저자: EK · 한국인
요약 보기
커버드콜 ETF의 재무제표를 보면 배당이 실제 운용수익에서 나오는지, 아니면 원금 반환(자본 반환)으로 나오는지 구분해야 한다고 설명. JPQ(JEPQ)는 운용수익 범위 내 배당으로 NAV도 상승해 진짜 배당 구조로 평가. QQQI는 자본 반환으로 표기되나 실제로는 운용수익 범위 내 배당이라 진짜 배당. QQQY는 배당의 약 72%가 원금 반환이며 NAV가 약 34% 하락해 원금 잠식형 가짜 배당 구조로 지적. 커버드콜은 상승장에서 수익이 제한되므로 장기 강세 확신이면 기초자산 매수가 낫고, 횡보·현금흐름 중시면 유리할 수 있다고 함. 시장 급락 직후가 커버드콜 장기 진입 적기일 수 있다고 언급.
다듬은 글
If you look at QudQi's financial statements, you might mistake them for fake dividends, but they are real dividends. What we need to look at importantly is whether dividends are being paid out in . Hello. When investing, consider not only dividend yield but also NAV changes. I am EK, a US CPA and author of *Mastering Monthly Dividend ETF Financial Statements* .
I am currently running the EK channel as a US CPA, introducing safe investment methods through financial statements to my subscribers . Financial statements can be seen as an ETF's true report card and the most honest data for verifying dividend sustainability. Now, I will tell you what is hidden behind the sweet numbers of high odds .
For example, if you invest based solely on the fact that the dividend yield is 80%, only to find out later that most of it is just a return of the principal, you could suffer a significant loss . By looking at the financial statements, you can clearly see whether the source of dividends is net investment income, capital gains, or capital returns .
And you can check how much profit the ETF actually generated through its performance. If total investment performance—the sum of net investment income and realized and unrealized gains and losses—is greater than dividends, it can be considered healthy. Now, the cold weather changes in NAV are also important.
You can think of a decrease in NAV as a decrease in principal. If a company pays high dividends every year but its NAV continues to decline, it is a sign that something is wrong. Ultimately, if the decline in asset value is greater than the dividends received, the company is likely actually incurring a loss .
In general, realized profits and option premiums must be used as the source for dividends. However, since it is difficult to make payments with these two alone, there are ETFs that use capital returns. Since capital return essentially amounts to paying out investment funds like a dividend, the stock price falls by the amount of the dividend paid .
So I call this kind of dividend a fake dividend . JPQ is an ETF that pays real dividends . If we look at the sources of dividends from 2022 to 2024, dividends are being distributed through net income without capital return. As of 2014, net investment income was $5.25, and realized and unrealized gains and losses were $6.75, totaling $75.
The total operating performance was $12, of which $4.86 was paid out as dividends. The fact that dividends are paid within the scope of operating performance means that the dividends are distributed from the actual profits earned, rather than returning the principal investment. This could be considered a very sound dividend structure .
Now, in 2023 and 2024, thanks to excellent performance, the NAV actually increased while paying high dividends . JPQ's NAV rose from $45.46 in 2022 to $55.47 in 2024 . This means that the asset value increased even after paying dividends . Therefore, JPQ can be evaluated as an ETF that clearly pays genuine dividends .
If you invested 100 million won in JPQ in May 2022, the investment will increase to 108.5 million won in June 2025, and the accumulated dividend will be 33.8 million won. As a result, 100 million won became 142.4 million won, and the cumulative return over approximately 3 years is 42%, with an average annual return of 12%.
yes . QQQI's dividends for 2025 are mostly listed as capital returns, so they may be mistaken for fake dividends, but they are real dividends. What we need to focus on is not the capital return notation, but whether dividends are actually paid out within the scope of operating performance . Looking at QQQI's financial statements, as of May 2025, the total operating performance was $7.22, and the dividend was $7.32, with $32 paid.
