December 5th, 2025 Options Expiration Results

The Covered Calls Advisor Portfolio had five Covered Calls positions with December 5th, 2025 options expiration dates.  Three of the positions (Capital One Financial Corporation, Corning Inc., and Vistra Corporation) closed in-the-money and were therefore assigned with their maximum potential return-on-investment achieved.  The other two positions (Netflix Inc. and NVIDIA Corporation) closed out-of-the-money.  Their Calls expired and their shares now remain in the Covered Calls Advisor Portfolio.  I will decide early next week for these two positions whether to sell the stocks (more likely for the Netflix position) or continue the Covered Calls by selling future Calls (most likely for the NVIDIA position) against the positions.  As always, I will post the details of my transactions for each of these two positions on the same day that they occur.   

The results for the three positions closed out yesterday are as follows:

1. Capital One Financial Corporation (COF) -- +3.1% absolute return (equivalent to +50.7% annualized return-on-investment) for the 22 days of this investment.  This Covered Calls position closed in-the-money yesterday at $230.68 per share which was well above its $212.50 strike price, so the maximum potential annualized profit was achieved for this position.  The recent post detailing this position is here. 

2. Corning Inc. (GLW) -- +1.6% absolute return (equivalent to +24.8% annualized return-on-investment) for the 24 days of this investment.  This Covered Calls position closed in-the-money yesterday at $85.97 per share which was above its $83.00 strike price, so the maximum potential annualized profit was achieved for this position.  The recent post detailing this position is here. 

3. Vistra Corporation (VST) -- +2.5% absolute return (equivalent to +65.0% annualized return-on-investment) for the 14 days of this investment.  This Covered Call position closed in-the-money yesterday at $167.17 per share which was above its $160.00 strike price, so the maximum potential annualized profit was achieved for this position.  The post detailing this position is here. 

As always, I welcome your feedback at my email address shown below on any topics related to the Covered Calls investing strategy.  Also email me if you would like my feedback on a specific Covered Call position you are contemplating.

Jeff Partlow
The Covered Calls Advisor
partlow@cox.net

Covered Call Position Established in Amazon.com Inc.

Today my buy/write net debit limit order was executed at a price of $219.30 when 100 shares of Amazon.com Inc. (ticker symbol AMZN) stock was purchased at $229.91 and 1 December 19th, 2025 $222.50 Call option was sold at $10.61 per share.  The potential time value profit if the stock is in-the-money and therefore closed out by assignment on the options expiration date is $3.20 per share [$10.61 Call option premium - ($229.91 stock purchase price - $222.50 strike price)].  The probability that the Calls will be above the $222.50 strike price on the 12/19/2025 options expiration date when this Covered Calls position was established was 69.0%.

There are 54 analysts following Amazon.com and their average target price is $297.23 (+29.3% above today's stock purchase price).  Also, LSEG Stock Reports Plus has a Buy rating with an Average Score of 8 and an Optimized Score of 9 (on a scale of 1 to 10). Amazon.com also passed all criteria in my customized "Current and Future Earnings Growers" stock screener as detailed in the chart below:

Amazon.com Inc. (AMZN) -- New Covered Call Position

The net debit buy/write limit order was executed as follows:
12/4/2025 Bought 100 shares of Amazon.com stock @ $229.91 per share.  
12/4/2025 Sold 1 AMZN Dec. 19th, 2025 $222.50 Call option @ $10.61 per share.
Note: this was a simultaneous Buy/Write transaction and the Implied Volatility of the Calls was 32.1 when this position was established which, as preferred, is well above the current VIX of 16.1.  

A possible overall performance result (including commissions) if this position is assigned on its 12/19/2025 options expiration date is as follows:
Covered Call Net Investment: $21,930.67
= ($229.91 - $10.61) * 100 shares + $.67 commission

Net Profit Components:
(a) Option Income: +$1,060.33
= ($10.61 * 100 shares) - $.67 commission
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If Amazon.com stock is above the $222.50 strike price at the December 19th, 2025 options expiration date): -$741.00
= ($222.50 strike price - $229.91 stock purchase price) * 100 shares

Total Net Profit Potential (If assigned at the $222.50 strike price on the Dec. 19th, 2025 options expiration date): +$319.33
= (+$1,060.33 options income + $0.00 dividend income - $741.00 capital appreciation)

Potential Absolute Return-on-Investment: +1.5%
= +$319.33/$21,930.67
Potential Equivalent Annualized-Return-on-Investment: +35.4%
= (+$319.33/$21,930.67) * (365/15 days)

Covered Calls Established in Global Payments Inc.

In this afternoon's trading session, a short-term Covered Calls position was established in Global Payments Inc. (ticker GPN) with the purchase of 200 shares at $80.99 per share and two December 19th, 2025 Call options were sold for $6.69 per share at the $75.00 strike price.  The buy/write net debit limit order at $74.30 was executed, so the time value was $.70 per share [$6.69 Call options premium - ($80.99 stock purchase price - $75.00 strike price)]. As I prefer, GPN's next quarterly earnings report is not until February 12th, 2026 which is long after the December 19th, 2025 options expiration date.  A moderately in-the-money Covered Calls positions was established with the probability that the Calls will expire in-the-money on the 12/19/2025 options expiration date was 77.4%.  

In addition to the $.70 potential time value decay profit at assignment for this position, Global Payments also goes ex-dividend on December 12th at $.25 per share (1.2% dividend yield) which is prior to the December 19th options expiration date -- so this dividend is included in the potential return-on-investment results detailed below.  

As detailed below, two potential return-on-investment results are: (1) +0.9% absolute return (equivalent to +37.8% annualized return-on-investment over the next 9 days) if the stock is assigned on the December 11th (the last day prior to the December 12th, 2025 ex-dividend date; or (2) +1.3% absolute return (equivalent to +29.0% annualized return-on-investment over the next 16 days) if the stock is assigned on the December 19th, 2025 options expiration date.

Global Payments Inc. (GPN) -- New Covered Calls Position 

The Buy/Write transaction was as follows:
12/3/2025 Bought 200 shares of Global Payments Inc. shares @ $80.99 per share.  
12/3/2025 Sold 2 GPN December 19th, 2025 $75.00 Call options @ $6.69 per share.  The Implied Volatility of these Call options was 36.8 today when this transaction was executed. 

Two possible overall performance results (including commissions) for this Global Payments Covered Calls position are as follows:

Covered Calls Net Investment: $14,861.34
= ($80.99 - $6.69) * 200 shares + $1.34 commission

Net Profit:
(a) Options Income: +$1,336.66
= ($6.69 * 200 shares) - $1.34 commission
(b) Dividend Income (If assigned early on 12/11/2025 which is the day prior to the 12/12/2025 ex-dividend date): +$0.00
(b) Dividend Income (If assigned on the 12/19/2025 options expiration date): +$50.00
= $.25 x 200 shares

(c) Capital Appreciation (If 200 Global Payments shares assigned early on the 12/12/2025 ex-dividend date): -$1,198.00
+($75.00 strike price - $80.99 stock purchase price) * 200 shares; or
(c) Capital Appreciation (If 200 Global Payments shares assigned at the $75.00 strike price on the options expiration date): -$1,198.00
+($75.00 strike price - $80.99 stock purchase price) * 200 shares

(1) Total Net Profit Potential (If 200 GPN shares assigned early at the $75.00 strike price at the 12/12/2025 ex-dividend date): +$138.66
= (+$1,336.66 options income + $0.00 dividend income - $1,198.00 capital appreciation); or
(2) Total Net Profit Potential (If 200 GPN shares assigned at the $75.00 strike price at the options expiration date): +$188.66 = (+$1,336.66 options income + $50.00 dividend income - $1,198.00 capital appreciation)

(1) Potential Absolute Return-on-Investment (if GPN shares assigned early on the day prior to the 12/12/2025 ex-dividend date): +0.9%
= +$138.66/$14,861.34
Potential Annualized Return-on-Investment (if 200 GPN shares assigned early on 12/12/2025 ex-dividend date): +37.8%
= (+$138.66/$14,861.34) * (365/9 days)

(2) Potential Absolute Return-on-Investment (if GPN shares assigned on the 12/19/2025 options expiration date): +1.3%
= +$188.66/$14,861.34
Potential Annualized Return-on-Investment (if GPN shares assigned on the 12/19/2025 options expiration date): +29.0%
= (+$188.66/$14,861.34) * (365/16 days)

Established Covered Calls Position in KraneShares CSI China Internet ETF

A Covered Calls position was established today in KraneShares CSI China Internet ETF (ticker KWEB).  Three hundred shares were purchased at $37.41 and three December 19th, 2025 monthly Call options were sold at the $37.00 strike price at $1.13 per share--a buy/write net debit limit transaction of $36.28 per share which provides a maximum $.72 per share [$1.13 Call options premium - ($37.41 stock purchase price - $37.00 strike price)] time value profit potential.  The probability of the Calls being in-the-money on the options expiration date was 55.5% when this transaction occurred. 

