KODEX 200 Target Weekly Covered Call (498400) 🔎 In-depth
Samsung Asset Management · Equity · Korea · Covered call · Income · Price 2026-08-06 · Analysis 2026-07-14
A 'covered call' ETF that holds the large caps in the KOSPI 200 as they are, while selling a small amount of weekly-expiring call options on top of them each week to capture the option premium (the extra payment). It lets you enjoy some of the stocks' upside while paying out a distribution each month from the money received by selling options, making it an income (cash-flow) product.
This page organises public pricing and fund data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Fees and distributions follow the manager's official disclosures and may change. Please verify with the fund manager's own materials and decide at your own responsibility.
Price as of 2026-08-06 close
USD values (market cap, AUM, turnover) are converted from KRW at ₩1,423.5 per US$ (2026-08-07); won figures are as reported. Market cap is listed units × market price, while AUM is the fund's net asset value — the two are close but not identical.
Returns & tracking as of 2026-08-06
| Period | ETF (NAV) | Index |
|---|---|---|
| 1M | -20.61% | -19.50% |
| 3M | -18.22% | -14.73% |
| 6M | +15.44% | +25.86% |
| 1Y | +68.84% | +102.07% |
This ETF pays regular distributions. The returns and max drawdown above are on a NAV (price) basis, distributions not reinvested, so actual total return is higher and the drawdown smaller than shown; excess return and tracking error are omitted for that reason. Source: data.go.kr securities market-price API.
Fees & distributions
Fees prior fiscal year · Samsung Asset Mgmt official disclosure(2026-06)
Distributions Source: Samsung Asset Mgmt distribution notice(2026-06)
Distributions vary with fund performance; paying out more than income can reduce principal.
Understanding this ETF
The benchmark index is the 'KOSPI 200 Target 15% Weekly Covered Call Index.' The base is the KOSPI 200, made up of Korea's 200 representative large caps, and the index is built by overlaying on it a strategy of selling KOSPI 200 call options that expire each week. 'Target 15%' means it aims for the premium received from selling options to be around 15% per year.
As a domestic asset, there is no currency effect. The core of its movement runs along two lines. First, it rises when the KOSPI 200 stocks it holds rise and falls when they fall. Second, the premium received from selling call options each week accrues as steady cash income and acts as a cushion during declines. In exchange, to the extent it has sold call options, the upside is cut off at a certain level when the index rises sharply. As a result, in a strong bull market it structurally rises less than simply holding the KOSPI 200.
It suits investors who prefer 'steady monthly cash flow over large gains.' Option premium is especially effective in a market that moves sideways or rises and falls gently, while its weakness is that it cannot fully keep up with the upside in a surging market. One reason products of this type draw attention is that gains from domestic derivatives (options) are not separately taxed. That said, the option premium does not guarantee a set return, and if share prices fall sharply, principal can shrink along with them even with a distribution.
In the first half of 2026, Korean equities were led by large-cap semiconductor stocks, with the KOSPI rising strongly, then going through a sharp correction in early July before rebounding, so fluctuations were large. In such a choppy market with frequent ups and downs, a covered-call structure that repeatedly collects option premium tends to work relatively favorably. Conversely, in a phase where semiconductors surge strongly again, it pays the price of capped upside.
In a nutshell, it is an ETF that holds KOSPI large caps and sells a small amount of options each week to make 'monthly pocket money.' In exchange, when the market shoots up it cannot capture that rise all the way to the end.
Composition
Because the base is the KOSPI 200, the tilt toward the very top market-cap large caps such as Samsung Electronics and SK Hynix is reflected as is. Recently the KOSPI has been so top-heavy that the combined weight of the two semiconductor names exceeds half, and this ETF's equity portion has the same character. However, because it uses a 'partial-cover' method that sells call options on only part of the assets rather than overlaying options on the entire portfolio, it leaves some room to follow part of the upside when the index rises.
Classification
Notes & cautions
- Because of the covered-call structure, in a strong bull market its return is capped compared with simply holding the KOSPI 200.
- The distribution (paid monthly) comes from option premium and dividends, and a preset amount is not guaranteed.
- In a falling market the premium acts as a cushion but does not prevent the loss itself.
ETF terms explained
Korea FSC securities market-price API (data.go.kr) · ETF classification & tagging: our own descriptive categorization
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