Who has been trading/holding BITO? What is the strategy?

I jumped into BITO in late July and bought a few shares. Seems pretty profitable by paying dividends every month. By watching the charts every so often seeming like there is more of a strategy then just buying and holding for profits. What I am seeing is that the price goes up all month then a day or two before the dividend payout there is a sell-off. Dropping the price. Then about 3 days after payout the price starts coming back up. This cycle continues every month.

I am still new to dividend investing so I have a few questions.

How long do you have to hold before you can get the dividend? Can you hold till a few days before payout and sell and still get your full dividend? And make money on the sell and the dividend?

Just was wondering if someone is seeing the same cycle.