I have done a few options trades, but I'm definitely a beginner and I may be completely off, so bear with me. I am trying to get my head around something and was hoping someone could shed some light. Suppose I want to set up the lowest risk strategy options with covered calls. For example, buy SPY and at the same write a very ITM call (e.g. -8% strike or even lower). In the week of expiration I would roll the call by buying the call and writing another deep ITM (same 8% strike below current SPY price) regardless if underlying went up or down, so I could have a debit to roll. If SPY goes down by say 7% I would roll it to a further lower strike or the opposite if it goes up. The return would be whatever theta I collect over the period and I would sort of "lock" the underlying, and the end-result would be a fixed income that should be relatively stable (or not?). There could be an early exercise and that would be fine because I would collect the remaining theta right away, buy the stock at current price and write another deep ITM call. The objective would be a low risk strategy where my return would be the theta decay of the period only. Is there something wrong with this strategy? If not, what kind of return could I expect on 1 year? If I am completely off, an explanation why would be great.