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)