As detailed below, a potential result is +2.0% absolute return-on-investment (equivalent to +42.2% annualized return-on-investment for the next 17 days) if the KWEB share price is in-the-money (i.e. above the $37.00 strike price) and therefore assigned on its December 19th, 2025 options expiration date.

 
KraneShares CSI China Internet ETF (KWEB) -- New Covered Calls Position 

The Buy/Write transaction was as follows:
12/2/2025 Bought 300 shares of KraneShares CSI China Internet ETF @ $37.41 per share.  
12/2/2025 Sold 3 KWEB December 19th, 2025 $37.00 Call options @ $1.13 per share.  The Implied Volatility of the Calls was 28.7 when this position was established.  

A possible overall performance result (including commissions) for this CSI China Internet ETF Covered Calls position is as follows: 

KWEB Covered Calls Net Investment: $10,886.01

= ($37.41 - $1.13) * 300 shares + $2.01 commission

Net Profit:
(a) Options Income: +$336.99
= ($1.13 * 300 shares) - $2.01 commission
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If 300 CSI China Internet ETF shares assigned at $37.00 strike price at expiration): -$123.00
+($37.00 strike price - $37.41 shares purchase price) * 300 shares

Total Net Profit Potential (If 300 CSI China Internet ETF shares are assigned because they are in-the-money at the options expiration date): +$213.99
= (+$336.99 options income + $0.00 dividend income - $123.00 capital appreciation)

Potential Absolute Return-on-Investment: +2.0%
= +$213.99/$10,886.01
Potential Annualized Return-on-Investment: +42.2%
= (+$213.99/$10,886.01) * (365/17 days)

Covered Calls Position Established in Sea Limited ADR

A Covered Calls position in Sea Limited ADR (ticker SE) was established yesterday when two hundred shares were purchased at $137.15 and two December 19th, 2025 Call options were sold at $9.65 per share at the $130.00 strike price.  The buy/write net debit limit order at $127.50 was executed, so the time value was $2.50 per share [$9.65 Call options premium - ($137.15 stock purchase price - $130.00 strike price)].  As I prefer, Sea's next quarterly earnings report is not until March 3rd, 2026 which is long after the December 19th, 2025 options expiration date.  An in-the-money Covered Calls position was established with a 70.2% probability of assignment on the options expiration date when this buy/write limit order was executed. 

Sea Ltd. is a large-cap ($82 billion market cap) company headquartered in Singapore.  It is a consumer internet company with three core businesses -- e-commerce, digital gaming, and fintech services.  The e-commerce business called Shopee is their largest business (by revenue) and is a mobile-centric, social-focused marketplace providing users a shopping environment with integrated payment, logistics, and seller services.  The digital gaming business is called Galena which offers mobile and personal computer online games and develops mobile games for the worldwide market. The fintech services (called SeaMoney) includes mobile wallet services, payment processing, credit, banking, and insurance tech.  Their operations are primarily in Indonesia, Taiwan, Thailand, Singapore, Malaysia, the Philippines, and Brazil.  

Sea appeared in my recently developed Free Cash Flow (FCF) Growers stock screener.  As shown below, it passed all 17 of my screener criteria including the fact that the average target price of the 22 analysts currently covering the company is +44.4% above today's stock purchase price.  Also, although Sea's quarterly earnings reports have been erratic compared with analysts' estimates, I like that (unlike most companies) there is a close correlation between their quarterly GAAP and non-GAAP EPS results.  

  

As detailed below, a potential return-on-investment result is +2.0% absolute return-on-investment (equivalent to +39.7% annualized return-on-investment over the next 18 days) if the stock is assigned on the November 19th, 2025 options expiration date.

Sea Limited ADR (SE) -- New Covered Calls Position
The simultaneous buy/write transaction today was as follows:
12/1/2025 Bought 200 Sea Ltd. shares @ $137.15
12/1/2025 Sold 2 SE 12/19/2025 $130.00 Call options @ $9.65 per share
Note: the Implied Volatility of the Calls was 43.0 when this transaction was executed.  As I prefer, this value exceeds that of the S&P 500 Volatility Index (VIX) which is currently at 17.2.

A possible overall performance result (including commissions) for this Sea Ltd. Covered Calls position if assigned on the options expiration date is as follows:
Covered Calls Cost Basis: $25,501.34
= ($137.15 - $9.65) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$1,928.66
= ($9.65 * 200 shares) - $1.34 commissions
(b) Dividend Income $0.00
(c) Capital Appreciation (If Sea Ltd. shares assigned at $130.00 strike price at options expiration): -$1,430.00
+($130.00 strike price - $137.15 stock purchase price) * 200 shares

Total Net Profit (If Sea's shares are assigned at the $130.00 strike price at the 12/19/2025 expiration): +$498.66

= (+$1,928.66 options income + $0.00 dividend income - $1,430.00 capital appreciation)

Absolute Return-on-Investment (If SE shares assigned at $130.00 strike price on Dec. 19th, 2025 options expiration date): +2.0%

= +$498.66/$25,501.34

Annualized Return-on-Investment (If Sea Ltd. stock assigned at $130.00 strike price at the 12/19/2025 options expiration date): +39.7%

= (+$498.66/$25,501.34) * (365/18 days)

Covered Calls Established in Bank of America Corporation

Early in this morning's trading session, a short-term Covered Calls position was established in Bank of America Corp. (ticker BAC) with the purchase of 400 shares at $53.46 per share and four December 12th, 2025 Call options were sold for $1.36 per share at the $52.50 strike price.  This Bank of America transaction occurred via a simultaneous buy/write transaction at my net debit limit order price of $52.10 per share.  The corresponding time value (aka extrinsic value) in the Call options was $.40 per share = [$1.36 Call options premium received - ($53.46 stock purchase price - $52.50 options strike price)].  A moderately in-the-money Covered Calls positions was established with the probability that the stock will close in-the-money on the options expiration date was 69.6%.  As preferred, the next earnings report on January 14th, 2025 is after the December 12th options expiration date. 

Bank of America goes ex-dividend at $.28 per share (2.1% annualized dividend yield at the current stock price) on December 5th, 2025 which is prior to the December 12th options expiration date, so this dividend is included in the potential return-on-investment results shown below.  As shown below, all nine criteria in the Covered Calls Advisor's Dividend Capture Strategy spreadsheet were met for this position.  

Most companies in the Financial Sector provide only modest growth prospects, but they often provide good annual dividend yields.  Consequently, the Covered Calls Advisor targets opportunities to use the Dividend Capture Strategy in all Financial Sector Covered Calls positions.  This new December 12th, 2025 Bank of America Covered Calls position continues the Dividend Capture Strategy of often selling in-the-money monthly Covered Calls for one of six megacap U.S. banks (Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Wells Fargo) for each options expiration month:
(JPMorgan Chase quarterly for Jan, Apr, July, and Oct options expirations;
Citigroup, Morgan Stanley, and/or Wells Fargo for Feb, May, Aug, and Nov options expirations; and Bank of America and/or Goldman Sachs for Mar, Jun, Sep, and Dec options expirations). 

The goal of these monthly Covered Calls in these banks is to both provide an opportunity to either: (1) potentially capture the quarterly dividend payment and if the stock price remains above the strike price at options expiration, the maximum possible return-on-investment result on the options expiration date for the position would be achieved; or (2) have the stock assigned early on the day prior to the ex-dividend date in which case the annualized return-on-investment for early assignment is often greater than that of an assignment on the options expiration date (which is true for this BAC Covered Calls position).  So far, applying this approach has provided attractive annualized return results -- significantly better than would be achieved if Covered Calls positions for these bank stocks were held in the Covered Calls Advisor Portfolio in the other two non-dividend paying months each quarter.  

