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On the buy write, if you earn the dividend, your profit would be $1.35 per share on $40.85 per share at risk, or 3.3%. Over 24 days, the annualized return would be 50.3%.
If WMB closes above $36 on February 2, we will be assigned. On the buy write, you would earn $1.40 per share on $34.60 at risk, or 4.05%. Over a holding period of 38 days, the annualized return would be 38.9%.
If ILF closes above $29.00 at expiration on January 19, you would be assigned. On the buy write, you’d earn $0.85 per share on $28.15 per share at risk, or 3.02%. Over a 29-day holding period, the annualized return would be 38%.