Do you remember the first cell phone? The first public cell phone call was made about 35 years ago, in 1973. While the basic concept is still the same, the first cell phone pales in comparison to today's high tech gadgets.
The first U.S. ETF (the S&P 500 SPDRs) was launched in 1993. Unlike the first cell phone, this ETF, albeit simple and straightforward, still remains the most popular ETF around and serves as a benchmark for other ETFs.
We've gotten used to the fact that ETFs allow essentially everyone to invest in equity, fixed income, real estate, commodities, etc. The newest breed of ETFs also offers exposure to sophisticated investment strategies such as the buy/write or 130/30 strategy.
The buy/write or covered call strategy (without going to munch into detail) involves selling call options on securities you already own. The premium received for the call options enhances the overall return. This strategy works well in a flat or down market.