BarCap launches buy-write ETN

Barclays Capital has created a new iPath exchange-traded note (ETN) linked to the Chicago Board Options Exchange (CBOE) S&P 500 BuyWrite Index.

The index tracks the performance of a hypothetical buy-write strategy where the investor buys the S&P 500 Index and simultaneously sells a one-month call option on the same underlying with a pre-determined strike price. The ETN trades on the American Stock Exchange.

Buy-write strategies have been popular in recent years because of the rising low-volatility market. “The covered call strategy is nothing new really. It’s been in existence for a long time. But for the past three years, there’s been

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