Two potential return-on-investment results for this Bank of America Covered Calls position are: (a) +0.8% absolute return-on-investment (equivalent to +69.5% annualized return-on-investment for the next 4 days) in the event that the stock is assigned early [i.e. on December 4th which is the last trading day prior to the December 5th ex-dividend date]; OR (b) +1.3% absolute return-on-investment (equivalent to +42.9% annualized return-on-investment over the next 11 days) if the stock is assigned on the December 12th, 2025 options expiration date. 

Bank of America Corporation (BAC) -- New Covered Calls Position

The buy/write transaction was as follows:
12/1/2025 Bought 400 shares of Bank of America Corp. stock @ $53.46 per share 
12/1/2025 Sold 4 BAC December 12th, 2025 $52.50 Call options @ $1.36 per share
Note: The Implied Volatility of these Calls was 20.6 when this position was established.
12/5/2025 Upcoming ex-dividend of $.28 per share

Two possible overall performance results (including commissions) would be as follows:
Covered Calls Cost Basis: $20,842.68
= ($53.46 - $1.36) * 400 shares + $2.68 commission

Net Profit Components:
(a) Options Income: +$541.32
= ($1.36 * 400 shares) - $2.68 commission
(b) Dividend Income (If BAC shares assigned on 12/4/2025, the last business day prior to the 12/5/2025 ex-dividend date): = +$0.00; or
(b) Dividend Income (If BAC shares assigned at the 12/12/2025 options expiration): +$112.00
= $.28 per share x 400 shares
(c) Capital Appreciation (If BAC shares assigned early on 12/5/2025): -$384.00
= ($52.50 strike price - $53.46 stock purchase price) * 400 shares; or
(c) Capital Appreciation (If shares above $52.50 strike price at the Dec. 12th options expiration): -$384.00
= ($52.50 - $53.46) * 400 shares

1. Potential Net Profit (If Bank of America shares assigned on 12/4/2025, the day prior to the 12/5/2025 ex-dividend date): +$157.32
= (+$541.32 options income +$0.00 dividend income - $384.00 capital appreciation)
2. Potential Net Profit (If BAC price is above the $52.50 strike price at the December 12th options expiration): +$269.32
= (+$541.32 options income +$112.00 dividend income - $384.00 capital appreciation)

1. Absolute Return (If BAC shares assigned on 12/4/2025, the day prior to the December 5th ex-dividend date): +0.8%
= +$157.32/$20,842.68
Equivalent Annualized Return (If assigned early on day prior to ex-div date): +68.9%
= (+$157.32/$20,842.68) * (365/4 days)

2. Absolute Return (If BAC price is above $52.50 strike price at the December 12th options expiration): +1.3%
= +$269.32/$20,842.68
Equivalent Annualized Return (If assigned on the 12/12/2025 options expiration date): +42.9%
= (+$269.32/$20,842.68) * (365/11 days)

At least eight of the nine metrics used in the Covered Calls Advisor's Dividend Capture Strategy spreadsheet (see below) must be 'YES' prior to establishing a new Covered Calls position using the Covered Calls Advisor's Dividend Capture strategy.  As shown below, all nine criteria are achieved for this Bank of America Covered Calls position.

November 28th, 2025 Option Expiration Results

The Covered Calls Advisor Portfolio had one Covered Call position in Newmont Corporation (ticker NEM) at the November 28th, 2025 weekly options expiration date and at the $83.00 strike price.  The position closed in-the-money yesterday at $90.73 per share, so the three Call options expired and the 300 Newmont shares were sold at their $83.00 strike price.  A summary of the results is:

Newmont Corporation -- +1.8% absolute return-on-investment (equivalent to +64.4% annualized return-on-investment) for the 10 days of this Covered Call investment.  The original blog post when this position was established is here. 

Jeff Partlow
The Covered Calls Advisor
partlow@cox.net

Covered Calls Position Established in Halozyme Therapeutics Inc.

Today a Covered Calls position was established in Halozyme Therapeutics Inc. (ticker HALO) when two hundred shares were purchased at $71.57 and two December 19th, 2025 monthly Call options were sold at $3.25 per share at the $70.00 strike price. So, the corresponding potential time value (aka extrinsic value) profit potential is $1.68 per share = [$3.25 Call options premium - ($71.57 stock purchase price - $70.00 strike price)].  An in-the-money Covered Calls position was established with the probability that the Calls will be in-the-money and thus the stock would be assigned at $70.00 per share on the options expiration date was 61.5% when this position was established.  Halozyme does not pay a dividend and importantly, their next quarterly earnings report on February 17th, 2026 is after the December 19th, 2025 options expiration date.

Halozyme Therapeutics is a small-cap biotechnology company that has a range of auto-injector devices for subcutaneous and intramuscular delivery to patients.  They have license agreements in partnership with several drug companies with 13 currently approved products.  When co-formulated with drugs, their products have the potential to reduce the treatment burden for patients (minutes for subcutaneous injections versus hours for IV infusions).  Also, I am very impressed by the leadership qualities of their CEO Helen Torley, who has done an outstanding job during her 11-years tenure as CEO.

If you are interested in additional information on Halozyme, their most recent presentation in conjunction with their most recent earnings report for Q3 2025 is here.

  

Halozyme ranked #1 out of more than 1,200 companies analyzed by my Quantitative Value + Momentum stock screener and it met all 19 criteria in this screener, the outputs of which are shown on this chart:  

As detailed below, a potential return-on-investment result is +2.5% absolute return-on-investment (equivalent to +42.8% annualized return-on-investment for the next 21 days) if the Halozyme share price is in-the-money (i.e. above the $70.00 strike price) and the stock is therefore assigned on its December 19th, 2025 options expiration date. 

 

Halozyme Therapeutics Inc. (HALO) -- New Covered Calls Position

The net debit buy/write limit order was executed as follows:

11/28/2025 Bought 200 shares of Halozyme Therapeutics stock @ $71.57 per share.  
11/28/2025 Sold 2 HALO December 19th, 2025 $70.00 Call options @ $3.25 per share.  Note: the Implied Volatility of the Calls was 32.5 when this position was established.  

A possible overall performance results (including commissions) if the position is in-the-money on the options expiration date is as follows:
Halozyme Covered Calls Net Investment: $13,665.34
= ($71.57 - $3.25) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$650.66
= ($3.25 * 200 shares) - $1.34 commission
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If Halozyme stock is above the $70.00 strike price at the December 19th options expiration date): -$314.00
= ($70.00 strike price - $71.57 stock purchase price) * 200 shares

Potential Total Net Profit (If stock price is in-the-money and therefore assigned at expiration): +$336.66
= (+$650.66 options income + $0.00 dividend income - $314.00 capital appreciation)

Potential Absolute Return-on-Investment (If stock price is in-the-money and therefore assigned on the 12/19/2025 options expiration date): +2.5% = +$336.66/$13,665.34

Potential Equivalent Annualized-Return-on-Investment: +42.8%
= (+$336.66/$13,665.34) * (365/21 days)

Covered Call Position Established in The Cigna Group

Today a short-term (two weeks) Covered Call position was established in The Cigna Group (ticker symbol CI) using my Dividend Capture Strategy (see post describing this strategy here).  One hundred Cigna shares were purchased at $278.65 and one December 12th, 2025 Call option was sold for $10.69 per share at the $270.00 strike price.  The buy/write net debit limit order at $267.96 was executed, so the potential time value profit is $2.04 per share [$10.69 Call option premium - ($278.65 stock purchase price - $270.00 strike price)].  There is an upcoming quarterly ex-dividend of $1.51 (annual dividend yield of 2.2%) on December 4th, so the potential return-on-investment results detailed below for this position includes this dividend income.    

As preferred by the Covered Calls Advisor, Cigna's next quarterly earnings report on January 29th, 2026 will be after the December 12th options expiration date.  Given the Covered Calls Advisor's current Overall Market Meter indicator of Neutral, a slightly in-the-money Covered Call position was established with the probability the stock is in-the-money on the options expiration date was 72.5%. 

As detailed below, two potential return-on-investment results are: (1) +0.8% absolute return-on-investment (equivalent to +46.2% annualized return-on-investment over the next 6 days) if the stock is assigned on the day prior to the December 4th ex-dividend date; or (2) +1.3% absolute return-on-investment (equivalent to +34.5% annualized return-on-investment over the next 14 days) if the stock is assigned on the December 12th, 2025 options expiration date.

