Originally Posted by Gunfighter

The two strategies have nearly identical outcomes. There may be some limited arbitrage opportunity, but traders keep the options premiums very close. The commission efficiency by writing out of the money naked puts (one option sale) vs in the money covered calls (buy stock, sell call, sell stock) may give you a slight edge. The interest earned by keeping cash in your account vs buying the stock is negligible at today's interest rates. The opposite is true if you are looking at out of the money covered calls vs in the money puts when looking at trading cost efficiency.

I too wish we could sell cash secured naked puts.