1. Sea Limited ADR (SE) -- Rolled Out this Covered Calls Position
The original simultaneous buy/write transaction was as follows:
12/1/2025 Bought 200 Sea Ltd. shares @ $137.15
12/1/2025 Sold 2 SE 12/19/2025 $130.00 Call options @ $9.65 per share
Note: the Implied Volatility of the Calls was 43.0 when this transaction was executed. As I prefer, this value exceeds that of the S&P 500 Volatility Index (VIX) which is currently at 17.2.
12/19/2025 Two Sea Ltd. Calls expired out-of-the-money, so the 200 shares remained in the Covered Calls Advisor Portfolio.
12/26/2025 Continued Covered Calls position by selling-to-open two 1/9/2026 $130.00 Calls at $2.38 per share when the price of Sea Ltd. stock was at $126.96.
1/9/2026 Sea Ltd. Covered Calls rolled out by buying-to-close the two 1/9/2026 $130.00 Calls at $4.25 per share and simultaneously selling two 1/23/2026 $130.00 Calls at $6.70 per share, so a net credit of $2.45 per share.
1/23/2025 Two Sea Ltd. Calls expired out-of-the-money, so the 200 shares remained in the Covered Calls Advisor Portfolio.
1/27/2025 Continued Covered Calls position by selling-to-open two 2/6/2026 $127.00 Calls at $3.30 per share when the price of Sea Ltd. stock was at $125.41.
A possible overall performance result (including commissions) for this Sea Ltd. Covered Calls position if the stock price is in-the-money and therefore assigned at the $127.00 strike price on the options expiration date is as follows:
Covered Calls Cost Basis: $25,501.34
= ($137.15 - $9.65) * 200 shares + $1.34 commission
Net Profit Components:
(a) Options Income: +$3,549.97
= ($9.65 + $2.38 - $4.25 + $6.70 + $3.30) * 200 shares - $6.03 commissions
(b) Dividend Income $0.00
(c) Capital Appreciation (If Sea Ltd. shares assigned at $127.00 strike price at the 2/6/2026 options expiration date): -$2,030.00
+($127.00 strike price - $137.15 stock purchase price) * 200 shares
2. Universal Health Services Inc. (UHS) -- Rolled Out this Covered Call Position
The simultaneous buy/write transaction today was as follows:
12/30/2025 Bought 100 Universal Health Services shares @ $225.63
12/30/2025 Sold 1 UHS 1/16/2026 $220.00 Call option @ $8.67 per share
Note: the Implied Volatility of the Call was 28.5 when this transaction was executed. As I prefer, this value exceeds that of the S&P 500 Volatility Index (VIX) which is currently at 14.3.
1/16/2025 One UHS Call expired out-of-the-money, so the 100 shares remained in the Covered Calls Advisor Portfolio.
1/27/2025 Continued Covered Call position by selling-to-open one 2/20/2026 $220.00 Call at $2.80 per share when the price of Univeral Health Services stock was at $212.80.
A possible overall performance result (including commissions) for this Universal Health Services Inc. Covered Call position if assigned on the options expiration date is as follows:
Covered Call Cost Basis: $21,696.67
= ($225.63 - $8.67) * 100 shares + $.67 commission
Net Profit Components:
(a) Option Income: +$1,145.66
= ($8.67 + $2.80) * 100 shares - $1.34 commission
(b) Dividend Income $0.00
(c) Capital Appreciation (If Universal Health shares assigned at their $220.00 strike price at options expiration): -$563.00
+($220.00 - $225.63) * 100 shares
