With the goal of tapping into the popularity of high-yield investments, RBC recently launched an ETF that invests in Canadian dividend-paying companies—but with a covered call strategy. Meanwhile, we also look at an ETF focused on using leverage in bull markets but switching to short positions in bear markets. RBC CANADIAN DIVIDEND COVERED CALL ETF $20.07 (Toronto symbol RCDC) invests in large-cap, dividend-paying Canadian companies—and sells covered call options on its stock holdings. The ETF launched in January 2023 with an MER of 0.64%. It holds $7.0 million in assets. The fund’s current holdings include Royal Bank, TD Bank, Brookfield Corp. and Canadian National Railway. The RBC Canadian Dividend Covered Call ETF yields a high 6.8%. However, the dividend income that the fund receives from its own portfolio is insufficient to cover its distribution to its unitholders. To make up the difference, the ETF aims to raise its returns by writing call options on the portfolio’s securities. While the yield on this ETF looks attractive, the sale of…