETFs Surge as Yields Rise).

WisdomTree PutWrite Strategy Fund (PUTW)

WisdomTree PutWrite Strategy Fund tracks the Volos US Large Cap Target 2.5% PutWrite Index. On a monthly basis, it sells short two put options on the SPDR S&P 500 ETF Trust (SPY) with different expiration dates. The proceeds of these option sales and other collateral are invested in U.S. 3-Month Treasury Bills. WisdomTree PutWrite Strategy Fund has amassed $86.1 million in its asset base while charging 44 bps in annual fees. The product trades in an average daily volume of 25,000 shares and has a solid yield of 10.27%.

 

Source: https://www.nasdaq.com/articles/covered-call-etfs%3A-a-high-yield-income-strategy-for-investors

Covered Call ETFs: A High-Yield Income Strategy for Investors

 

커버드콜 ETF: 투자자를 위한 고수익 전략

주식시장의 변동성이 커지는 가운데 더 높은 수익률을 추구하는 투자자들이 커버콜 전략을 활용한 ETF로 몰리면서 자금 유입이 눈에 띄게 증가했습니다. 최근 커버드콜 ETF에 대한 관심이 급증해 시장 혼란을 피할 수 있는 동시에 높은 수익률을 약속하며 투자자들의 관심을 끌고 있습니다.

이러한 ETF는 커버드콜 작성이라는 옵션 전략을 사용하여 다음과 같은 이점을 제공합니다. 전체 시장에 비해 변동성이 낮은 주식 시장에 노출됩니다.

커버드콜 ETF는 어떻게 작동하나요?

커버 콜은 수익을 창출하고 잠재적으로 하방 위험을 헤지하기 위해 사용되는 투자 전략입니다. 이는 주식이나 주식 바구니를 구매한 다음 동일한 자산에 대한 콜 옵션을 매도하거나 발행하는 것을 포함합니다. 이러한 옵션은 구매자에게 특정 날짜 이전에 미리 정해진 가격으로 주식을 구매할 수 있는 권리를 부여하지만 의무는 아닙니다.

주식이 지정된 "행사 strike" 가격 이상으로 상승하면 펀드는 옵션 매수자는 주가와 행사가의 차이를 계산합니다. 그러나 주가가 하락하거나 단순히 행사 가격 이하로 유지되는 경우 펀드는 옵션 구매자가 지불하는 수입을 유지합니다. 그 프리미엄은 펀드 보유자에게 전달되는데, 이는 많은 투자자들에게 큰 매력입니다. 대부분의 ETF는 월간 콜 옵션을 발행하고 매월 말에 벌어들인 프리미엄을 지급합니다(읽기: S&P 500 Logs Worst Month of 2023: 5 Stocks Still Up in ETF) 

이 과정을 통해 ETF 포트폴리오는 콜 옵션(프리미엄 징수)에서 추가 월별 수익을 창출하는 것을 목표로 합니다. 옵션 프리미엄으로 인한 수익은 기초 주식의 손실을 상쇄하는 데 도움이 될 수 있으며, 이는 잠재적으로 포트폴리오 변동성을 낮출 수 있습니다. 이는 커버콜 전략이 순수 주식 투자에 비해 가격 변동이 더 작을 수 있음을 의미합니다.

가장 큰 단점은 매도 콜 옵션이 ETF 수익을 제한한다는 것입니다. 강세장에서는 주가 상승으로 인한 이익이 콜 옵션의 손실로 부분적으로 상쇄되므로 ETF의 성과가 저조할 수 있습니다. 따라서 이 전략은 중립적 약세장에서는 우수한 성과를 보지만 단기적으로 강세장에서는 저조한 성과를 냅니다.

또한 ETF의 비용 비율과 함께 커버 콜 전략 관리와 관련된 수수료로 인해 펀드 수익이 감소할 수 있습니다. 특히 해당 전략이 예상 수익을 창출하지 못하는 경우 더욱 그렇습니다. 또한, 지급액에 대한 세금 처리도 또 다른 문제입니다. 현금 흐름은 때때로 소득의 일부가 단기 자본 이득율로 과세될 수 있기 때문에 세금 효율적이지 않습니다.

이 전략을 사용하여 주식 시장에서 활동하려는 투자자는 이 분야에서 다양한 옵션을 사용할 수 있습니다. 우리는 아래에서 견고한 수익률을 자랑하는 인기 ETF 중 일부는 아래와 같습니다 :

JP Morgan Equity Premium Income ETF (JEPI)
는 자본 가치 상승에 대한 전망을 유지하면서 경상 소득을 제공하고자 하는 적극적으로 관리되는 펀드입니다. 옵션 매도와 미국 대형주 투자를 결합하여 수익을 창출하며 관련 옵션 프리미엄과 주식 배당금을 통해 월간 수익 흐름을 제공하려고 합니다. JPMorgan Equity Premium Income ETF의 AUM은 290억 달러이며 연간 수수료는 35bps입니다. 이 상품은 일일 평균 400만 주에 거래되며 9.98%의 뛰어난 수익률을 자랑합니다. (읽기: 5 ETFs That Pulled in Maximum Assets in the First Nine Months 처음 9개월 동안 최대 자산을 끌어모은 5개 ETF).

