Two weeks ago, ALPS launched a new ETF that sells 60-day listed put options on 20 of the largest high-volatility stocks (HVPW).

Every 60 days, it will distribute 1.5% of its net assets to investors.

According to their prospectus, the options will be sold against 3-month US Treasury bills to cover their asses when options get exercised.

It also has an expense ratio of 0.95%, compared to the industry average of 0.44% for ETFs and 0.74% for index funds.

How much longer until ETFs get rebranded as hedge funds for the masses? Anyway, this should be fun to watch.