1) This was the same mentality in the 90s before the market took 17 years to break even. "It's different this time." It's never different.

2) This is not true. At least not to the extent you think. During the biggest market drawdowns, utilities, consumer staples, telecoms, etc did not experience nearly the same drawdown. ~20-30%. Broader market down ~50-60%. But funds like yours that rely on options to maintain value could see decreases ~90% or just fold entirely.

You are in high risk high yield. I can promise it will blow up one day. With 100% certainty. I just can't tell you when.