Global X Nasdaq 100 Covered Call ETF (QYLD)
는 "커버드 콜" 또는 "매수-쓰기" 전략을 따릅니다. Nasdaq 100 지수의 주식을 거래하고 동일한 지수에 해당 콜옵션을 "매도"하거나 "매도"합니다. Cboe Nasdaq-100 BuyWrite V2 Index를 추적하려고 합니다. Global X Nasdaq 100 Covered Call ETF는 AUM 77억 달러를 보유하고 있으며 하루 평균 470만주의 견고한 거래량을 자랑합니다. 투자자에게 연간 60bps의 수수료를 부과하고 12.25%의 더 높은 수익률을 제공합니다.

JPMorgan Equity Premium Income ETF (JEPQ)
는 옵션 매도와 미국 대형 성장주에 대한 투자를 결합하여 수익을 창출합니다. 이는 변동성을 줄이면서 Nasdaq 100 지수와 관련된 수익의 상당 부분을 제공하려고 합니다. JPMorgan Nasdaq Equity Premium Income ETF의 AUM은 56억 달러이며 연간 수수료는 35bps입니다. 일일 평균 거래량 200만주에 거래되며 12.09%의 엄청난 배당수익률을 자랑합니다.

Global X S&P 500 Covered Call ETF (XYLD)
는 S&P 500 지수의 주식을 매입하고 동일한 지수의 해당 콜 옵션을 "쓰거나" "판매"합니다. Cboe S&P 500 BuyWrite 지수를 추적하며 연간 60bps의 수수료를 부과합니다. Global X S&P 500 Covered Call ETF는 자산 기반으로 28억 달러를 축적했으며 466,000주라는 상당한 규모로 거래되고 있습니다. 11.45%의 견고한 수익률을 자랑합니다. (읽기: Time to Bet on Buy-Write ETFs 매수-쓰기 ETF에 베팅할 시간)
 
Global X Russell 2000 Covered Call ETF(RYLD)
는 Russell 2000 Index(때때로 Vanguard Russell 2000 ETF에 노출되어) Russell 2000 Index에 해당하는 콜 옵션을 "매도"하거나 "매도"합니다. Cboe Russell 2000 BuyWrite Index를 따르며 연간 60bps의 수수료를 부과합니다. Global X Russell 2000 Covered Call ETF의 AUM은 15억 달러이며 일일 평균 거래량은 793,000주입니다. 13.27%의 견고한 수익률을 자랑합니다.

Amplify CWP Enhanced Dividend Income ETF (DIVO)
는 개별 종목에 대한 전술적인 커버콜 전략과 함께 배당 성장 이력을 지닌 우량 대형주를 적극적으로 운용하는 ETF입니다. 자산 기반으로 29억 달러를 축적했으며 연간 수수료는 55bps입니다. Amplify CWP Enhanced Dividend Income ETF는 342,000주의 상당한 규모로 거래되며 연간 수익률은 4.99%입니다.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) 
는 월간 커버드 콜 옵션을 판매하여 기존 미국 국채에 비해 향상된 수익을 제공하려고 합니다. 채권 금리가 상승하는 기간에는 더 나은 성과를 낼 수 있습니다. AUM이 6억 5,170만 달러인 iShares 20+ Year Treasury Bond BuyWrite Strategy ETF는 연간 수수료로 35bps를 부과하며 일일 평균 거래량 516,000주를 거래합니다. 21.56%의 견고한 수익률을 보이고 있습니다(읽기: Inverse Treasury ETFs Surge as Yields Rise 수익률이 상승함에 따라 역 국채 ETF 급증).

WisdomTree PutWrite 전략 펀드 (PUTW)
는 Volos US Large Cap Target 2.5% PutWrite 지수를 추적합니다. 매월 SPDR S&P 500 ETF Trust(SPY)에 대해 만기일이 다른 2개의 풋옵션을 매도합니다. 이러한 옵션 판매 및 기타 담보의 수익금은 미국 3개월 국채에 투자됩니다. WisdomTree PutWrite Strategy Fund는 자산 기반으로 8,610만 달러를 축적했으며 연간 수수료는 44bps입니다. 해당 상품은 일평균 25,000주에 거래되며 10.27%의 견고한 수익률을 보이고 있습니다.