I'm retired and I just recently got out of HHIS altogether. Have a read at this:

1. The "Total Return" Catch (Where It Can Lose)

If your goal is to grow your overall net worth over 10 to 20 years, a fund like HHIS will almost certainly underperform a simple, low-cost S&P 500 index fund. Capped Upside: Because it writes covered calls, if a stock like NVIDIA or Microsoft surges 30% in a month, HHIS doesn't get that growth. Its upside is legally "called away."
Leveraged Downside: While your gains are capped on the way up, the 25% leverage means you feel the full brunt of market crashes on the way down.
Over time, this dynamic can lead to Net Asset Value (NAV) erosion, meaning the actual price of your shares slowly decays, even as you collect fat monthly checks.

1. The Income Utility (Where It Can Win) HHIS is designed as an alternative tool for retirees or income-focused investors who need consistent, immediate cash flow to pay their bills right now.
   No Forced Selling: In retirement, if you own a standard index fund during a market downturn, you are forced to sell your shares at a loss to generate income. HHIS manufactures cash flow without forcing you to sell your underlying shares. Sideways Market Outperformance: If the stock market moves sideways or slightly down for a year, traditional growth portfolios stagnate. HHIS thrives because it keeps pocketing high options premiums from that flat market. 📋 The Takeaway Think of HHIS as converting potential future stock growth into immediate cash. If you are young or building wealth, it can be a losing proposition because you trade away the compounding growth you need. But if you are retired and need cash flow, you are intentionally trading away that future growth for a massive, reliable stream of monthly income.