As I mentioned above, I'm primarily using leveraged ETFs at this point. The premiums for the covered calls are very nice (due to the inherent higher volatility of the leveraged ETF), and I'm planning to start writing some shortly. I'm also considering buying a protective put so I have some insurance if the ETF stages a healthy pullback. Even with the cost of the puts, I can clear about 5% a month from the premiums, plus any gains if the ETF reaches the strike price for the call. Thoughts?