Established Covered Calls Position in iShares China Large-Cap ETF

A second Covered Calls position was established in iShares China Large-Cap ETF (FXI). The first position expires tomorrow and is likely to be called away since it is well in-the-money. I want to maintain an ongoing Covered Calls position in iShares China Large-Cap ETF so this second position has an expiration on the monthly August 18th, 2023 options expiration date.  This is consistent with my intention to establish approximately bi-weekly Covered Calls in FXI in upcoming weeks this year.  Finally, the fact that investing in China-based companies improves the diversification of the Covered Calls Advisor Portfolio appeals to me.  In short, it serves as a counterbalance to my normal home country bias.  

FXI is very attractive from a valuation perspective since its current P/E of 8.6 and P/Book of 1.1 is less than one-half of the S&P 500 P/E of 19 and P/Book of 3.9.  One thousand shares of iShares China Large-Cap ETF were purchased at $28.77 and ten August 18th, 2023 Call options were sold at the $27.85 strike price at $1.37 per share--a net debit transaction of $27.40 per share which provides a $.60 per share time value profit potential.  

As detailed below, a potential return-on-investment result is +1.6% absolute return (equivalent to +34.7% annualized return-on-investment for the next 17 days) if the iShares China Large-Cap ETF share price is in-the-money (i.e. above the $27.85 strike price) and therefore assigned on the August 18th, 2023 options expiration date.

 
iShares China Large-Cap ETF (FXI) -- New Covered Calls Position 
The Buy/Write transaction was as follows:
8/2/2023 Bought 1,000 shares of iShares China Large-Cap ETF @ $28.77 per share.  
8/2/2023 Sold 10 FXI August 18th, 2023 $27.85 Call options @ $1.37 per share.  

A possible overall performance result (including commissions) for this iShares China Large-Cap ETF Covered Calls position is as follows:
FXI Covered Calls Net Investment: $27,406.70
= ($28.77 - $1.37) * 1,000 shares + $6.70 commission

Net Profit:
(a) Options Income: +$1,363.30
= ($1.37 * 1,000 shares) - $6.70 commission
(b) Dividend Income: +$0.00
(c) Capital Appreciation (If 1,000 iShares China Large-Cap ETF shares assigned at $27.85 strike price at expiration): -$920.00
+($27.85 - $28.77) * 1,000 shares

Total Net Profit Potential (If 1,000 iShares China Large-Cap ETF shares assigned at $27.85 strike price at expiration): +$443.30
= (+$1,363.30 options income +$0.00 dividend income -$920.00 capital appreciation)
Potential Absolute Return-on-Investment: +1.6%
= +$443.30/$27,406.70
Potential Annualized Return-on-Investment: +34.7%
= (+$443.30/$27,406.70) * (365/17 days)