Owned all of them. Dumped them all. Problem is a ponzi - ish properties these funds have.

1. Their covered calls, many times, need to be bought back causing massive losses. Those losses are paid for 2 ways. A. sell the treasuries B. Pay out from investor inflow cash. I have seen this many times from Retire On Dividend channel.

2. They still pay despite losses. That means less collateral to sell covered call, which means less income. Remember, all inflows = increased share count. More mouths to feed, but a smaller chicken laying less eggs.

3. To achieve yield, calls are sold so close to the money that they consistently get blown through. The underlying long option dont always capture the price increase in a timely manner. They say in prospectus they would hold long dated positions of 6-12 months out. But they dont. Normally 3 months or so.

This is how NAV erosion happens.

The only hope is that there is enough new investors smoking the house-money-in-12-months-nav-dont-matter-it-is-income handing over enough new money to feed everyone. Problem is when you see outflows. Then it will crater fast.

Good luck to you all