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 $108.00 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 Call 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.

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 last Friday with the stock at $496.77 which was well below the $512.50 strike price.  Today this position was continued by rolling down-and-out to this Friday's November 14th, 2025 options expiration at the $505.00 strike price by selling-to-open one Call at $4.00 per share when Microsoft's stock price was $502.45.  

As detailed below, a potential outcome for this Microsoft investment if the stock is in-the-money and therefore assigned on the Nov. 14th options expiration date is +0.1% absolute return-on-investment over 15 days (equivalent to +2.0% annualized-return-on-investment) if the stock closes above the $505.00 strike price on the 11/14/2025 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.  

A possible overall performance result (including commissions) if this position is assigned on its 11/14/2025 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: +$1,806.66
= ($14.08 + $4.00) * 100 shares) - $1.34 commissions
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If Microsoft stock is above the $505.00 strike price at the November 14th option expiration date): -$1,764.00
= ($505.00 strike price - $522.64 stock purchase price) * 100 shares

Potential Total Net Profit (If assigned at expiration): +42.66
= (-$1,806.66 option income + $0.00 dividend income - $1,764.00 capital appreciation)

Potential Absolute Return-on-Investment: +0.1%
= +$42.66/$50,856.67
Potential Equivalent Annualized-Return-on-Investment: +2.0%
= (+42.66/$50,856.67) * (365/15 days)

Covered Call Position Closed in Constellation Brands Inc.

Last Friday, the Covered Calls position in Constellation Brands Inc. (ticker STZ) closed out-of-the-money at $127.65 which was well below its $135.00 strike price.  Because Consumer Staples stocks generally (and Constellation Brands as well) are currently underperforming the overall market, I decided to close out this position by selling the 100 STZ shares.  So early in this morning's trading session, I closed out the position at a net loss of $394.67 when I sold the 100 Constellation Brands shares at $128.40.  The transactions history for this Constellation Brands Covered Calls position and its associated return-on-investment results are detailed below.

Constellation Brands Inc. (STZ) -- New Covered Call Position
The simultaneous buy/write transaction was:
10/20/2025 Bought 100 Constellation Brands shares @ $140.78
10/20/2025 Sold 1 Constellation Brands 11/7/2025 $135.00 Call option @ $7.42
Note: the Implied Volatility of this Call options was 32.1 when this transaction was executed.
10/30/2025 Quarterly ex-dividend of $1.02 per share.

11/7/2025 One STZ $135.00 Call option closed out-of-the-money, so the Call expired and 100 STZ shares remained in the Covered Calls Advisor Portfolio.

11/10/2025 Closed out this Covered Calls position by selling the 100 STZ shares at $128.40 per share. 

The overall performance results (including commissions) for this Constellation Brands Covered Call position are as follows:
Covered Call Cost Basis: $13,336.67
= ($140.78 - $7.42) * 100 shares + $.67 commission

Net Profit Components:
(a) Option Income: +$741.33
= ($7.42 * 100 shares) - $.67
(b) Dividend Income: +$102.00
= ($1.02 dividend per share x 100 shares)

(c) Capital Appreciation (100 STZ shares sold at $128.40 per share): -$1,238.00
+($128.40 stock selling price - $140.78 stock purchase price) * 100 shares

Total Net Loss: -$394.67

= (+$741.33 + $102.00 dividend income - $1,238.00)

Absolute Return-on-Investment: -3.0%

= -$394.67/$13,336.67

Annualized Return-on-Investment: -83.1%

= (-$394.67/$13,336.67) * (365/13 days)

November 7th, 2025 Options Expiration Results

The Covered Calls Advisor Portfolio had three Covered Calls positions with November 7th, 2025 options expiration dates.  One position in NVIDIA Corporation closed in-the-money so the Call option expired and the 100 shares were called away (i.e. sold) at its $172.50 strike price.  Two positions (Constellation Brands and Microsoft Corporation) were well out-of-the-money, so the Call options expired and the shares currently remain in my portfolio.  Early next week I will either close out the positions by selling the shares at a loss or continue with the Covered Call positions by selling future Calls against the shares currently held. 

    

A summary of the results for this closed out NVIDIA position are as follows:

NVIDIA Corporation (NVDA) -- +1.8% absolute return (equivalent to +43.6% annualized return-on-investment) for the 15 days of this investment.  This Covered Calls position closed in-the-money yesterday at $188.15 per share which was above its $172.50 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 and questions 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 Charles Schwab Corporation

Early in this morning's trading session, a Covered Calls position was established in Charles Schwab Corporation (ticker SCHW) when my buy/write limit order was executed -- 200 shares were purchased at $93.79 and 2 November 21st, 2025 Call options were sold at $4.59 at the $90.00 strike price.  The corresponding extrinsic value (i.e. time value) was $.80 per share [$4.59 Call options premium - ($93.79 stock purchase price - $90.00 strike price)], all of which will be profit if the stock is assigned (either by early assignment on the day prior to the November 14th ex-dividend date or at the November 21st options expiration date). The Implied Volatility of the Call options was 26.6 which, as desired by the Covered Calls Advisor, is above the current 17.9 of the S&P 500 Volatility Index (i.e. VIX).  Also as preferred, the next earnings report on January 21st, 2025 is well after the options expiration date.

