Investors are desperate for income to maintain their standard of living against inflation, which makes funds like ETJ appealing.

Source: https://seekingalpha.com/article/4589806-etj-outperformed-s-and-p-500-last-year-failed-cover-distribution?source=feed_all_articles

Note how ETJ generally outperforms the S&P 500 in bear market years, but underperforms in bull market years because of its option hedging activities.

Source: https://seekingalpha.com/article/4655557-etj-good-way-to-invest-in-equities-with-reduced-risk?source=feed_all_articles

We have modelled above a 2-week collar for the SPY with the same characteristics as the ones ETJ currently exhibits: the written call is built around 12% out-of-the-money-ness, while the purchased put is at around 1% out of the money.

Source: https://seekingalpha.com/article/4567390-etj-equity-collar-cef-needs-re-tooling-hold?source=feed_all_articles