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The above examples are simple and theoretical, and use a snapshot of historical beta and yields, these factors are actually dynamic and change continuously.  Obviously yields will change with a change in price of the underlying ETF.  As the price of the ETF declines, the yield will go up if the dollar amount of the dividend remains the same.  Also worth noting is the fact that the dividend is earned over the entire year, so the portfolios losses would be larger than the year end figure, until all of the years dividend is received.  Also, these examples are free of taxes (IRA), trading costs, fees, etc.

Investing involves risk and you may lose money.  Positive returns cannot be guaranteed.  Historical betas of stocks and ETFs have no guarantee of actual, or future beta.  HYLBEs use options to derive a large portion of their distribution.  Options have unique risks, and all investors need to be aware of the unique risk of using options.  The HYLBEs have counterparty risks with their use of Exchange linked notes (ELN).  The counter party involved could default and cause unforeseen losses to the ETFs. The examples above are for educational purposes and are not a recommendation to buy or sell, any particular security.