Most dividends were paid out within the range of operating performance, and the NAV actually increased from $50 to $50.32. It would be a completely different structure from fake dividend ETFs that eat away at your principal . Then why did they go out of their way to handle it as a return of capital?
In the United States, capital returns are not taxed immediately, and there is a benefit of deferring the tax until you sell later. For U.S. investors, it is an advantageous method that allows them to enjoy the benefits of compound interest while continuing to pay taxes . The problem is that Korean investors do not receive any of these benefits.
In Korea, dividend income tax must be paid equally regardless of whether it is a capital return or a general dividend . It would be like paying taxes on getting your own money back. In conclusion, Korean investors should simply be aware that it is separated from a tax perspective when investing. Analyzing the performance for the one-year period from May 2024 to May 2025 based on financial statements, the beginning NAV started at $50.42, generated an operating profit of $7.22, and closed at $32 at $50.32 after paying a dividend of $7.32 .
If you had invested 100 million won, the stock price would have become 99.8 million won due to fluctuations, and you would have received approximately 14.52 million won in dividends. When added up, the total was approximately 114,320,000 won, resulting in a total profit of 14,320,000 won . JPQ and QQI are both covered call ETFs based on the Nasdaq 100, but there are differences in their management methods .
JPQ is an active ETF managed by JP Burn that invests in blue-chip stocks selected directly by the fund manager from the NASDAQ 100 constituents and sells call options using ELNs. JPQ recorded an average annual return of 12% over approximately three years . AUM is also $28.97 billion, which is much larger than QQI's $5.69 billion.
QQI has shown excellent performance with a total return of approximately 14% over the past year . However, it is too early to judge long-term performance as the proportion of capital returns is high and the operating period is still short . Therefore, in terms of stability, JPQ can be considered more verified.
According to the financial statements, QQQY paid a total dividend of $27.72 as of the end of August 2024. Of this, $4.23 came from net investment income and $3.52 from net realized income, while the remaining $19.97 consisted of $7 from capital returns. In other words, about 72% of the total dividends were structured to return the principal investment .
During the same period, NAV fell by about 34% from $60 to $39.69. Although the operating performance was $7.39, the net asset value decreased significantly as it paid out a dividend of $27.72, which far exceeded this. This is a typical principal-eroding high-dividend structure. QQQI generated a total operating return of $7.22 as of the end of May 2025 and paid out $32 in dividends of $7.32.
It differs from QQY in that dividends were distributed within the scope of operating performance . QQY has a structure that raises questions about its sustainability, as its NAV is rapidly declining due to dividends that significantly exceed operating performance . On the other hand, QQI is relatively stable because dividends are paid within the range of operating performance .
In conclusion, QQY's high payout ratio can be largely viewed as fake payouts . It is highly likely that the actual profit will not be significant because the stock price will fall by the amount of the dividend received . When investing, you must check not only the dividend yield but also the changes in NAV and the source of the dividends .
First, you need to understand the structural limitations of covered call ETFs . Covered call ETFs are structured to receive a premium by selling call options, so they cannot keep up with the full rise when the underlying asset surges. You give up a portion of the gains to receive cash flow. So, if you are convinced that underlying assets like the Nasdaq or SMP 500 will rise significantly in the long term and are making a long-term investment with the goal of high returns, honestly, it is correct to just buy the underlying assets.
However, if the situation is different, it's a different story. If you do not expect the underlying asset to fall but are also unsure of a significant rise, and anticipate it will likely trade sideways or fluctuate slightly, and if immediate cash flow is more important than returns, a covered call ETF might actually be a better choice .
There is one more thing to consider here. If you invest for the long term, you are bound to experience a crash once or twice along the way. While stocks recover to their original levels when they plummet and rebound, covered call ETFs fall along with the market but fail to keep up with the rise when it rebounds .
That is why the performance gap widens in the long run . In this context, there is an interesting point. If you intend to invest in covered call ETFs for the long term, the best time to enter might actually be right after a market crash . Since it has already experienced a significant decline, it can receive a steady premium in the subsequent phase of sideways movement or gradual recovery . Ja.
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