Came across this ETF - [$SEMY \(GraniteShares YieldBOOST Semiconductor ETF\)](https://graniteshares.com/etfs/semy/).
> The GraniteShares YieldBOOSTTM Semiconductor ETF (“SEMY”) is designed to generate income through options1 strategies, primarily by selling put options2 on leveraged ETFs that track the 3x Long ICESEMI Daily ETF
So essentially, the ETF makes money by selling options against this semiconductor index. While the underlying continues to go down (-32.5% since Nov 18th, when it started trading), it has paid weekly [dividends](https://www.nasdaq.com/market-activity/etf/semy/dividend-history) consistently.
If I bought one share on its first trading day at $24.49, it would currently be worth $16.51 which is a loss of $7.98.
But the dividends paid so far total $10.78.
So a net gain of $2.80/share - or roughly a 10% gain on my one share (not account for taxes).
This seems to good to be true. What am I missing here?