Roger Nussbaum has a column on RealMoney today discussing buy write funds, which pursue a strategy of buying a diversified portfolio of common stock and selling calls against them. Since he first mentioned them, in September, they have lagged the market. His reason for owning them as part of a managed portfolio involves diversisfication, hoped for smoother returns than pure equity and a more predictable yield than bond funds. Whatever. Personally, I wouldn't want them. We concluded form the extensive discussion here previously that the strategy does not add value, as premiums discount future volatility. He mentions the proliferation of such funds as an obvious problem. I am wondering if the pros out there have noticed any impact from these funds. I read separately that buy write is the favorite retail options strategy. I'm not suggesting these funds are behind the collapse in VIX, but certainly this much selling pressure should have an effect.