Synthetics vs Outright Ownership

Hi all, so I've been 'experimenting' with options over the past 12 months and it's been interesting to say the least. I'm glad to say I was lucky enough to find the Reddit post on OPEN before it gained traction and managed to turn a measly $300 into $5k, which was exciting. Since then, I've lost on most of my option buys but gained a lot more on selling options.

My strategy going into 2026 is to sell CC's on BMNR (1000 shares) and SoFi (1000 shares) to generate a somewhat consistent income stream. I've also recently discovered the concept of Synthetic stocks. I'm currently holding Synthetics on META, AVGO, FVRR, AMZN, UBER and QCOM (Jan 27 expiry). I plan to sell weekly CC's to offset the cost of buying the calls should things not go in my favour directionally

My question is to anyone who has successfully or otherwise traded Synthetics. I understand the leverage risks but I have enough of a cash balance to cover the cost of all the stocks, should they be assigned, without using any margin. I'll be using this unencumbered cash to wheel SPY 0DTE to see if I can beat the average yearly S&P return.

I appreciate this is a fairly high risk play but I rarely see anyone talking about Synthetics on this thread and worry I've missed something fundamental.