What Is the Main Risk Assumed by Selling a Covered Call in This Strategy?

The main risk is capping the potential upside profit on the underlying asset. By selling the call, the investor is obligated to sell the asset at the call's strike price if the price rises above it before expiration.

This means giving up any gains above that strike price. Since the call is "covered" by the long asset, there is no unlimited loss risk, only the opportunity cost of forgone profit.