If stocks move like a random walk and you cannot time pricing for optimal gains over the long term. Doesn't it make sense to sell ATM puts on the index ETF (front month) VS buying the stock on the spot and get some compensation for the risk of holding stock. And sell ATM calls at the price you want to sell as well for the index ETF? My experimental portfolio YTD shows a +4.79% return VS the S&P annual return of -0.98% The theory seems to work in practice so far. VS just someone who buys the stock and holds it.