since I think USO is too low, and I am bullish on OIL. but in the long term I was contemplating a covered call. But since USO is a complex ETF and charges 0.5% fee plus what ever it does to reflect the price of OIL is hocus/pocus, I thought about a put spread play In my ROTH IRA, I sold jan 2010 25 to 15 spread for 320$. ie. 680 will get me 320 47% ROI.. .if USO falls I have protection from current price 33 to 22$. ie. 33% how would you rate this play.. IT IS a LEAP.. 1.1 year is a loong time for some of us. but that is what I like doing in my IRA. I think this is better than doing a covered call.