True, the ETF has dropped by 20% and dividends were 17% if you had bought in May 2011 at $10 per share, but look at the market as a whole during that same period. A covered call strategy is extremely useful in a flat to falling market, which 2012 may very well turn out to be. Couple that with a DRIP and you have what could be a very lucrative ETF for the next 12 months
these are supposed to be good in a flat or falling market..better then the index..yet this thing is underperforming XIU with the dividends included by it looks like 3-4% a year .. so they the covered call strategy is not working as it should. in fact the NAV just seems to go down and never or barely recovers in uptrends in the market. Unless these guys start building NAV the divs will continue to go down and there will be a reverse split.. so far its been a bad idea to buy this for me.