BANK ETF from. Evolve

It is a fairly typical covered call fund. One that tries to utilize leverage to offset the impacts of covered calls.

I've attached an image of CEW versus BANK. CEW is a Bank and Lifeco fund that doesn't contain covered calls. You can see it has outperformed BANK by quite a bit. The overall makeup is a BIT different, but not all that much.

I'm actually surprised by the outperformance of CEW, especially considering BANK is leveraged. You're taking on more risk owning BANK, while capping your upside due to the covered calls.