ZPAY for secure income, minimum risk

ZPAY is a fairly new ETF offering from BMO. It is a little more complex than the numerous covered call ETFs which are also intended for investors looking for income. I like ZPAY a lot more than the covered call ETFs in that there is very little in the way of return of capital which makes it suitable for both registered and non registered accounts. Since the fund only writes calls for half of the holdings, it leaves room for some upside potential. The one thing that I am struggling with is trying to figure out the risk of writing puts in a down market. Can this fund end up with holding a lot more equities than by design which would significantly elevate its risk profile? BMO rates this fund low-medium risk which is actually less risky than the rating for the covered call ETFs. This is the white paper explaining the mechanics of how the fund operates. I would interested in some feedback on the suitability of this fund in meeting the secure income, minimum risk objective.

https://www.bmogamhub.com/system/files/ ... epaper.pdf