At today's purchase price, the upcoming ex-dividend of $.27 has a 1.2% annualized dividend yield.  So, this short-term (only 16 days until options expiration) position is established to take advantage of the potential to achieve a satisfactory annualized return-on-investment in a position that meets all nine criteria of the Covered Calls Advisor's Dividend Capture Strategy (see table at end of this post).  This $.27 dividend is a 8.0% increase from the $.25 dividend rate during the same quarter last year.    

Two potential return-on-investment results for this position are highlighted below (including the possibility of early assignment since the ex-dividend is prior to the November 14th options expiration date).  Given the Covered Calls Advisor's current Neutral overall market sentiment, an in-the-money Covered Calls position was established with a probability of 76.2% that the stock will be in-the-money, and therefore assigned (i.e. sold), on the November 21st, 2025 options expiration date.  

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

•  +0.9% absolute return (equivalent to +36.1% annualized return-on-investment for the next 9 days) in the event that the stock is assigned early (business day prior to its 11/14/2025 ex-dividend date); OR 

• +1.2% absolute return (equivalent to +27.2% annualized return-on-investment over the next 16 days) if the stock is assigned on the November 21st options expiration date.

Charles Schwab Corporation (SCHW) -- New Covered Calls Position

The buy/write transaction was:
11/5/2025 Bought 200 Schwab shares @ $93.79
11/5/2025 Sold 2 Schwab 11/21/2025 $90.00 Call options @ $4.59
11/14/2025 Upcoming quarterly ex-dividend of $.27 per share

Two possible overall performance results (including commissions) for this Charles Schwab Corporation Covered Calls position are as follows:
Covered Calls Net Investment: $17,841.34
= ($93.79 - $4.59) * 200 shares + $1.34 commission

Net Profit Components:
(a) Options Income: +$916.66
= ($4.59 * 200 shares) - $1.34 commission
(b) Dividend Income (If option exercised early on November 13th, the day prior to the November 14th ex-div date): +$0.00; or
(b) Dividend Income (If Schwab stock assigned at the November 21st, 2025 options expiration; so the $.27 dividend is captured): +$54.00
= ($.27 dividend per share x 200 shares)

(c) Capital Appreciation (If Schwab Call options assigned early on Nov. 14th, 2025): -$758.00
+($90.00 strike price - $93.79 stock purchase price) * 200 shares; or
(c) Capital Appreciation (If shares assigned at $90.00 strike price at options expiration): -$758.00
+($90.00 - $93.79) * 200 shares

1. Total Net Profit [If option exercised on 11/13/2025 (business day prior to the 11/14/2025 ex-dividend date)]: +$158.66

= (+$916.66 options income + $0.00 dividend income - $758.00 capital appreciation); or

2. Total Net Profit (If Schwab shares assigned at $90.00 at the 11/21/2025 expiration): +$212.66

= (+$916.66 options income + $54.00 dividend income - $758.00 capital appreciation)

1. Absolute Return-on-Investment [If option exercised early on 11/14/2025]: +0.9%

= +$158.66/$17,841.34

Annualized Return-on-Investment (If option exercised early): +36.1%

= (+$158.66/$17,841.34) * (365/9 days); or

2. Absolute Return-on-Investment (If Schwab shares assigned at $90.00 at the 11/21/2025 options expiration): +1.2%

= +$212.66/$17,841.34

Annualized Return-on-Investment (If Schwab shares assigned at $90.00 at the 11/21/2025 options expiration date): +27.2%

= (+$212.66/$17,841.34) * (365/16 days)

Either outcome provides a good return-on-investment result for this Schwab investment.  These returns will be achieved as long as the stock is above the $90.00 strike price at assignment.  If the stock declines below the strike price, the breakeven price of $88.93 ($93.79 - $4.59 - $.27) provides a 5.2% downside protection below today's stock purchase price.

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 Charles Schwab Corporation position, all nine criteria are met.

Covered Calls Position Closed in Signet Jewelers Ltd.

