Auteur

Jonathan Hobbs, CFA

Date

23 Apr 2026

Catégorie

Market Insights

How Our Tesla Options ETP Performed Under Two Strategies

Votre capital est exposé à un risque si vous investissez. Vous pouvez perdre la totalité de votre investissement. Veuillez consulter l’avertissement complet sur les risques ici

TSLI Tesla options ETP performance covered call vs cash-secured put

Tesla just reported earnings. So, now would be a good time to gauge the performance of our IncomeShares Tesla Options ETP (TSLI, which trades in USD). This article compares TSLI under two separate strategies: the covered call and cash-secured put plus equity.

All data is from Bloomberg. Total returns assume reinvested income.

TSLI with a covered call strategy

TSLI launched in July 2024 on the London Stock Exchange with a covered call strategy. This was a natural starting point for launching one of Europe's first single-stock options income ETPs. Covered calls are one of the most established options income approaches, and more "vanilla" than other strategies.

The covered call strategy had two parts: it held Tesla shares, and sold call options on those shares. Each week, TSLI collected fees for selling the calls – known as premiums. TSLI aimed to pay these premiums out to investors as monthly income.

A call option has a strike price – the level at which the buyer has the right to buy Tesla shares. If Tesla stayed below the strike price, the call expired unused, and TSLI kept the premium.

If Tesla rose above the strike, TSLI had to sell shares at the strike price. It still kept the premium, but it gave up any stock gains above the strike. That capped the upside when Tesla rallied hard.

The chart below shows the total returns of TSLI (orange) against Tesla stock (black) under the covered call strategy. That ran from launch (24 July 2024) until 1 August 2025.

IncomeShares Tesla Options ETP covered call performance vs Tesla stock – total return chart and risk stats

Tesla returned 22.83% over this time, while TSLI returned just 5.95%. Tesla rallied strongly at times, and the upside cap limited how much TSLI could gain.

TSLI was less volatile, though. Its daily standard deviation – a measure of daily price swings – was 3.01%, against 4.51% for Tesla. TSLI's max drawdown – the biggest peak-to-trough loss during the period – was -40.88%, compared to -53.77% for Tesla.

On a risk-adjusted basis, TSLI still lagged Tesla. Its annualised Sharpe ratio – a measure of return relative to risk – was 0.28, against 0.57 for Tesla.

TSLI with cash-secured put plus equity

In August 2025, we switched TSLI to a cash-secured put plus equity strategy. We believe this may suit single stocks better than the original covered call. Single stocks can move a lot on earnings or news – and the new strategy may capture more of that upside potential.

This strategy also has two parts. TSLI holds about 25% of its value in Tesla shares, and sells put options on the rest.

A put option gives the buyer the right to sell Tesla stock at a set strike price. TSLI collects a premium upfront for each put sold.

If Tesla rises, the put options may expire unused and TSLI keeps the premium. The 25% in Tesla shares may also gain value. Unlike a covered call, there's no strike price capping how much those shares can gain.

If Tesla falls, TSLI may need to buy more shares at the strike price. The premium collected upfront can help offset some of that cost.

The chart below shows the total returns of TSLI (orange) against Tesla stock (black) under the new strategy. Our data runs through Friday 1 August 2025 under the old covered call. For the cash-secured put plus equity, it runs from Monday 4 August 2025 to 31 March 2026

IncomeShares Tesla Options ETP cash-secured put plus equity performance vs Tesla stock – total return chart and risk stats

TSLI returned 41.12% over this period, while Tesla returned 20.21%. TSLI beat the stock and paid income along the way.

TSLI was also less volatile. Its daily standard deviation was 2.00%, against 2.61% for Tesla. TSLI's max drawdown was -20.07%, compared to -27.48% for Tesla.

On a risk-adjusted basis, TSLI also came out ahead. Its annualised Sharpe ratio was 1.63, against 0.77 for Tesla.

A few caveats to keep in mind

The two periods cover different lengths of time, and Tesla also traded differently under each one. Under the covered call, Tesla had a deep drawdown and a big rally – which hurt TSLI's relative return. Under the new strategy, Tesla was more steady – which may have helped TSLI's numbers.

A different market could produce different results.

Three things to remember

  • Under a covered call (July 2024 to August 2025), TSLI returned 5.95%. Tesla returned 22.83%.

  • Under cash-secured put plus equity (August 2025 to March 2026), TSLI returned 41.12%. Tesla returned 20.21%.

  • The two periods had different market conditions. Past performance is not a reliable indicator of future results.

Votre capital est exposé à un risque si vous investissez. Vous pouvez perdre la totalité de votre investissement. Veuillez consulter l’avertissement complet sur les risques ici

Produits associé:

Stratégie

Option de vente couverte par liquidités (cash) + actions

Rendement des distributions

41.60%

Stratégie

Option de vente couverte par liquidités + actions

Rendement des distributions

74.92%

Stratégie

Basket of Income-generating ETPs

Rendement des distributions

32.24%

Il s’agit d’une communication marketing. Veuillez vous référer au prospectus des ETPs et au DICI avant de prendre toute décision d’investissement. Cette information provient d’Investium Limited, qui a été nommé distributeur des produits Leverage Shares en Europe par Leverage Shares Management Company Limited (le « Arrangeur »). Investium Limited, dont l’adresse enregistrée est 6 Nikou Georgiou Street, Bureau 302, 1095 Nicosie Chypre, est un prestataire de services financiers réglementé par la Cyprus Securities and Exchange Commission (CySEC). Les informations sont destinées à fournir uniquement des informations générales et préliminaires aux investisseurs et ne doivent pas être interprétées comme des conseils en investissement, juridiques ou fiscaux. Investium Limited et l’Arrangeur (désignés ensemble « Leverage Shares ») n’assument aucune responsabilité quant à toute décision d’investissement, de désinvestissement ou de conservation prise par l’investisseur sur la base de ces informations. Les opinions exprimées sont celles de l’auteur (ou des auteurs), mais pas nécessairement celles de Leverage Shares. Les opinions sont valables à la date de publication et sont susceptibles d’être modifiées selon l’évolution des marchés. Certaines déclarations contenues dans ce document peuvent constituer des prévisions, des projections ou d’autres déclarations prospectives qui ne reflètent pas les résultats réels. Les informations fournies par des sources tierces sont considérées comme fiables mais n’ont pas été vérifiées indépendamment quant à leur exactitude ou leur exhaustivité et ne peuvent être garanties. Toutes les informations sur la performance sont basées sur des données historiques et ne préjugent pas des rendements futurs. Investir comporte des risques, y compris la perte possible du capital investi. Aucun élément de ce document ne peut être reproduit sous quelque forme que ce soit, ni mentionné dans une autre publication, sans l’autorisation écrite expresse de Leverage Shares.

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