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 on Friday, November 14th.  Today I decided to continue this position by rolling down-and-out to the December 12th, 2025 options expiration at the $492.50 strike price by selling-to-open one Call at $8.20 per share when Microsoft's stock price was $490.86.  

As detailed below, a potential outcome for this Microsoft investment if the stock is in-the-money and therefore assigned on the Dec. 12th options expiration date is -0.6% absolute return-on-investment over 43 days (equivalent to -5.0% annualized-return-on-investment) if the stock closes above the $492.50 strike price on the 12/12/2025 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.

11/14/2025 One Microsoft 11/14/2025 $505.00 Call option expired out-of-the-money, so the 100 Microsoft shares remain in the Covered Calls Advisor Portfolio.

11/20/2025 Ex-dividend of $.91 per share.

11/28/2025 Continued this Microsoft Covered Call position by rolling down-and-out by selling one 12/12/2025 $492.50 Call option at $8.20 per share.  

A possible overall performance result (including commissions) if this position is assigned on its 12/12/2025 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: +$2,625.99
= ($14.08 + $4.00 + $8.20) * 100 shares - $2.01 commissions
(b) Dividend Income: +$91.00 = $.91 ex-dividend x 100 shares
(c) Capital Appreciation (If Microsoft stock is above the $492.50 strike price at the December 12th option expiration date): -$3,014.00
= ($492.50 strike price - $522.64 stock purchase price) * 100 shares

Potential Total Net Profit (If assigned at expiration): -$297.01
= (-$2,625.99 option income + $91.00 dividend income - $3,014.00 capital appreciation)

Potential Absolute Return-on-Investment: -0.6%
= -$297.01/$50,856.67
Potential Equivalent Annualized-Return-on-Investment: -5.0%
= (-$297.01/$50,856.67) * (365/43 days)