EWA Australia iShares (EWA)

[Elmer Phud]

Someone tell me what I'm missing here:

EWA is near the low end of it's trading range.

At 3.75%, I can use margin to buy EWA @ 7 cents a share per month.

I can sell a July 22 Covered Call for ~35 cents, which is 5x the margin interest.

EWA pays a dividend late in June. Last year it was 25cents and it's been rising since the financial crisis.

So income of about 60 cents and interest charge of about 7 cents for an out of the money July $22 call.

This looks like a license to print money. What am I missing here?