Same difference. If I buy during a secondary, the price movement to just prior to x div is the same as holding through x-div. In the latter you have a stock worth approx. what you paid for it plus a div. In the former you have a stock that you bought at the low and sold at the high, no div. Either way your up a similar amount, however if you roll the secondaries (between AGNC and NLY) you can catch more price movement than if you held one or the other for the quarter.