Rolled Up-and-Out the Covered Calls Position in the Energy Select Sector SPDR Fund ETF

The Covered Calls Advisor Portfolio had a Covered Calls position in the Energy Select Sector SPDR Fund ETF (XLE) that has an expiration date today at the $81.00 strike price.  XLE's price had increased from $84.95 when it was originally purchased on December 15th, 2022 to $88.18 today when I decided to continue with this Covered Calls position with a rollout transaction to the January 20th, 2023 $85.50 strike price.  The Delta (which closely approximates the probability of assignment on the options expiration date) was 68.8 when this transaction was executed.  To accomplish this rollout, a debit spread transaction was executed by simultaneously buying-to-close 3 January 6th, 2023 $81.00 Calls @ $7.17 per share (with only $.01 time value remaining since the stock price was $88.18 when this transaction was executed) and selling-to-open 3 January 20th, 2023 $85.50 Calls @ $3.77 per share--a net debit of $3.40 per share to roll-up by $4.50 per share (from $81.00 to $85.50).   

As detailed below, a potential return-on-investment result if this position is in-the-money and therefore assigned on the January 20th expiration date is +3.3% absolute return (equivalent to +32.8% annualized return over a period of 37 days). 

Energy Select Sector SPDR Fund ETF (XLE) -- New Covered Calls Position 
The buy/write transaction today was as follows:
12/15/2022 Bought 300 Energy Select Sector SPDR Fund ETF shares @ $84.85 per share
12/15/2022 Sold 3 XLE 12/6/2022 $81.00 Call options @ $4.57 per share
12/19/2022 Quarterly ex-distribution of $.8596 per share (4.1% annual dividend yield)
1/6/2023 XLE Covered Calls rolled up-and-out  by buying-to-close the three 1/6/2023 $81.00 Calls and simultaneously selling three 1/20/2023 $85.50 Calls at a net debit of $3.40 per share.

A possible overall performance result (including commissions) for this Energy Select Sector SPDR Fund ETF Covered Calls position if assigned at options expiration is as follows:
Covered Calls Net Investment: $24,086.01
= ($84.85 - $4.57) * 300 shares + $2.01 commissions

Net Profit Components:
(a) Options Income: +$346.98
= ($4.57 -$7.17 + $3.77) * 300 shares - $4.02 commissions
(b) Distribution Income: +$257.88
= ($.8596 distribution per share x 300 shares)
(c) Capital Appreciation (If XLE shares are in-the-money and therefore assigned at the $85.50 strike price at the 1/20/2023 options expiration): +195.00
+($85.50 strike price - $84.85 original purchase price) * 300 shares

Total Net Profit (If XLE shares assigned at $85.50 strike price at the January 20th, 2023 expiration): +$799.86

= (+$346.98 options income + $257.88 distribution income +$195.00 capital appreciation)
 

Absolute Return-on-Investment (If XLE shares assigned at $85.50 strike price at the options expiration date): +3.3%

= +$799.86/$24,086.01

Annualized Return-on-Investment: +32.8%

= (+$799.86/$24,086.01) * (365/37 days)