After the REAL hoseshoe pickup, Rickenbacker had and still has the cheezy, plastic chrome cover over the neck pickup. Most people remove it right away. It's the same lame one they have had on the basses for as long as I can remember.
It is completely useless and serves no purpose. Mine was off as soon as I got it back in 1981.
There were some real horseshoe pickups on the first 4001V63's in the late 80's I think, but the ones now are just like the lame one in the Chris Squire model, that doesn't even sound like Chris' bass. They aren't magnetized fully around the entire thing and they are wound way too hot.
Sorry for hijacking, but Fender isn't the only one with covers..... that I don't find useful, because they aren't.
My opinion, of course..