Selling covered calls is generally not the optimum strategy when stocks are ripping higher. Nevertheless, the Madison Covered Call & Equity Strategy Fund (MCN - Get Report) is still a smart option in the current rally, said John Cole Scott, principal at Closed-End Fund Advisors. 'It has a much lower beta than the other closed-end funds (CEF) in the sector at around 0.5,' said Scott. 'So independent of the market it's less reactive should things go higher.' Scott also likes the CEF's nine percent discount to its net asset value (NAV) and its nine percent yield. CEFs generally do not continuously offer their shares for sale. Rather, they sell a fixed number of shares at one time in an initial public offering, after which the shares typically trade on a secondary market. The price of closed-end fund shares that trade on a secondary market after their initial public offering is determined by the market and may be greater or less than the shares' net asset value.