Why options is a necessary evil

The use of options can be as conservative as stocks, or in the mindset of an aggressive man, as dangerous as dynamites. I think of them as ceramic knifes-- awfully sharp, but if you use them as leveraged instruments, you can be undone very quickly. I have a small amount of Tracker Fund (2800.HK) positions acquired since Oct 2022. 

The details as follows: 6000 shares of Tracker Fund, total cost = 17979 HKD 

These positions are acquired incrementally, so the amount of dividends, since the first share was acquired, was a paltry 1840 HKD.

In terms of capital gains, there were... almost none. The Tracker Fund has gone nowhere for a long, long time. 

The use of options to increase position (selling puts, "insurance") or selling calls, brought in a total of 6826.73. That is a return of 38% over the course of a year or so of options selling.

Caveat: Firstly, income strategies with options will perform far worse than directional strategies (i.e. capital gain). But in a sideways market, income strategies are beautiful.

Selling options on Tracker Fund is not attractive because:
a) It has very little volatility (reflective of its price movement)

b) liquidity is poor, and there aren't too many different strike prices (think in 50 cents increments, such as 16.00, 16.50, 17.00).

With the upsurge in prices in recent days, my Tracker Fund positions will be called away (I was selling covered calls on all of them).  I would probably move on to other stocks or to utilize directional strategies (since it has low volatility, it is better to be a buyer of options).