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Recent events show that the funds largely deliver on that promise -- though it comes at a heavy price in terms of missed returns.Covered-call funds own a portfolio of stocks, then sell out-of-the money call options -- those with a strike price higher than the market price of the underlying stock -- on those stocks to collect premium income.Those trade-offs have proved attractive. So far this year, investors have poured a net $3.9 billion into the JPMorgan Equity Premium Income exchange-traded fund, often called by its ticker symbol JEPI. The $40 billion fund, which is the largest active ETF, owns a portfolio of large-cap U.S. stocks and sells S&P 500 call options. JEPI currently boasts an eye-popping annualized yield of 11%.Since then, however, the tables have turned. 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