Cigna Corporation (CI) -- New Covered Call Position
The buy/write transaction today was as follows:
11/28/2025 Bought 100 Cigna Corp. shares @ $278.65
11/28/2025 Sold 1 Cigna 12/12/2025 $270.00 Call option @ $10.69 per share.
12/4/2025 Upcoming quarterly ex-dividend of $1.51 per share

Two potential overall performance results (including commissions) for this Cigna Covered Call position are as follows:
Covered Call Cost Basis: $26,796.67
= ($278.65 - $10.69) * 100 shares + $.67 commission

Net Profit Components:
(a) Option Income: +$1,068.33
= ($10.69 * 100 shares) - $.67 commissions
(b) Dividend Income (If Cigna shares assigned on the day prior to the December 4th ex-dividend date): +$0.00
(b) Dividend Income (If Cigna shares assigned at the Dec. 12th, 2025 options expiration date): +$151.00
= ($1.51 dividend per share x 100 shares)

(c) Capital Appreciation (If Cigna shares assigned on the day prior to the December 4th ex-dividend date): -$865.00

+($270.00 strike price - $278.65 stock purchase price) * 100 shares

(c) Capital Appreciation (If Cigna shares assigned at the $270.00 strike price at options expiration): -$865.00
+($270.00 - $278.65) * 100 shares

1. Total Net Profit (If Cigna shares assigned on the day prior to the December 4th ex-dividend date): +$203.33

= (+$1,068.33 option income + $0.00 dividend income - $865.00 capital appreciation)

2. Total Net Profit (If Cigna shares assigned at the Dec. 12th, 2025 options expiration date): +$354.33

= (+$1,068.33 + $151.00 - $865.00)

1. Potential Absolute Return-on-Investment (If Cigna shares assigned on the day prior to the December 4th ex-dividend date) : +0.8%

= +$203.33/$26,796.67

Potential Annualized Return-on-Investment: +46.2%

= (+$203.33/$26,796.67) *(365/6 days)

2. Potential Absolute Return-on-Investment (If Cigna shares assigned at the Dec. 12th, 2025 options expiration date): +1.3%

= +$354.33/$26,796.67

Potential Annualized Return-on-Investment: +34.5%

= (+$354.33/$26,796.67) *(365/14 days)

At least eight of the nine metrics used in the Covered Calls Advisor's Dividend Capture Strategy spreadsheet must be 'YES' prior to establishing a position.  As shown below with this Cigna Group position, all nine criteria are met.

Covered Calls Position Established in Dexcom Inc.

A short-term (i.e. 14 calendar days) Covered Calls position in Dexcom Inc. (DXCM) was established this morning when two hundred shares were purchased at $62.54 and two December 12th, 2025 Call options were sold at $3.56 per share at the $60.00 strike price.  The buy/write net debit limit order at $58.98 was executed, so the time value was $1.02 per share [$3.56 Call options premium - ($62.54 stock purchase price - $60.00 strike price)].  As I prefer, Dexcom's next quarterly earnings report on February 12th, 2026 is long after the December 12th, 2025 options expiration date.  Given the Covered Calls Advisor's current cautious market outlook, an in-the-money Covered Calls position was established with a 69.0% probability of assignment on the options expiration date when this buy/write limit order was executed. 

Dexcom designs and commercializes continuous glucose monitoring (CGM) systems for diabetic patients.  It is evolving its CGM systems to provide integration with insulin pumps from Insulet and Tandem for automatic insulin delivery.  Dexcom appeared in several of my custom stock screeners including my recently developed Free Cash Flow (FCF) Growers stock screener.  As shown below, Dexcom passed all 17 of my screener criteria including the fact that the average target price of the 26 analysts currently covering the company is +34.8% above today's stock purchase price.

  

As detailed below, a potential return-on-investment result is +1.7% absolute return (equivalent to +44.8% annualized return-on-investment over the next 14 days) if the stock is assigned on the November 12th, 2025 options expiration date.

Dexcom Inc. (DXCM) -- New Covered Calls Position
The simultaneous buy/write transaction today was as follows:
11/28/2025 Bought 200 Dexcom Inc. shares @ $62.54
11/28/2025 Sold 2 DXCM 12/12/2025 $60.00 Call options @ $3.56 per share
Note: the Implied Volatility of the Calls was 40.6 when this transaction was executed.  As I prefer, this value exceeds that of the S&P 500 Volatility Index (VIX) which is currently at 17.0.

A possible overall performance result (including commissions) for this Dexcom Covered Calls position if assigned on the options expiration date is as follows:
Covered Calls Cost Basis: $11,797.34
= ($62.54 - $3.56) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$710.66
= ($3.56 * 200 shares) - $1.34 commissions
(b) Dividend Income $0.00
(c) Capital Appreciation (If Dexcom shares assigned at $60.00 strike price at options expiration): -$508.00
+($60.00 - $62.54) * 200 shares

Total Net Profit (If Dexcom shares assigned at the $60.00 strike price at the 12/12/2025 expiration): +$202.66

= (+$710.66 + $0.00 - $508.00)

Absolute Return-on-Investment (If DXCM shares assigned at $60.00 strike price on Dec. 12th, 2025 options expiration date): +1.7%

= +$202.66/$11,797.34

Annualized Return-on-Investment (If Dexcom stock assigned at $60.00 at the 12/12/2025 options expiration date): +44.8%

= (+$202.66/$11,797.34) * (365/14 days)

Continuation of Covered Call Position in Microsoft Corporation

The Covered Calls Advisor Portfolio has a Covered Call position in Microsoft Corporation (ticker MSFT) which expired on Friday, November 14th.  Today I decided to continue this position by rolling down-and-out to the December 12th, 2025 options expiration at the $492.50 strike price by selling-to-open one Call at $8.20 per share when Microsoft's stock price was $490.86.  

As detailed below, a potential outcome for this Microsoft investment if the stock is in-the-money and therefore assigned on the Dec. 12th options expiration date is -0.6% absolute return-on-investment over 43 days (equivalent to -5.0% annualized-return-on-investment) if the stock closes above the $492.50 strike price on the 12/12/2025 options expiration date.  The details showing the potential return-on-investment results are as follows:

Microsoft Corporation (MSFT) -- Continuation of Covered Call Position

The net debit buy/write limit order was executed as follows:
10/30/2025 Bought 100 shares of Microsoft stock @ $522.64 per share.  
10/30/2025 Sold 1 MSFT November 7th, 2025 $512.50 Call option @ $14.08 per share.  The Implied Volatility of the Call was 25.3 when this transaction was executed.

11/7/2025 One hundred Microsoft shares closed below the $512.50 strike price at $496.77, so the one Call option expired and the 100 Microsoft shares remained in the Covered Calls Advisor Portfolio.

11/10/2025 Continued this Microsoft Corporation Covered Call position by selling 1 November 14th, 2025 $505.00 Call option at $4.00 per share when the stock was trading at $502.45 per share.

11/14/2025 One Microsoft 11/14/2025 $505.00 Call option expired out-of-the-money, so the 100 Microsoft shares remain in the Covered Calls Advisor Portfolio.

11/20/2025 Ex-dividend of $.91 per share.

11/28/2025 Continued this Microsoft Covered Call position by rolling down-and-out by selling one 12/12/2025 $492.50 Call option at $8.20 per share.  

A possible overall performance result (including commissions) if this position is assigned on its 12/12/2025 options expiration date is as follows:
Microsoft Covered Call Net Investment: $50,856.67
= ($522.64 - $14.08) * 100 shares + $.67 commission

Net Profit Components:
(a) Call Option Income: +$2,625.99
= ($14.08 + $4.00 + $8.20) * 100 shares - $2.01 commissions
(b) Dividend Income: +$91.00 = $.91 ex-dividend x 100 shares
(c) Capital Appreciation (If Microsoft stock is above the $492.50 strike price at the December 12th option expiration date): -$3,014.00
= ($492.50 strike price - $522.64 stock purchase price) * 100 shares

Potential Total Net Profit (If assigned at expiration): -$297.01
= (-$2,625.99 option income + $91.00 dividend income - $3,014.00 capital appreciation)

Potential Absolute Return-on-Investment: -0.6%
= -$297.01/$50,856.67
Potential Equivalent Annualized-Return-on-Investment: -5.0%
= (-$297.01/$50,856.67) * (365/43 days)

Covered Calls Position Established in Schlumberger N.V.

