Opinions Larry Berman CFA, CMT, CTA
Hamilton US Equity Yield Maximizer ETFSMAX.TOBUYApr 27, 2026
Larry Berman CFA, CMT, CTAStock price when the opinion was issued
As of Jun 08, 2026. Market Open.
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Investor is holding HDIV, ZWC, SMAX, and ZEB. By holding all of these, it looks as though you're diversified but you're just duplicating a lot of the strategies.
Likes HDIV a lot for yield-seeking investors. A nice strategy, and you probably don't need a whole lot beyond that.
The closer you write your option to the money, the higher your premium will be. That's the basic definition of an options strategy. But you're going to get no capital gain. It's a very tax-efficient strategy. If you're looking for high income and no growth, some of these ETFs are really good choices. Overall, he likes these strategies as ways to get income from the markets.
Believes they write only a part of the underlying at the money. Some of the ETFs have a bit of leverage, so you need to investigate. Again, don't just look at the yield and jump on it. In some markets the yield will help. In others, it will really hurt your total return as opposed to owning something without the options embedded.
Mag 7 names with option strategies for income. All these new covered call strategies are designed for investors looking for more income, but you give up a lot of upside. Likes the tax-efficiency of them all; foreign income comes in as a capital gain.
But if you're using it in your TFSA, you're missing out on that benefit completely (though it would still work there). Ideally suited for taxable accounts.
If you're taking market risk, why wouldn't you want the most total return possible? You can generate income from your TFSA simply by withdrawing funds, and there are no tax implications. You don't need the underlying fund to have income in it.