Q: I have another question on these covered call style funds. If the underlying stock rises and the 'at the money' option is exercised and the stock is sold, do the funds have to rebuy equivalent stock?

Or is part of the risk profile that they may be paying out some of the increase in NAV as monthly dividends and the NAV will then decrease over time (or at least the # of shares will decrease).

Q: Love what you do.
Can you compare these two ETF's for income i'm setting up a portfolio for my wife

Q: Can you go over your thoughts (other than sector differences) between these 2 types of products. I know they both use covered calls to generate additional income and that one is a split share.

Would a product like umax typically keep its payments at some level more consistently (as there is no preferred share to protect)? Is the upside (downside) potential higher on the split?

That is what I am thinking are the main differences but wondering if there are any other differences in how you see them.

If one was lookig at a swap from FTN to umax to keep a similar yield and lower leverage risk is that a reasonable view?