The high dividend exchange-traded fund (ETF), managed by U.S. asset manager Ildmax, was found to have defended Tesla's stock price decline by just 3 percentage points this year.

On the other hand, the Palantir Covered Call ETF missed the Palantir gain by 24 percentage points.

The high dividend exchange-traded fund (ETF), managed by U.S. asset manager Ildmax, was found to have defended Tesla's stock price decline by just 3 percentage points this year. On the other hand, the Palantir Covered Call ETF missed the Palantir gain by 24 percentage points.

As of the 25th (local time), Tesla fell 24.87% from the beginning of the year.

During the same period, the return on total return (reinvestment of dividends) of "Yieldmax Tesla Option Income Strategy (TSLY)" was minus 21.06%. Considering the taxation of dividend income, it is analyzed that TSLY investors have hardly defended the decline in stock prices.

TSLY pays investors a 100% annual dividend based on the Tesla call option selling premium. However, the "bottom buffer effect" was minimal as TSLY's stock price itself fell 38% this year.

The total return on "Yieldmax Palantir Option Income Strategy (PLTY), which uses the same product structure, recorded 25.92% this year. During the same period, Palantir rose about 50%, about twice as high as PLTY.

During the same period, the total return on "Yieldmax MSTR Income Strategy (MSTY)" was 16.71%, which was below this year's return of 22.9% on MSTR (Strategy).

The characteristics of covered call ETFs, which give up excess gains when stock prices rise above a certain amount, have been revealed.

Some products recorded a higher rate of decline than underlying assets. "Yieldmax Coin Option Income Strategy (CONY), which has the highest amount of Seohak Ant storage among Yieldmax ETFs, fell 19.13% under the same conditions. Coinbase shares, however, fell 18.49% to beat CONY.

The "Yieldmax Nvidia Option Income Strategy (NVDY)" also had a negative 21.48% return on total return compared to the beginning of the year, surpassing the Nvidia decline (-19.73%).

It is pointed out that investors in the Ildmax high dividend ETF will fail to defend against the downside and miss the upside profit significantly.

U.S. investment media Seeking Alpha criticized, "Ildmax's high dividend ETFs such as TSLY use high dividends as a trap," adding, "In fact, most of the profits are missed when stock prices rise, and even when they fall, they fail to offset losses."

Analysts say this is because unsustainable management strategies such as deducting investment principal are used to raise excessively high dividend funds.

An official from the financial investment industry pointed out, "Yieldmax's covered call ETF is not suitable for the dividend reinvestment method as the investment principal may fall more than the dividend."