low-fee no-cover-call sleeve inside IMAX.
IEFA is used as the low-fee international developed-market sleeve with no covered calls in IMAX.
IEFA is included because it carries the lowest fee for an international developed-markets ETF, stated as about seven basis points. In IMAX, that sleeve is held without covered calls, while the covered-call overlay is done on the more options-liquid EFA sleeve.
"NEW Hamilton Covered Call ETFs: IMAX & CMAX | International Stocks + Income"