I deleted my original post because I find options subs aren't friendly to newbies- and I had my answers.

I like how your brain works..you went right to "maybe this will work on high dividend stocks by nullifying underlying risk and keepind dividend." (I assume?) Kind of what got me thinking of doing this, if I can compliment both of us.

So after a lot of reading I will say that is a pretty good idea using high div stock to do that, but one definite risk (of eating into return, not real risk) is that deep ITM calls with high dividends are extremely likely to get assigned early, because traders want to claim the dividends for themselves and only way to do it is by exercising it. They can't just sell it at current "high" pre dividend price because of huge imbalance in buyers and sellers for deep itm calls...way more sellers.

There are supposely no good statistics available on this other than 10% of options are exercised early, but this scenario is so "ripe" for getting exercised that likely way higher.

So each time it gets assigned, which could in theory be before each monthly dividend, you would have to roll the whole thing immediately by bying the underlying and selling new call...any long gap and you are hurting your yearly dividends. And each time yoiu do this you are losing a half percent or more of underlying price because you have to sell that deep call at the low bid price for sure, due to market imbalance.

Also QYLD had much lower dividend yield a few years ago, so inconsistent, but with profits so high now this high level should continue so that's not a real risk.

Once last thing is that the deepest call is only like 55% of the money, so there is a lot of room to lose more in a real bad crash. So I would have to spend extra money on a put at that level, further eating into profits, or accept that risk, which I don't want to do since this is my totally save money- I have 50% in stocks and 50% in crappy cds.

But honestly with those high dividends this will probably be one of the stocks I try this on, and if it gets called a few weeks from now prior to first dividend, no big deal.