There are some new covered call bond ETFs, such as the HBND ETF which targets a 10%+ yield and writes call options on roughly 50% of its holdings.
The way this ETF is structured is that as interest rates, or even the expectation that interest rates rise, this ETF's monthly distributions will benefit. This is for two main reasons; 1) the yield on the underlying bond holdings will rise, and 2) rising yield means bond prices fall, which means the covered call portion of the ETF will benefit. In a rising yield scenario, the unit price of the ETF will likely be negatively impacted, however. In a declining or stagnating interest rate environment, this ETFs distributions will be the most at risk. The yield on the underlying bonds will decline, and the covered call portion will be negatively impacted (as bond prices rise).
If an investor feels that interest rates will continue to rise, then we feel this bond ETF can perform well, however, if an investor feels that rates will stagnate or decline, this ETF may see some capital appreciation, but its yield can be impacted.