Opened (IRA): BITO April 19th 31 Covered Call

NaughtyPines Updated   
BATS:BITO   ProShares Bitcoin Strategy ETF
... for a 27.54 debit.

Comments: High IVR/IV at 97.9/81.9% and a monthly dividend to take advantage of. However, the monthly dividend has varied widely -- with the last two distributions paying .36 (February 8th) and .73 (March 8th) with an annual dividend of 8.72 (.73 average monthly) (31.7% annualized as a function of current price).

I'm primarily looking to grab the April monthly here; anything additional above my break even will be gravy ... .

In any event, the metrics:

BPE/Break Even/Cost Basis in Shares: 27.54
Max Profit (ex. dividend): 3.46 ($346)
ROC at Max: 12.56%
I may have squeaked this setup in under the wire for the March dividend, which supposedly has an "of record" date of March 4th (i.e., the date on which you need to own shares to qualify for that distribution).
Trade active:
Rolled the April 19th 31 to the May 17th 31 for a .79 credit. Cost basis now 26.75.
Trade active:
I didn't manage to grab the March divvy, but will get the April: 1.144804/share. Resulting cost basis: 25.61/share.
Trade active:
Rolling down a little bit and out to June -- from the May 17th 31 to the June 21st 30 for a 1.07 credit. Resulting cost basis in setup: 24.54.
Trade active:
The short call is nearly at 50% max, which is when I consider rolling. However, I probably don't need to roll here because price is above my cost basis, but am going to do so anyway since I'm going to stay in the stock for the monthly dividend: rolled to the Sept 20th 30 short call for a 1.24 credit. 23.30 cost basis.
Trade active:
5/1 BITO dividend will be 1.68 ($168)/one lot. Resulting cost basis/break even: 21.62.
Trade active:
Short call at 50% max rolling ... out to the Dec 20th 30 for a .48 credit. Break even: 21.14. I'll consider rolling it down, but to a shorter expiry on the next 50% max roll ... . I could've done that here from Sept to the June 28th for a small credit, but didn't want to short change myself yet. Alternatively, I'll look for an opportunity to take it off in small profit, but look to re-up in shorter duration.
Trade closed manually:
Closed here for a 24.38 credit; 3.24 ($324) net profit. Doing this so I can re-up in shorter duration.

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