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選擇權做Covered Call 與套利方式

3 Covered Call ETFs That Yield Between 選擇權做Covered Call 與套利方式 10-12%

If you're willing to give up most capital growth potential, these high yielders might be a good fit in your portfolio.

If you're looking for a pure high yield in today's markets, one of the first places you should look is in covered calls. These are the strategies that generally replicate an index or basket of 選擇權做Covered Call 與套利方式 securities and then sell call options on either part of or the entire portfolio in order to generate a high income. Many closed-end funds also utilize a covered call strategy, but they tend to be hampered by the use of leverage and unsustainable distribution policies that can hurt total returns. If you want a covered call strategy in its purest form, ETFs are still the way to go.

There are downsides, though, to covered call strategies. The biggest is that they only work in fairly specific environments. The best would be one where stocks are moving sideways or slightly down with low volatility. In this case, the options likely expire worthless allowing the option seller to collect the full premium without any significant negative impact from the share price.

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High volatility, however, is a covered call strategy's enemy. In this case, 選擇權做Covered Call 與套利方式 there's a higher likelihood that the call option would be exercised by the buyer forcing the call writer to sell shares at below market prices. Also, since markets tend to rise over time, calls originally written at-the-money or even slightly out-of-the-money will tend to be called away more often than not.

Covered call strategies generally don't provide much downside protection either. They generally only outperform by the yield premium. During the COVID bear market 選擇權做Covered Call 與套利方式 of 2020, the S&P 500 fell more than 30%. Covered call strategies using the S&P 500 as their benchmark index did slightly better, but were still down 25-30% themselves.

The 選擇權做Covered Call 與套利方式 recent market environment, however, has shown how effective covered call strategies can be. They've hit that sweet spot of sideways market movement with low volatility and during the month of September alone have outperformed the indexes by nearly 2%. That's in addition to collecting a juicy double-digit annualized yield.

If you're looking to take a little risk off the table here and are enticed by the idea of adding a 10%+ yield to your portfolio, here are three covered call ETFs that will do just that.