Using margin to sell cover calls against S&P 500 ETF

Anyone thought about buying a S&P 500 ETF and selling cover calls against it? There are a few ETFs such a JEPI that already do this. But what about if you use margin? That way you can sell weekly calls further out, reduce the chance of getting called and benefit from the index movement as well.

One downstairs of cover call is it limits the upside. But adding margin if it’s cheap let’s you ride the index.

Say you never get call then this might add 2-5% performance annually. Which can compound a lot overtime.

Hope to hear your thoughts. Cheers.