State Street Health Care Select Sector SPDR Premium Income ETF(AMEX:XLVI)

XLVI seeks current income while offering potential for long-term capital growth through a combination of equity investments and an options call strategy. The fund primarily invests in shares of XLV, an ETF that tracks a market cap-weighted index of S&P 500 health care companies, as classified by GICS. This includes industries such as pharmaceutical, health care technology, equipment and providers, biotech, and life sciences tools. The fund generates additional income by selling call options, which may include listed and FLEX options, with expiration dates of less than one year. Strike prices are set using option delta, which refers to the sensitivity of an option's value relative to changes in price, time, and volatility. The fund typically rolls the short option positions before expiration based on market and liquidity conditions. Additionally, the fund may hold options with different strike prices at any given time, directly invest in health care stocks, or utilize futures contracts.