저자: JoshTaylor · 외국인
요약 보기
2025년 2월 19일 QQQI를 $5,442어치 매수 후 $500 추가, 전 배당 재투자 결과 총 평가액 약 $22,990(원금 $18,529 대비 약 $4,400 수익). 가격 손실은 있었으나 분배금 재투자로 상쇄. 다만 QQQI는 주가 상승력이 약하고 분배금이 장기 하락장에서 줄 수 있어 위험하며, 커버드콜 자산은 원금의 1.5배 이상 규모로 운용해야 한다는 견해. 자신은 VGT·정보기술 집중 투자를 선호하며 QQQI는 실험으로 보유 중.
다듬은 글
So, 18 months ago, on February 19th, 2025, I put 17,959 of my hard-earned dollars into QQQI, the NEOS NASDAQ 100 income covered call ETF, and I watched as it absolutely evaporated. I honestly bought on the worst day in the entire history of the fund. And I have the receipts to prove it. But did I sell?
No, I did not. I rode that dumpster fire all the way to the bottom and all the way back to the top. But did I come out smelling like roses? That's what we're going to address in this video. And everything's not all fine and dandy. So, if you're thinking about putting some of your hard-earned dollars into QQQI, I think this video will be very beneficial for you.
I'm going to talk about how much money I made or how much money I lost, how many distributions I received, what would have happened had I reinvested them all, or if I had taken those and lived off the distributions the past two years, would I still be retired if I were relying on this for income? So, here's what I actually done.
I reinvested every single distribution that I received. I also added about $500 of my own funds into QQQI over the past 18 months, which brings my total cost basis of all the shares that I currently own up to $18,529. The bulk of those shares I purchased on February 19th for $5442. I know what you're thinking.
The price of the fund is less than that today. Yes, I have experienced just a tiny bit of nav erosion. Had I lived on all of my distributions and not reinvested a single penny today, I would only have $18,495. I know what you're thinking. The NAV only decrease by 50 bucks. And you're absolutely correct.
But that may be a problem if I'm dependent on this to grow consistent income that outpaces inflation. And I know skeptics are going to say, "Hey man, you bought on probably the worst day in the history of the fund." To which case I say, well, if I had a magic ball, I probably would have waited five weeks and bought my shares for $43.30.
And this video would look a little something like this. Hey guys, I bought QQQI and I'm up 25% on price return alone. I lived off all the distributions and bought a Lamborghini. But that's not what happened. And usually I'm a big proponent of time in the market beats timing the market, but this is one uh argument I'll let them win because had I just dollar cost averaged, I think this video would be going a lot different.
But overall, since I did reinvest all of my distributions, I have a total value of around $22,99 today. So, I'm actually up on the entire position around $4,400. The first dividend I received was $28. And we can really see compounding. And we can really see the compounding snowball in effect here. If we look at my portfolio, because after reinvesting all those dividends, my most recent monthly dividend was $275.
And if we look at the distribution history of QQQI since inception, it's really hung between that 59 C and 65 window. And it's had very very consistent distributions, which could be a problem when we're thinking about inflation, which has ran rampant over the past few years. If we zoom out to the inception of QQQI, we can see that it's actually had some price return of a little over 8% since inception.
And they have very very minimally grown that distribution since inception with a trailing 12 month dividend growth rate of over 4%. So, if your goal was to have the exact same amount of money after 18 months and have lived on the distributions, even if you bought on the worst day that you could have possibly bought QQQI like my, you know, fancy self did, um, you would see coming out okay.
But I do think what happened to me does highlight some of my main criticisms of the fund. It just does not have the price appreciation that other covered call funds have. So, if you're investing in this, my recommendation would be, although it's absolutely not financial advice, none of this is, I would consider reinvesting some or having a covered call portfolio that covers more than 1.5 times your living expenses.
Because if you've ever written covered calls yourself, you'll know that the bigger the net asset value that you're writing the covered calls on, the more premium you're going to receive. I really worry about funds like QQQI, especially if we have a prolonged bare market. Not like Liberation Day, which was right after I bought where we had that V down and then straight back up.
I'm talking about 25% down and then a prolonged correction. Because if the price had stayed at $43, eventually they would have had to have decreased the distribution. because I've written covered calls before and when you write your calls on a smaller asset value, you're writing on less shares, you make less money.
That's just how the simp system works. Now, some big brain is going to say, "What about all of the gamas? What about the volatility? You know, if we're in a bare market, we may have more volatility." And that may be true, but I worry if it's not a V-shaped recovery where we're having tons and tons of volatility and they can capitalize on that and collect more premiums, if it's a prolonged bare market and the volatility decreases, or if we have a sharp decline and a very very very flat to positive slope getting back to where we were, I think some people might be in trouble.
And if you've watched my channel at all, you'll know I much prefer funds that have less distributions and keep more in the NAV and grow the NAV because let's just do a theoretical here just at the end of the video for fun. The Goldman Sachs fund GPIC while only giving out 10% in distribution has grown its net asset value by 50% since inception versus QQQIS a little over 8%.
So, if we started with $100,000 and we had $150,000 in GPIC versus only $108,500 in QQQI at this point, if we were worrying about a 25% drop in the market, the GPIC wouldn't even go below our cost basis. We know for sure that if we'd held that fund and lived on those dividends that even if the distributions were cut, we would still have more principle.
And sure, we may lose some distribution. We may lose some wealth on paper, but those distributions will be based on a higher portfolio than we started with. At 108,000 for QQQI, 25% would knock us down to almost $75,000. So, not only will we lose price return, we would lose distributions if we were in a prolonged bare market.
And I know skeptics will say the volatility may make up for it, but I'm here to tell you if we're in a two to threeyear bare market, which I know is very rare, but it's a possible possibility that we need to take into our calculations. But I think the long and short of it is had I bought QQQI to retire on two years ago, I would still be retired.
The world would keep turning, but honestly, I would still fear a market downturn. Had I retired on GPIC, I would be so far out in price return that I wouldn't even worry about a downturn. So, if you're going to do something like QQQ only or some of these really, really high yield funds that don't have a lot of price appreciation, just know your risk profile and take that into consideration.
Everybody's risk profile is different. For me personally, I love VGT. I love information technology and I have a lot of high concentrated risk in the NASDAQ and I'm okay with that. So on the covered call front, if you're okay taking that 14% yield and reinvesting none of it, that's your decision to make.
I just wanted to kind of lay out all the cards and show you guys what actually happened in my portfolio. Um because I have held held the fund for 18 months, which may be a little longer than some other people, and I don't plan on selling it anytime soon. I like watching those distributions grow in my account and I know that it's probably not as optimal as just owning the NASDAQ or information technology.
It's more of an experiment for me and I do plan to do a follow-up in the future, maybe at the 2-year mark or the 2 and a half year mark and see where we're at. So, if you want a more in-depth analysis on something like GPIC versus QQQI, I have videos on that and many others on the channel. I'll leave those here somewhere or maybe over there in a playlist. And I'll see you guys in the next one.
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