Today a Covered Calls position was established in Schlumberger N.V. (ticker symbol SLB) when my December 12th, 2025 at the $34.50 strike price buy/write limit order was executed.  For Schlumberger (now named SLB), 400 shares were purchased at $35.61 and 4 December 12th, 2025 Call options were sold at $1.57 per share at the $34.50 strike price.  Given my current "Neutral" Overall Market Meter outlook, a moderately in-the-money Covered Calls positions was established.  The probability that the position will be in-the-money on the options expiration date was 66.8% when this position was established.  

SLB has an intervening ex-dividend of $.285 per share (a 3.2% annual dividend yield) on December 3rd, 2025 so the potential results detailed below includes the possibility of a position close out by early assignment if the stock moves significantly higher by the market close on December 2nd (the last business day prior to the ex-dividend date).  Also, the average Target Price of the Wall Street analysts that cover SLB is $44.92 (+26.1% above today's $35.61 stock purchase price). 

Two potential return-on-investment results are: 

•  +1.3% absolute return (equivalent to +69.4% annualized return for the next 7 days) if the stock is assigned early (on the last business day prior to the December 3rd, 2025 ex-dividend date); OR 

• +2.2% absolute return (equivalent to +49.5% annualized return over the next 16 days) if the stock is assigned on the December 12th options expiration date.

SLB N.V. (SLB) -- New Covered Calls Position
The buy/write transaction was:
11/26/2025 Bought 400 SLB shares @ $35.61
11/26/2025 Sold 4 SLB 12/12/2025 $34.50 Call options @ $1.57
Note: the Time Value (aka Extrinsic Value) in the Call options was $.46 per share = [$1.57 Call options premium - ($35.61 stock price - $34.50 strike price)]
12/3/2025 Upcoming quarterly ex-dividend of $.285 per share

Two possible overall performance results (including commissions) for this SLB Covered Calls position are as follows:
Covered Calls Net Investment: $13,618.68
= ($35.61 - $1.57) * 400 shares + $2.68 commission

Net Profit Components:
(a) Options Income: +$625.32
= ($1.57 * 400 shares) - $2.68 commission
(b) Dividend Income (If option exercised early on 12/2/2025, the business day prior to the December 3rd ex-div date): +$0.00; or
(b) Dividend Income (If SLB stock assigned at the Dec. 12th, 2025 expiration): +$114.00
= ($.285 dividend per share x 400 shares)

(c) Capital Appreciation (If SLB Call options assigned early on Dec. 3rd, 2025): -$444.00
+($34.50 strike price - $35.61 stock purchase price) * 400 shares; or
(c) Capital Appreciation (If SLB shares assigned at $34.50 strike price at the Dec. 12th options expiration date): -$444.00
+($34.50 - $35.61) * 400 shares

1. Total Net Profit [If option exercised early on Dec. 3rd, 2025]: +$181.32

= (+$625.32 options income +$0.00 dividend income -$444.00 capital appreciation); or

2. Total Net Profit (If SLB shares assigned at $34.50 strike price at the Dec. 12th, 2025 expiration): +$295.32

= (+$625.32 options income + $114.00 dividend income - $444.00 capital appreciation)

1. Absolute Return-on-Investment (early assignment): +1.3%

= +$181.32/$13,618.68

Annualized Return-on-Investment (If options assigned early): +69.4%

= (+$181.32/$13,618.68) * (365/7 days); or

2. Absolute Return-on-Investment (If SLB shares assigned at $34.50 at the 12/12/2025 options expiration date): +2.2%

= +$295.32/$13,618.68

Annualized Return-on-Investment (If SLB shares assigned at $34.50 at the Dec. 12th, 2025 options expiration date): +49.5%

= (+$295.32/$13,618.68) * (365/16 days)

Either outcome provides a very attractive annualized return-on-investment result for this SLB N.V. investment.  These returns will be achieved as long as the stock is above the $34.50 strike price at assignment.  If the stock declines below the strike price, the breakeven price of $33.755 ($35.61 - $1.57 - $.285) provides 5.2% downside protection below today's stock purchase price.

Continuation of Covered Calls Position in Capital One Financial Corporation

The Covered Calls Advisor Portfolio has a Covered Calls position in Capital One Financial Corporation (ticker COF) which expired last Friday with the stock at $207.87 which was below the $212.50 strike price.  Today this position was continued by rolling out to the December 5th, 2025 monthly options expiration at the same $212.50 strike price by selling-to-open two Calls at $3.76 per share when Capital One's stock price was $211.45.  

As detailed below, a potential outcome for this Capital One investment if the stock is in-the-money and therefore assigned on the options expiration date is +3.1% absolute return-on-investment over 22 days (equivalent to +50.7% annualized-return-on-investment) if the stock closes above the $212.50 strike price on the 12/5/2025 options expiration date.  The details showing this potential return-on-investment result are as follows:

Capital One Financial Corporation (COF) -- Continuation of Covered Calls Position

The buy/write transaction was:
11/13/2025 Bought 200 Capital One Financial shares @ $217.40
11/13/2025 Sold 2 Capital One 11/21/2025 $212.50 Call options @ $7.00
11/17/2025 Quarterly ex-dividend of $.80 per share
11/21/2025 Two COF Call options expired out-of-the-money and the 200 Capital One shares remain in the Covered Calls Advisor Portfolio.

11/25/2025 Continued this Capital One Covered Calls position by selling two 12/5/2025 $212.50 Calls at $3.76 when the stock price was $211.45.

A possible overall performance result (including commissions) for this Capital One Covered Calls position if the stock closes in-the-money (and is therefore assigned) on its 12/5/2025 options expiration date is as follows:
Covered Calls Net Investment: $43,481.34
= ($217.40 - $7.00) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$2,149.32
= ($7.00 + $3.76) * 200 shares - $2.68 commissions
(b) Dividend Income: +$160.00
= ($.80 dividend per share x 200 shares)

(c) Capital Appreciation (If Capital One Call options assigned on the 12/5/2025 options expiration date): -$980.00
+($212.50 strike price - $217.40 stock purchase price) * 200 shares

Total Net Profit (If Capital One shares assigned at $212.50 at the 12/5/2025 expiration): +$1,329.32

= (+$2,149.32 options income + $160.00 dividend income - $980.00 capital appreciation)

Absolute Return-on-Investment (If Capital One shares assigned at $212.50 at the 12/5/2025 options expiration): +3.1%

= +$1,329.32/$43,481.34

Annualized Return-on-Investment (If Capital One shares assigned at $212.50 at the 12/5/2025 options expiration date): +50.7%

= (+$1,329.32/$43,481.34) * (365/22 days)

Continuation of Covered Calls Position in Corning Inc.

The Covered Calls Advisor Portfolio has a Covered Calls position in Corning Inc. (ticker GLW) which expired last Friday with the stock at $79.46 which was below the $85.00 strike price.  Today this position was continued by rolling down-and-out to the December 5th, 2025 monthly options expiration at the $83.00 strike price ($85.00 strike previously) by selling-to-open two Calls at $1.90 per share when Corning's stock price was $81.86.  

As detailed below, a potential outcome for this Corning investment if the stock is in-the-money and therefore assigned on the options expiration date is +1.6% absolute return-on-investment over 24 days (equivalent to +24.8% annualized-return-on-investment) if the stock closes above the $83.00 strike price on the 12/5/2025 options expiration date.  The details showing this potential return-on-investment result are as follows:

Corning Inc. (GLW) -- Continuation of Covered Calls Position
The buy/write transaction was:
11/11/2025 Bought 200 Corning Inc. shares @ $87.75
11/11/2025 Sold 2 Corning 11/21/2025 $85.00 Call options @ $3.95
Note: the Implied Volatility of the Call options was 38.5 when this buy/write transaction was executed.
11/14/2025 Quarterly ex-dividend of $.28 per share
11/21/2025 Two Corning 11/21/2025 $85.00 Calls expired out-of-the-money, so the 200 GLW shares remain in the Covered Calls Advisor Portfolio.
11/24/2025 Continued this Corning Covered Calls position by rolling down-and-out by selling two 12/5/2025 $83.00 Call options at $1.90 per share (when the stock price was $81.86).

