Evolve NASDAQ Tech Enhanced Yld Indx Fnd ETF (QQQY.TO)

No matter the product, you don't earn the yield, you earn the total return. In most of them, your capital is being eroded. The distribution may be 12-17%, but that's not the total return. 

So his caveat is that you really understand the total return you're getting. Even though they're distributing a lot of yield, you'll see the price on the chart go down over time.

They're intended to be tax-efficient income, and he likes them from that perspective. So they make a lot of sense in a taxable account, especially if you're cautious or income-oriented. In a registered account if you're bullish on something, you don't need the covered calls. You just want to be long the underlying security, as you'll get better upside performance.

You earn the total return, not the yield. Understand this as a caveat. Are intended to be tax-efficient income, which he likes. These make sense in a taxable account. But you don't need covered calls in a sheltered account. 

If you want to boost your portfolio, he wouldn't use a covered call to do it, because it caps your upside. The yield is around 15%, but how much of this is capital gains and what are the tax implications?

Owning the NASDAQ in Canadian dollars, and overlaying a covered call strategy to give a pretty nice dividend yield. Looking back over 3 years, you get a better total return just owning the NASDAQ 100 index. But if you need the income, it makes sense.