I have a google alert set up to watch for the release of the iPath BuyWrite ETN that I have heard mentioned for the past year or so. It looks like iPath is getting ready to release it on May 22-23, since I got an alert, but at the same time, it is not listed on the iPath site directly! Gotta love automatic crawlers 
It looks to be pretty pricey, but you get the ETN structure. This is both good and bad.
Good: Perfect index tracking excluding fees (very good thing since this is following a derivatives strategy, which could have lots of tracking error due to wide spreads and not enough liquidity).
Bad: Taking on credit risk of Barclays
Leaked info sheet:
http://www.ipathetn.com/pdf/BWV_termsheet.pdf
Will trade under the symbol BWV. Priced every Thursday, Expense Ratio looks to be 0.75%
Does this sound normal for pricing structure?
 Quote:
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The investor fee is equal to 0.75% per year times the principal amount of your Securities times the index factor, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to (1) 0.75% times (2) the principal amount of your Securities times (3) the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by (4) 365.
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Is this how most expense ratios are calculated?
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