With this ETF you are basically buying the DOW.....and at a record high...

True you get income from the calls, but if the DOW "corrects" (as you predict) then you are going along for the ride down...
It would be nice to hear an alternative defensive solution for risk averse investors (who would be happy with 5% income).

Maybe a  combination of corporate bonds and preferred shares...
This gives you balanced interest rate risk, and maybe 4-5% income.
Maybe even by way of some BMO ETF's  :)