ETFs can often make for effective covered call trades because the price tends to be more stable than single stocks. In the case of SPDR S&P Metals & Mining ETF (XME), the stock has been range bound for much of the last six months. From a block trade we saw last week, a trader is likely utilizing the relative consistency of the price action to increase cash flow while holding XME shares. This trader executed a 5,000 lot of covered calls that expire in just over a month.