BFred is neutral on the market and owns 200 shares of the ETF trading with the ticker symbol 'SPY' (this is an ETF that mirrors the S&P 500 index). Currently, the price of SPY is $326.78.

Based on his outlook, BFred decides to use the covered call strategy to enhance his profits. Currently, a call option with a strike price of $330 expiring on October 16 trades for $10.78.If the price of SPY is $330.78 on October 16, how muchextra(holding period) return did BFred make when compared to just holding the shares without executing the covered call strategy? (I.e. what is is thedifferencebetween the return with the covered call strategy and the return without the covered call strategy?) Answer as a percentage. There are no trading costs.