A possible overall performance result (including commissions) for this Corning Inc. Covered Calls position is as follows:
Covered Calls Cost Basis: $16,761.34
= ($87.75 - $3.95) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$1,167.32
= ($3.95 + $1.90) * 200 shares - $2.68 commission
(b) Dividend Income: +$56.00 = $.28 dividend per share x 200 shares

(c) Capital Appreciation (If shares assigned at $83.00 strike price at the 12/5/2025 options expiration): -$950.00

+($83.00 - $87.75) * 200 shares

Total Net Profit (If Corning shares assigned at $83.00 strike price at the Dec. 5th, 2025 expiration): +$273.32

= (+$1,167.32 + $56.00 - $950.00)

Potential Absolute Return-on-Investment (If Corning shares assigned at $83.00 at the December 5th, 2025 options expiration): +1.6%

= +$273.32/$16,761.34

Potential Annualized Return-on-Investment (If Corning shares assigned at the Dec. 5th, 2025 options expiration date): +24.8%

= (+$273.32/$16,761.34) * (365/24 days)

November 21st, 2025 Options Expiration Results

The Covered Calls Advisor Portfolio had four Covered Calls positions with November 21st, 2025 options expiration dates.  Only one of the positions (Charles Schwab Corporation) closed in-the-money and was therefore assigned while three positions (Capital One Financial, Corning, and Microsoft) closed out-of-the-money.  Their Calls expired and the shares now remain in the Covered Calls Advisor Portfolio.  I will decide early next week for each position whether to sell the stocks at a net loss or continue the Covered Calls by selling future Calls against the positions.  

The detailed results for the one position closed out yesterday (Schwab) is as follows:

Charles Schwab Corporation (SCHW) -- +1.2% absolute return (equivalent to +27.2% annualized return-on-investment) for the 16 days of this investment.  This Covered Calls position closed in-the-money yesterday at $90.51 per share which was above its $90.00 strike price, so the maximum potential annualized profit was achieved for this position.  The original post detailing this position is here. 

As always, I welcome your feedback at my email address shown below on any topics related to the Covered Calls investing strategy.

Jeff Partlow
The Covered Calls Advisor
partlow@cox.net

Established Covered Call in Vistra Corporation

Today a Covered Call position of 14 days duration was established in Vistra Corporation (ticker VST).  My net buy/write limit order at $156.10 was executed by simultaneously purchasing one hundred shares at $169.50 and selling one December 5th, 2025 weekly Call option at the $160.00 strike price at $13.40 per share, which provides a $3.90 per share = [$13.40 Call option premium received - ($169.50 stock purchase price - $160.00 option strike price)] time value profit potential.  A moderately in-the-money Covered Call position was established with the probability that Vistra's stock will close in-the-money on the 12/5/2025 options expiration date was 67.4% when this transaction was executed.  As preferred, the next earnings report on February 26th, 2026 is after the December 5th, 2025 options expiration date. 

Vistra is one of the largest power producers and retail energy providers in the U.S.  Following th 2024 Energy Harbor acquisition, Vistra owned 41 gigawatts of nuclear, coal, natural gas, solar, and energy storage assets.  Its retail electricity business serves 5 million customers in 20 states, including about one-third of all Texas electricity consumers.  It has a secular growth opportunity where electricity demand will likely be the biggest bottleneck in the build out of new data centers. The average target price by the 21 analysts currently following Vistra is $231.32 (+36.5% above today's stock purchase price).

As detailed below, a potential return-on-investment result is +2.5% absolute return-on-investment (equivalent to +65.0% annualized return-on-investment for the next 14 days) if Vistra's share price is in-the-money (i.e. above the $160.00 strike price) and therefore assigned on its December 5th, 2025 options expiration date.  

Vistra Corporation (VST) -- New Covered Call Position

Today's buy/write net limit order transaction was as follows:
11/21/2025 Bought 100 Vistra Corporation shares at $169.50.

11/21/2025 Sold 1 Vistra 12/5/2025 $160.00 Call option @ $13.40 per share.  The Implied Volatility of these Calls was 59.6% when this position was established.  

A possible overall performance result (including commissions) for this Netflix Covered Call position is as follows:
Covered Call Net Investment: $15,610.67
= ($169.50 - $13.40) * 100 shares + $.67 commission

Net Profit:
(a) Option Income: +$1,339.33
= ($13.40 * 100 shares) - $.67 commission
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If 100 Vistra shares assigned at the $160.00 strike price at the 12/5/2025 options expiration date): -$950.00
+($160.00 strike price - $169.50 stock purchase price) * 100 shares

Total Net Profit Potential (If 100 Vistra shares in-the-money and therefore assigned at the $160.00 strike price at the options expiration date): +$389.33
= (+$1,339.33 options income + $0.00 dividend income - $950.00 capital appreciation)

Potential Absolute Return-on-Investment: +2.5%
= +$389.33/$15,610.67
Potential Annualized Return-on-Investment: +65.0%
= (+$389.33/$15,610.67) * (365/14 days)

Established Covered Calls in NVIDIA Corporation

Early in this morning's trading session, I established a Covered Calls position of 14 days duration in NVIDIA Corporation (ticker NVDA).  My net buy/write limit order at $173.20 was executed by simultaneously purchasing two hundred shares at $177.70 and selling two December 5th, 2025 weekly Call options at $4.50 per share and at the $185.00 strike price. A moderately out-of-the-money (strike price above the stock purchase price) Covered Calls position was established with the probability that NVIDIA's stock will close in-the-money (i.e. above the $185.00 strike price) on the 12/5/2025 options expiration date was 34.2% when this transaction was executed. 

NVIDIA reported their Q3 earnings after the market close Wednesday. They substantially beat analysts' estimates on all relevant metrics including both earnings and revenue (which at $57 billion was 62.5% above the comparable quarter last year). In addition, their Q4 guidance at $65 billion is 65.4% above last year and their sequential gross margin guide increases from 73.6% in the current quarter to 75.0% for Q4. Surprisingly, their stock reacted very negatively yesterday.  I decided that the negativity was unwarranted -- so this morning I established this new Covered Calls position. 

As detailed below, two potential return-on-investment results are: (1) +2.6% absolute return-on-investment (equivalent to +67.8% annualized return-on-investment for the next 14 days) if NVIDIA's share price is unchanged at the $177.70 stock purchase price on the December 5th, 2025 options expiration date; and  (2) +6.8% absolute return-on-investment (equivalent to +177.7% annualized return-on-investment for the next 14 days) if NVIDIA's share price is in-the-money (i.e. above the $185.00 strike price) and therefore assigned on its December 5th, 2025 options expiration date.  

NVIDIA Corporation (NVDA) -- New Covered Call Position

Today's buy/write net limit order transaction was as follows:
11/21/2025 Bought 200 NVIDIA Corporation shares at $177.70.

11/21/2025 Sold 2 NVIDIA 12/5/2025 $185.00 Call options @ $4.50 per share.  The Implied Volatility of these Calls was 52.0 when this position was established.  
12/4/2025 Ex-dividend of $.01 per share.

Two possible overall performance results (including commissions) for this NVIDIA Corporation Covered Calls position is as follows:
Covered Calls Net Investment: $34,641.34
= ($177.70 - $4.50) * 200 shares + $1.34 commission

Net Profit:
(a) Options Income: +$898.66
= ($4.50 * 200 shares) - $1.34 commission
(b) Dividend Income: +$2.00 = $.01 x 200 shares
(c) Capital Appreciation (If 200 NVIDIA shares close at the unchanged purchase price of $177.70 per share on the 12/5 options expiration date): +$0.00
+($177.70 closing price at expiration - $177.70 stock purchase price) * 200 shares; or
(c) Capital Appreciation (If 200 NVIDIA shares assigned (i.e. above the $185.00 strike price) on the 12/5 options expiration date): +$1,460.00
+($185.00 strike price - $177.70 stock purchase price) * 200 shares

1. Total Net Profit Potential (close at the unchanged purchase price of $177.70 per share on the 12/5 options expiration date): +$900.66
= (+$898.66 option income + $2.00 dividend income - $0.00 capital appreciation)
2. Total Net Profit Potential (If 200 NVIDIA shares assigned at the $185.00 strike price on the 12/5 options expiration date): +$2,360.66

= ($185.00 strike price - $177.70 purchase price) x 200 shares + $900.66 Call options premium = $1,460.00 + $900.66

1. Potential Absolute Return-on-Investment (If 200 NVDA shares closing price is unchanged at the original purchase price of $177.70 per share on the 12/5 options expiration date): +2.6%
= +$900.66/$34,641.34
Potential Annualized Return-on-Investment (If 200 NVIDIA shares closing price is unchanged at the original $177.70 stock purchase price on the 12/5 options expiration date): +67.8%
= (+$900.66/$34,641.34) * (365/14 days)
2. Potential Absolute Return-on-Investment (If 200 NVIDIA shares assigned at the $185.00 strike price on the 12/5 options expiration date): +6.8%
= (+$2,360.66/$34,641.34)

Potential Annualized Return-on-Investment (If 200 NVIDIA shares assigned at the $185.00 strike price on the 12/5 options expiration date): +177.7%
= (+$2,360.66/$34,641.34) * (365/14 days)

Established Covered Call in Netflix Inc.