Last Friday, the Covered Calls position in Signet Jewelers Ltd. (ticker SIG) closed out-of-the-money at $98.85 which was below its $100.00 strike price.  This past weekend I decided to close out this position by selling the 200 Signet shares.  The stock declined in early trading and I put in a limit order to sell my 200 shares at a price of $82.10.  At 11:15am my order was executed.  The transactions history for this Signet Covered Calls position and its associated return-on-investment results are detailed below.

Signet Jewelers Ltd. (SIG) -- Covered Calls Position Closed Out
The simultaneous buy/write transaction today was as follows:
10/20/2025 Bought 200 Signet Jewelers shares @ $104.43
10/20/2025 Sold 2 Signet 10/31/2025 $100.00 Call options @ $5.75 per share
Note: the Implied Volatility of the Calls was 45.1 when this transaction was executed, well above the S&P 500 Volatility Index (VIX) of 19.4.
10/24/2025 Ex-dividend of $64.00 ($.32 per share x 200 shares)
10/31/2025 Two Signet Call options expired out-of-the-money at $98.85 per share and the 200 Signet shares remained in the Covered Calls Advisor Portfolio.
11/3/2025 Sold the 200 Signet shares at $98.10 per share to close out this Covered Calls position. 

The overall performance results (including commissions) are as follows:
Covered Calls Cost Basis: $19,737.34
= ($104.43 - $5.75) * 200 shares + $1.34 commissions

Net Profit Components:
(a) Options Income: +$1,148.66
= ($5.75 * 200 shares) - $1.34 commissions
(b) Dividend Income: +$64.00
= ($.32 dividend per share x 200 shares)
(c) Capital Appreciation (200 Signet shares sold at $98.10 to close out this Covered Calls position): -$1,266.00
+($98.10 - $104.43) * 200 shares

Total Net Profit (If Signet shares assigned at $100.00 strike price at the Oct. 31st, 2025 expiration): -$53.34

= (+$1,148.66 + $64.00 - $1,266.00)

Absolute Return-on-Investment: -0.3%

= -$53.34/$19,737.34

Annualized Return-on-Investment: -7.0%

= (-$53.34/$19,737.34) * (365/14 days)

October 31st, 2025 Options Expiration Results

The Covered Calls Advisor Portfolio had five Covered Calls positions with October 31st, 2025 options expiration dates.  Three positions (KraneShares CSI China Internet ETF, NVIDIA Corporation, and Uber Technologies Inc.) closed in-the-money so their Call options expired and the shares were called away (i.e. sold) at their respective strike prices.  Two positions (Chipotle Mexican Grill Inc. and Signet Jewelers Ltd.) were out-of-the-money.  With about 10 minutes before the market close, I unwound (i.e. closed out) the Chipotle position by buying-to-close the Calls while simultaneously selling-to-close the shares.  With Signet, I decided not to do anything -- so the Call options expired and the 200 Signet shares currently remain in my portfolio. 

    

A summary of the results for each of these five positions are as follows:

1. KraneShares CSI China Internet ETF (KWEB) -- +1.7% absolute return (equivalent to +42.6% annualized return-on-investment) for the 15 days of this investment.  This Covered Calls position closed in-the-money yesterday at $39.95 per share which was above its $38.00 strike price, so the maximum potential annualized profit was achieved for this position.  The original post detailing this position is here.  

2. NVIDIA Corporation (NVDA) -- +2.1% absolute return (equivalent to +55.8% annualized return-on-investment) for the 14 days of this investment.  This Covered Calls position closed in-the-money yesterday at $202.49 per share which was above its $172.50 strike price, so the maximum potential annualized profit was achieved for this position.  The original post detailing this position is here.  

3. Uber Technologies Inc. (UBER) -- +2.0% absolute return (equivalent to +51.8% annualized return-on-investment) for the 14 days of this investment.  This Covered Call position closed in-the-money yesterday at $96.50 per share which was above its $89.00 strike price, so the maximum potential annualized profit was achieved for this position.  The original post detailing this position is here. 

4. Chipotle Mexican Grill Inc. (CMG) -- -14.1% absolute return (a -$2,082.68 net loss for this investment).  Chipotle stock tanked after its earnings report miss this week.  I wish I had followed my own advice to avoid holding stocks on the day of their earnings reports.  Lesson learned; so I will be more diligent in checking for intervening earnings reports prior to entering all future Covered Calls positions.    

5. Signet Jewelers Ltd. (SIG) -- Yesterday afternoon, with the stock price out-of-the-money, I decided to let the two Signet Call options expire and to therefore retain the 200 Signet shares.  Early next week I will either continue this Covered Calls position by selling two more Signet Calls or I will close out the position by selling the 200 shares. The original post detailing this position is here. 

I welcome your feedback at my email address shown below on any topics related to this blog post specifically or anything else related to the Covered Calls investing strategy.

Jeff Partlow
The Covered Calls Advisor
partlow@cox.net