The key difference between ETFs with covered call overlays and those with only the underlying holdings, is the presence of call options, which are written to cover a portion of a portfolio of underlying equities to enhance yield.
The premium these options provide allow investors to receive a higher yield than would otherwise be possible with a group of stocks, but acts as an upper ceiling on capital appreciation, effectively, eliminating and investors total return upside in a bullish market.
This is the key here with the stock market so beaten up should utilities make a significant advance higher, a good chunk of the upside investors would have received would effectively be cut, reducing one's total expected return, if one believes a market turnaround is on the horizon.
In my view, the risk of losing out on upside (the whole reason to invest in a beaten up market) far outweighs the additional premium one would receive from writing call options right now. So I would encourage investors to steer clear of this particular ETF, and perhaps focus on an ETF like XUT (similar holdings without the covered call overlay).