Complete Comparison of 3 Korea-Listed NASDAQ100 Covered Call ETFs - Tiger vs Kodex vs Rise

🎯 Why NASDAQ Covered Call ETFs?

While Korean stock covered call ETFs are popular for tax benefits, diversification is essential in monthly dividend ETF investing. Investing in S&P 500 and NASDAQ covered call ETFs alongside KOSPI 200 is advantageous for risk diversification and mid-to-long-term growth potential.

📊 Three ETFs Compared

ETF	Manager	Listed	Total Fee
Tiger US NASDAQ100 Target Daily Covered Call	Mirae Asset	2024.06.25	0.25%
Kodex US NASDAQ100 Daily Covered Call OTM	Samsung	2024.07	0.25%
Rise US Tech100 Daily Fixed Covered Call	KB	2024.08	0.25%

All three ETFs offer NASDAQ100 upside participation + expected 15%+ annual monthly dividends.

💡 Key Difference: Option Strategy

The biggest difference lies in their option strategies.

Tiger: Target Strategy (Flexible)

• Goal: Secure 15% annual option premium
• Option sell ratio: 0-100% (average 10-15%)
• NASDAQ upside participation: ~85-90%
• Feature: Auto-adjusts sell ratio based on volatility

Kodex: OTM Strategy (1% Out-of-Money)

• Option type: 1% OTM (strike 1% above current price)
• NASDAQ upside participation: 100% if daily gain under 1%
• Feature: No additional gains beyond 1% rise

Rise: Fixed Strategy (10% Fixed)

• Option sell ratio: Fixed at 10%
• NASDAQ upside participation: ~90%
• Feature: Consistent strategy, predictable

📈 Real Return Scenarios

Scenario 1: NASDAQ +0.7%

ETF	Calculation	Return
Tiger	0.7% × 85%	0.595%
Kodex	Under 1%, full amount	0.7%
Rise	0.7% × 90%	0.63%

→ Kodex wins

Scenario 2: NASDAQ +2%

ETF	Calculation	Return
Tiger	2% × 85%	1.7%
Kodex	Max 1% only	1.0%
Rise	2% × 90%	1.8%

→ Rise/Tiger wins

🔥 2025 Performance Reveals All

This year, performance differences became stark.

April 2025 Rally Example:

• April 9: NASDAQ100 surged 12% in one day
• Kodex: Maximum 1% gain
• Tiger/Rise: ~10%+ gains

When daily gains exceed 1% frequently, Tiger and Rise dramatically outperform.

💰 Distribution Comparison

Tiger

• Target distribution: 15% annually
• Stable ~1.5% monthly payouts
• Funded by 15% target option sales

Kodex

• Distribution cap: 20% annually
• Excess reinvested
• ~1.5-1.7% monthly

Rise

• Distribution cap: Not specified
• Most option premium distributed
• High volatility months: 3%+ monthly possible (36% annualized)
• Low volatility months: 1.5-1.8% monthly

⚠️ Investment Considerations

1. No absolute winner: Advantages shift with market conditions
2. During volatile swings: Tiger/Rise favorable
3. During gradual uptrends: Kodex favorable
4. Volatility and distributions: Rise distributions vary with volatility

📝 Conclusion: How to Invest?

Don't pick just one. We recommend flexibly utilizing at least 2 ETFs based on market conditions.

• Volatile swing markets → Increase Tiger/Rise weight
• Gradual trend markets → Increase Kodex weight

Monthly dividends aren't just about tax savings. Build a portfolio considering risk diversification and long-term growth. 🙏