Continuation of Covered Calls Position in iShares China Large-Cap ETF

This morning the Covered Calls position in iShares China Large-Cap ETF (ticker FXI) was continued by selling 6 June 3rd, 2022 $31.00 Calls at $.77 per share when FXI's price was $30.69. The price has declined substantially along with the slowdown in China's economy which has included Covid-19 lockdowns.  However, rather than further tightening economic activity by raising interest rates, China is now easing financial conditions to re-stimulate growth. So this iShares China Large-Cap ETF Covered Calls position is being continued based on the belief that their stock market has bottomed and that this position can be repaired from its current loss back close to breakeven or even a small profitability by a strategy of regularly selling bi-weekly near-the-money Calls. Details of this position to-date are as follows: 

iShares China Large-Cap ETF (FXI) -- Continuation of Covered Calls Position
The original Buy/Write transaction was as follows:
2/18/2022 Bought 600 shares of iShares China Large-Cap ETF shares @ $36.69 per share 
2/18/2022 Sold 6 FXI March 4th, 2022 $35.00 Call options @ $2.02 per share.
3/04/2022 6 FXI Calls expired out-of-the-money so the 600 shares remained in the Covered Calls Advisor Portfolio.
3/22/2022 Continued this iShares China Large-Cap ETF Covered Calls position by selling 6 FXI April 1st, 2022 $35.00 Call options @ $.42 per share.  The FXI share price was $33.415 when these Calls were sold.
4/01/2022 6 FXI Calls expired out-of-the-money so the 600 shares remained in the Covered Calls Advisor Portfolio.
04/04/2022 Continued this iShares China Large-Cap ETF Covered Calls position by selling 6 FXI April 14th, 2022 $35.00 Call options @ $.38 per share.
4/14/2022 6 FXI Calls expired out-of-the-money so the 600 shares remained in the Covered Calls Advisor Portfolio.
05/20/2022 Continued this iShares China Large-Cap ETF Covered Calls position by selling 6 FXI June 3rd, 2022 $31.00 Call options @ $.77 per share.  The FXI share price was $30.69 when these Calls were sold and the Implied Volatility of these Calls was 36.4.

An overall performance result (including commissions) for this iShares China Large-Cap ETF Covered Calls position if the options were in-the-money and therefore assigned on the 6/3/2022 expiration date would be as follows:
Stock Purchase Cost: $20,806.02
= ($36.69 - $2.02) * 600 shares + $4.02 commission

Net Profit:
(a) Options Income: +$2,137.92
= ($2.02 + $.42 + $.38 + $.77) * 600 shares - $16.08 commissions
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If 600 iShares China Large-Cap ETF shares assigned at $31.00 strike price at expiration): -$3,414.00
+($31.00 - $36.69) * 600 shares

Total Net Profit (If 600 iShares China Large-Cap ETF shares assigned at $31.00 strike price at expiration): -$1,276.08
= (+$2,137.92 options income +$0.00 dividend income -$3,414.00 capital appreciation)

Absolute Return-on-Investment: -6.1%
= -$1,276.08/$20,806.02
Annualized Return-on-Investment: -21.1%
= (-$1,276.08/$20,806.02) * (365/106 days)