June 30th, 2023 Options Expiration Results

The Covered Calls Advisor Portfolio had four Covered Calls positions with June 30th, 2023 options expirations.  Three of these positions (Cigna Group, General Motors Company, and Gilead Sciences Inc.) closed in-the-money so their Calls expired and the shares were called away (i.e. sold) at their respective strike prices.  The fourth position in iShares China Large-Cap ETF (FXI) closed slightly out-of-the-money so the Calls expired and the 100 FXI shares remain in the Covered Calls Advisor Portfolio.  Finally, I was notified early this morning by my broker that my Covered Calls position in the iShares 20+ Year Treasury Bond ETF was exercised yesterday, so my TLT Covered Calls position was closed out profitably by early assignment.  A summary of the results for each of these five positions is as follows:

1. Cigna Group -- -0.5% absolute return (equivalent to -1.6% annualized return-on-investment) for the 122 days of this investment.  This Covered Call position was assigned at the $270.00 strike price on its 6/30/2023 options expiration date since Cigna closed in-the-money at $280.60 per share.  The final post detailing the history of this Covered Call position is here. 

2. General Motors Company -- +1.1% absolute return (equivalent to +36.7% annualized return-on-investment) for the 11 days of this investment.  This Covered Calls position was assigned at the $36.00 strike price on its 6/30/2023 options expiration date since GM closed in-the-money yesterday at $38.56 per share.  The original post detailing this Covered Calls position is here. 

3. Gilead Sciences Inc. -- +1.7% absolute return (equivalent to +27.5% annualized return-on-investment) for the 22 days of this investment.  This Covered Calls position was assigned at the $76.00 strike price yesterday on its 6/30/2023 options expiration date since Gilead stock closed in-the-money at $77.07 per share.  The original post detailing this Covered Calls position is here. 

4. iShares China Large-Cap ETF (FXI) -- FXI's price closed yesterday at $27.19 which was slightly below its $27.35 strike price, so the nine 6/30/2023 iShares China Large-Cap ETF Call options expired and 900 FXI shares now remain in the Covered Calls Advisor Portfolio.  Early next week a decision will be made to either close out the position by selling the shares or continuing with this Covered Calls position by selling nine FXI Call against the 900 FXI shares currently owned.  

5. iShares 20+ Year Treasury Bond ETF (TLT) -- My Covered Calls position in the iShares 20+ Year Treasury Bond ETF at the July 7th, 2023 expiration and the $101.00 strike price was exercised yesterday, so my TLT Covered Calls position was closed out profitably by early assignment.  I was expecting that these Calls would be exercised yesterday (Friday, June 30th) since there was only $.02 time value remaining in the Calls and the ex-dividend date is on Monday (July 3rd).  This position achieved a net profit of $90.99 in two days. 

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

Best Wishes,

Jeff Partlow
The Covered Calls Advisor
partlow@cox.net