JEPQ Dividend Sustainability

Reviewing JEPQ after seeing a few mentions on Reddit.

Obvious that the dividends are frequent, and relatively high yielding. Being a new-ish security introduced in 2022(?), I have some thoughts/questions about how JEPQ can sustain the high yield.

Less familar with the mechanics - my understanding is OTM options contracts are basicallg of the JEPQ money making model. (I don't dabble in options, hence some of my questions)

1. Is the model expected to succeed/fail in certain type of market condition (bull v. bear)

2. Is NAV expected to expand, contract, or remain stable?

3. Any other outside factors, either positive tailwinds or negative headwinds in the future?

Posing this as open dialogue as we all try to make as much money as possible :)