Today a Covered Call position of 16 days duration was established in Netflix Inc. (ticker NFLX).  My net buy/write limit order at $106.00 was executed by simultaneously purchasing one hundred shares at $111.35 and selling one December 5th, 2025 weekly Call option at the $108.00 strike price at $5.35 per share, which provides a $2.00 per share = [$5.35 Call option premium received - ($111.35 stock purchase price - $108.00 option strike price)] time value profit potential.  A moderately in-the-money Covered Call position was established with the probability that Netflix's stock will close in-the-money on the 12/5/2025 options expiration date was 65.6% when this transaction was executed.  As preferred, the next earnings report on January 20th, 2026 is after the December 5th, 2025 options expiration date. 

As detailed below, a potential return-on-investment result is +1.9% absolute return-on-investment (equivalent to +42.9% annualized return-on-investment for the next 16 days) if Netflix's share price is in-the-money (i.e. above the $108.00 strike price) and therefore assigned on its December 5th, 2025 options expiration date.  

Netflix Inc. (NFLX) -- New Covered Call Position

Today's buy/write net limit order transaction was as follows:
11/19/2025 Bought 100 Netflix Inc. shares at $111.35.

11/19/2025 Sold 1 Netflix 12/5/2025 $108.00 Call option @ $5.35 per share.  The Implied Volatility of these Calls was 35.7% when this position was established.  

A possible overall performance result (including commissions) for this Netflix Covered Call position is as follows:
Covered Call Net Investment: $10,600.67
= ($111.35 - $5.35) * 100 shares + $.67 commission

Net Profit:
(a) Option Income: +$534.33
= ($5.35 * 100 shares) - $.67 commission
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If 100 Netflix shares assigned at the $108.00 strike price at expiration): -$335.00
+($108.00 strike price - $111.35 stock purchase price) * 100 shares

Total Net Profit Potential (If 100 Netflix shares in-the-money and therefore assigned at the $108.00 strike price at the options expiration date): +$199.33
= (+$534.33 option income + $0.00 dividend income - $335.00 capital appreciation)

Potential Absolute Return-on-Investment: +1.9%
= +$199.33/$10,600.67
Potential Annualized Return-on-Investment: +42.9%
= (+$199.33/$10,600.67) * (365/16 days)

Established Covered Calls in Newmont Corporation

This morning at 10:03a.m. ET, a short-term Covered Calls position my net debit limit order was executed in Newmont Corporation (ticker symbol NEM) when 300 shares were purchased at $86.53 and 3 November 28th, 2025 Call options were sold at $4.73 per share at the $83.00 strike price.  The buy/write net debit limit order at $81.80 was executed, so the potential time value profit was $1.20 per share [$4.73 Call options premium - ($86.53 stock purchase price - $83.00 strike price)]. 

There is also an upcoming quarterly ex-dividend of $.25 per share on November 26th (at a current annual dividend yield of 1.1%), so two potential return-on-investment results for this position, as detailed below, include the possibility of early assignment because the ex-dividend is prior to the Nov. 28th, 2025 options expiration date.  An in-the-money Covered Calls position was established when the probability of the stock closing in-the-money (and therefore being assigned) on the 11/28/2025 options expiration date was 69.2%.  Also, there is no quarterly earnings report prior to the options expiration date.  CFRA has a Strong Buy rating and LSEG has a Buy rating with both their Average Score and Optimized Score of 9 (on a scale of 1 to 10).  

As detailed below, two potential return-on-investment results are: 

•  +1.5% absolute return (equivalent to +66.6% annualized return-on-investment for the next 8 days) if the stock is assigned early (on the last business day prior to the November 26th, 2025 ex-dividend date); OR 

• +1.8% absolute return (equivalent to +64.4% annualized return-on-investment over the next 10 days) if the stock is assigned on the November 28th, 2025 options expiration date.
  

Newmont Corporation (NEM) -- New Covered Calls Position
The buy/write transaction was:
11/18/2025 Bought 300 Newmont Corp shares @ $86.53.
11/18/2025 Sold 3 Newmont 11/28/2025 $83.00 Call options @ $4.73.
Note: the Implied Volatility of the Call options was 46.8 when this buy/write transaction was executed.
11/26/2025 Upcoming quarterly ex-dividend of $.25 per share.

Two possible overall performance results (including commissions) for this Newmont Corporation Covered Calls position are as follows:
Covered Calls Cost Basis: $24,542.01
= ($86.53 - $4.73) * 300 shares + $2.01 commission

Net Profit Components:
(a) Options Income: +$1,416.99
= ($4.73 * 300 shares) - $2.01 commission
(b) Dividend Income (If option exercised early on Nov. 25th, the last business day prior to the November 26th ex-dividend date): +$0.00; or
(b) Dividend Income (If Newmont stock assigned at the Nov. 28th, 2025 options expiration date): +$75.00 = $.25 dividend per share x 300 shares

(c) Capital Appreciation (If Newmont Call options assigned early on Nov. 26th): -$1,059.00

+($83.00 strike price - $86.53 stock purchase price) * 300 shares; or
(c) Capital Appreciation (If shares assigned at the $83.00 strike price at the 11/28/2025 options expiration): -$1,059.00
+($83.00 - $86.53) * 300 shares

1. Total Net Profit [If option exercised early on the last business day prior to the Nov. 26th ex-dividend date)]: +$357.99

= (+$1,416.99 options income + $0.00 dividend income - $1,059.00 capital appreciation); or

2. Total Net Profit (If Newmont Corp. shares assigned at $83.00 strike price at the Nov. 28th, 2025 expiration): +$432.99

= (+$1,416.99 + $75.00 - $1,059.00)

1. Potential Absolute Return-on-Investment (If option exercised early on 11/26/2025): +1.5%

= +$357.99/$24,542.01

Potential Annualized Return-on-Investment: +66.6%

= (+$357.99/$24,542.01) * (365/8 days); or

2. Potential Absolute Return-on-Investment (If Newmont shares assigned at $83.00 at the November 28th, 2025 options expiration): +1.8%

= +$432.99/$24,542.01

Potential Annualized Return-on-Investment (If Newmont shares assigned at the Nov. 28th, 2025 options expiration date): +64.4%

= (+$432.99/$24,542.01) * (365/10 days)

At least eight of the nine metrics used in the Covered Calls Advisor's Dividend Capture Strategy spreadsheet must be 'YES' prior to establishing a position.  As shown below with this Newmont Corporation position, all nine criteria were met.

November 14th, 2025 Options Expiration Results

The Covered Calls Advisor Portfolio had three Covered Calls positions with November 14th, 2025 options expiration dates.  A summary of the results for each of these positions are as follows:

1. Microsoft Corporation (MSFT) -- This Covered Call was in-the-money since the strike price was $505.00 and the stock was above $510 yesterday afternoon.  I decided to continue this Covered Call position by rolling up-and-out (up to the $512.50 strike price and out one week to the November 21st options expiration date.  So, I bought-to-close the $505.00 Call at $5.70 and sold-to-open the 11/21/2025 $512.50 Call option at $5.95 per share.  

2. NVIDIA Corporation (NVDA) -- -0.4% absolute return (equivalent to -9.5% annualized return-on-investment) for the 15 days of this investment.  This Covered Calls position was closed out yesterday at a net credit price of $190.22 ($190.23-$.01) per share since the stock price was well below the $195.00 strike price late yesterday afternoon.  Since I prefer not to hold positions on the same day as a company's earnings report (which is next Wednesday for NVIDIA), I decided not to roll the position forward but instead to close out the position at a loss.  

