Really interesting stuff - combining the power of altered return distributions using options w/ ETFs is a win/win for investors. Will be checking this out.
Options can be really nice booster of your long term returns as well as great insurance instrument. But they can also be very risky if you have no clue what are you doing.
You should actually learn more about covered calls, they don't protect your downside, you get a bit of income from call premiums but also give away much of the market upside for that income. Not worth it IMO, much better ways to hedge a portfolio while retaining upside.
