Covered call ETFs can definitely be vulnerable to cuts like these, maybe even more so than regular ETFs. We can't see the exact breakdown of the last two dividends just yet (until disclosed), but we see that most of the changes in the distributions come from eligible dividends, capital gains, and return of capital. We see that historically there has been a range of annual distributions. Typically, a reduction will stem from lower values of its securities (certainly a factor this year) and lower options premiums. Based on its holdings, not many of its security companies have actually reduced dividends.
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