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An In Depth Look at the New Covered Call ETFs

You did not mention the new ETN with a lower fee than other strategies(75bps):

The iPathSM CBOE S&P 500 BuyWrite IndexSM Exchange Traded Note (ETN) is expected to begin trading on the American Stock Exchange (AMEX) on or around May 23rd under the symbol "BWV". It will be the first ETN to offer investors cost-effective, tax-efficient exposure to the CBOE S&P 500 BuyWrite IndexSM. The index tracks the total return of a hypothetical "buy-write", or "covered call", strategy on the S&P 500® Index.

A buy-write strategy can help reduce losses from downside market performance in an equity portfolio. And now it’s as easy to implement as placing a single trade.

The new ETN will offer:

Risk reduction: Reduced volatility compared with the S&P 500® Index.
Ease of use: Exchange traded, eliminating the need to manually execute and manage a portfolio of stocks and options positions.
Tax advantage: Will not make taxable distributions, enabling investors to control the timing of taxable events related to their investment in the new iPath ETN.
All iPath ETNs offer:

Transparency
Cost efficiency
Tax efficiency
Daily exchange liquidity
Get the BWV Term Sheet and preliminary pricing supplement.