They are similar in that they sell options to enhance income. O-day-to-expire options are simly shorter term option contracts. We think BUYING options these is ridiculous, and it is essentially a gamble or a coin toss. But selling them (as SDAY and others do) is a different scenarion, essentially taking advantage of gamblers. We are fine with this concept. Enhanced ETFs use leverage, so generally speaking this adds more risk and more potential. 0-day options are not necessarily 'more' risky but premiums decline if the timeframe to expiry declines. We would not call these ETFs particularly 'risky' though one has to be careful anytime there is leverage. Both styles are likely to lag straight equity ETFs though if the market goes on a long term rally. We think there is small place for them in a portfolio of an investor who really desires a higher income stream, and who understands the processes involved.
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