3. Wells Fargo & Company (WFC) -- +1.7% absolute return (equivalent to +39.1% annualized return-on-investment) for the 16 days of this investment.  This Covered Calls position closed in-the-money yesterday at $85.05 per share which was above its $84.00 strike price, so the maximum potential annualized profit was achieved for this position.  The original post detailing this position is here. 

I welcome your feedback at my email address shown below on any topics related to the Covered Calls investing strategy.

Jeff Partlow
The Covered Calls Advisor
partlow@cox.net

Established Covered Calls Position in Capital One Financial Corporation

At 2:00pm this afternoon, I established a Covered Calls position in Capital One Financial Corporation (ticker COF). Capital One is a diversified financial services company headquartered in McLean, Virginia. Its three segments are Credit Cards, Consumer Banking, and Commercial Banking. Their acquisition of Discover Financial earlier this year is widely regarded as a valuable addition to their credit card business (which provides the majority of Capital One's total revenue). 

Regarding the Covered Calls transaction: My net debit buy/write limit order was executed when 200 shares were purchased at $217.40 and 2 November 21st, 2025 Call options were sold at $7.00 at the $212.50 strike price.  This is a short-term position since their are only 8 calendar days remaining until next Friday's options expiration date. The corresponding extrinsic value (i.e. time value) is $2.10 per share [$7.00 Call options premium - ($217.40 stock purchase price - $212.50 strike price)], all of which will be profit if the stock is in-the-money on the November 21st options expiration date. The Implied Volatility of the Call options was 33.3 which, as desired by the Covered Calls Advisor, is above the current 17.1 of the S&P 500 Volatility Index (i.e. VIX).  The probability that these Calls will expire in-the-money on the options expiration date was 66.9% when this position was transacted.  Also as preferred, the next earnings report on January 20th, 2026 is well after the options expiration date.

Capital One goes ex-dividend at $.80 per share next Monday which is included in the return-on-investment calculations detailed below. This $.80 per share dividend provides a 1.5% annualized dividend yield and is 33.3% higher than for the same quarter last year.  So, this short-term (only 8 days until options expiration) position is established to take advantage of the potential to achieve an excellent potential annualized return-on-investment for this in-the-money Covered Calls position.  As detailed below, the potential return-on-investment results for this position if the Calls expire in-the-money (i.e. above the $212.50 strike price) on the 11/21/2025 options expiration date is +1.3% absolute return-on-investment, which is equivalent to +60.7% annualized return-on-investment for the 8 days of this position.  

Capital One Financial Corporation (COF) -- New Covered Calls Position

The buy/write transaction was:
11/13/2025 Bought 200 Capital One Financial shares @ $217.40
11/13/2025 Sold 2 Capital One 11/21/2025 $212.50 Call options @ $7.00
11/17/2025 Upcoming quarterly ex-dividend of $.80 per share

A possible overall performance result (including commissions) for this Capital One Covered Calls position is as follows:
Covered Calls Net Investment: $43,481.34
= ($217.40 - $7.00) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$1,398.66
= ($7.00 * 200 shares) - $1.34 commission
(b) Dividend Income (If Capital One stock assigned at the November 21st, 2025 options expiration; so the $.80 dividend is captured): +$160.00
= ($.80 dividend per share x 200 shares)

(c) Capital Appreciation (If Capital One Call options assigned on the Nov. 21st, 2025 options expiration date): -$980.00
+($212.50 strike price - $217.40 stock purchase price) * 200 shares

Total Net Profit (If Capital One shares assigned at $212.50 at the 11/21/2025 expiration): +$578.66

= (+$1,398.66 options income + $160.00 dividend income - $980.00 capital appreciation)

Absolute Return-on-Investment (If Capital One shares assigned at $212.50 at the 11/21/2025 options expiration): +1.3%

= +$578.66/$43,481.34

Annualized Return-on-Investment (If Capital One shares assigned at $212.50 at the 11/21/2025 options expiration date): +60.7%

= (+$578.66/$43,481.34) * (365/8 days)

Established Covered Calls in Corning Inc.

This morning a short-term Covered Calls position was established in Corning Inc. (ticker symbol GLW) when 200 shares were purchased at $87.75 and 2 November 21st, 2025 Call options were sold at $3.95 per share at the $85.00 strike price.  The buy/write net debit limit order at $83.80 was executed, so the potential time value profit was $1.20 per share [$3.95 Call options premium - ($87.75 stock purchase price - $85.00 strike price)]. 

There is also an upcoming quarterly ex-dividend of $.28 per share this Friday on November 14th (at a current annual dividend yield of 1.3%), so two potential return-on-investment results for this position, as detailed below, include the possibility of early assignment because the ex-dividend is 7 days prior to the Nov. 21st, 2025 options expiration date.  An in-the-money Covered Calls position was established when the probability of the stock closing in-the-money (and therefore being assigned) on the 11/21/2025 options expiration date was 67.2%.  Also, there is no quarterly earnings report prior to the options expiration date. 

Two of my favorite stock reports are CFRA and LSEG both of which currently have Buy ratings on GLW.  I also like to invest in companies with increasing revenue and earnings, and Corning's revenue and earnings are now both trending in the low double digits (which are also projected to continue into FY 2026) compared with mid-single digits historically. 

As detailed below, two potential return-on-investment results are: 

•  +1.4% absolute return (equivalent to +129.9% annualized return-on-investment for the next 3 days) in the relatively unlikely event that the stock is assigned early (on the last business day prior to the November 14th, 2025 ex-dividend date); OR 

• +1.8% absolute return (equivalent to +64.2% annualized return-on-investment over the next 10 days) if the stock is assigned on the November 21st, 2025 options expiration date.

Corning Inc. (GLW) -- New Covered Calls Position
The buy/write transaction was:

11/11/2025 Bought 200 Corning Inc. shares @ $87.75
11/11/2025 Sold 2 Corning 11/21/2025 $85.00 Call options @ $3.95
Note: the Implied Volatility of the Call options was 38.5 when this buy/write transaction was executed.
11/14/2025 Upcoming quarterly ex-dividend of $.28 per share

Two possible overall performance results (including commissions) for this Corning Inc. Covered Calls position are as follows:
Covered Calls Cost Basis: $16,761.34
= ($87.75 - $3.95) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$788.66
= ($3.95 * 200 shares) - $1.34 commission
(b) Dividend Income (If option exercised early on Nov. 13th, the last business day prior to the November 14th ex-dividend date): +$0.00; or
(b) Dividend Income (If Corning stock assigned at the Nov. 21st, 2025 expiration): +$56.00        = ($.28 dividend per share x 200 shares)

(c) Capital Appreciation (If Corning Call options assigned early on Nov. 14th): -$550.00

+($85.00 strike price - $87.75 stock purchase price) * 200 shares; or
(c) Capital Appreciation (If shares assigned at $85.00 strike price at the 11/21/2025 options expiration): -$550.00
+($85.00 - $87.75) * 200 shares

1. Total Net Profit [If option exercised early on the last business day prior to the Nov. 14th ex-dividend date)]: +$238.66

= (+$788.66 options income + $0.00 dividend income - $550.00 capital appreciation); or

2. Total Net Profit (If Corning shares assigned at $85.00 strike price at the Nov. 21st, 2025 expiration): +$294.66

= (+$788.66 + $56.00 - $550.00)

1. Potential Absolute Return-on-Investment (If option exercised early on 11/14): +1.4%

= +$238.66/$16,761.34

Potential Annualized Return-on-Investment: +129.9%

= (+$238.66/$16,761.34) * (365/4 days); or

2. Potential Absolute Return-on-Investment (If Corning shares assigned at $85.00 at the November 21st, 2025 options expiration): +1.8%

= +$294.66/$16,761.34

Potential Annualized Return-on-Investment (If Corning shares assigned at the Nov. 21st, 2025 options expiration date): +64.2%

= (+$294.66/$16,761.34) * (365/10 days)

At least eight of the nine metrics used in the Covered Calls Advisor's Dividend Capture Strategy spreadsheet must be 'YES' prior to establishing a position.  As shown below with this Corning Inc. position, all nine criteria were met.