My Current Options Portfolio: Performance, Winners, Losers, and Key Risks
I recently reviewed my options portfolio to better understand where my returns are coming from, which positions are creating the most risk, and whether my portfolio remains aligned with my longer-term investment strategy.
At the time of this review, I had 21 open option positions representing 33 contracts, along with one closed trade. Most of my positions are long-dated call options, although I also hold one long put, several cash-secured puts, and one covered call.
Portfolio Overview
The total capital invested in my open long-option positions was approximately $62,175. The current market value of those positions was approximately $57,683, resulting in an unrealized loss of about $4,492.
However, I had also generated approximately $660 in option premium from cash-secured puts and a covered call. After accounting for that premium income, my estimated net open-position loss was approximately:
$3,832, or about 6.2% of the capital invested in my long-option positions.
While the portfolio is currently negative, the losses are not evenly distributed. A large portion of the decline is concentrated in one position.
My Options Strategy Mix
My open portfolio includes:
16 long-call positions
1 long-put position
3 cash-secured puts
1 covered call
Most of my long calls expire in 2028. This gives the underlying companies additional time to grow and allows my investment thesis more time to develop.
The long-dated expiration dates also reduce some of the short-term time-decay pressure associated with shorter-term options. However, long-dated options can still lose substantial value if the stock price declines, volatility falls, or the original investment thesis does not materialize.
My Best-Performing Positions
Several positions were profitable at the time of the review.
KLAC January 2028 $220 Call
My KLA Corporation call was my largest winner in dollar terms.
Initial cost: $8,000
Current market value: $8,700
Unrealized gain: $700
Return: 8.75%
KLAC remains one of my higher-conviction semiconductor positions. The company benefits from increasing semiconductor manufacturing complexity and the growing need for advanced process-control and inspection equipment.
ETHA June 2028 $16 Calls
My ETHA calls produced my strongest percentage return among the open positions.
Initial cost: $1,000
Current market value: $1,290
Unrealized gain: $290
Return: 29%
This position gives me exposure to Ethereum through an exchange-traded product rather than directly holding the cryptocurrency.
CRCL December 2028 $85 Call
One of my CRCL calls was also profitable.
Initial cost: $3,200
Current market value: $3,400
Unrealized gain: $200
Return: 6.25%
I hold two CRCL call positions with different strike prices. Although the $85 strike was profitable, the $80 strike was still showing a loss. This demonstrates how entry price, option premium, implied volatility, and timing can produce different results even when the underlying company is the same.
SLV December 2028 $55 Calls
My SLV calls were up approximately 6%.
Initial cost: $2,810
Current market value: $2,980
Unrealized gain: $170
Return: 6.05%
This position provides exposure to silver prices and may also benefit from growing industrial demand from solar energy, electronics, electrification, and other technologies.
COPX January 2028 $85 Call
My copper-mining ETF position was also profitable.
Initial cost: $1,700
Current market value: $1,860
Unrealized gain: $160
Return: 9.41%
Copper remains an important material for electric vehicles, renewable-energy systems, transmission infrastructure, data centers, and grid modernization.
My Largest Losing Positions
Although several positions were performing well, a few losses were having a significant effect on the overall portfolio.
GOOGL December 2028 $450 Calls
My Alphabet calls were my largest losing position.
Initial cost: $12,850
Current market value: $9,410
Unrealized loss: $3,440
Return: negative 26.77%
This one position represented approximately 90% of the net open-position loss after including the premium income from my short-option trades.
That is an important risk-management lesson. Even when a portfolio contains many positions, one large position can dominate the total result.
The GOOGL calls are far out of the money, with a $450 strike price. Although the expiration date is still more than two years away, the stock would need to appreciate substantially for the position to become profitable by expiration.
GME January 2027 $23 Calls
My GameStop calls had the largest percentage loss.
Initial cost: $1,760
Current market value: $975
Unrealized loss: $785
Return: negative 44.6%
This is one of the more speculative positions in the portfolio. Compared with my semiconductor, technology, metals, and infrastructure-related investments, the GME position depends more heavily on market sentiment, volatility, and the company’s ability to successfully transform its business.
ORCL December 2028 Calls
I hold two Oracle call positions.
The $135 strike call showed:
Initial cost: $5,000
Current market value: $4,743
Unrealized loss: $257
Return: negative 5.14%
The $130 strike call showed:
Initial cost: $5,300
Current market value: $4,858
Unrealized loss: $442
Return: negative 8.34%
Together, the two ORCL positions represented more than $10,000 of invested capital. Because both contracts depend on the same underlying stock, I view them as one combined exposure rather than two completely separate investments.
MSFT January 2028 $260 Put
My Microsoft put was also losing value.
Initial cost: $1,600
Current market value: $1,320
Unrealized loss: $280
Return: negative 17.5%
This position differs from most of the portfolio because it is bearish. Microsoft would need to decline substantially for the put to gain significant intrinsic value.
Because the rest of my portfolio is generally bullish on technology, the MSFT put provides some downside exposure. However, the hedge is imperfect because the strike price is far below Microsoft’s current market price.
Premium Income From Short Options
In addition to buying long calls and puts, I used cash-secured puts and a covered call to generate premium income.
The premium gains shown in the portfolio were:
DUOL $111 cash-secured put: $100
DUOL $135 covered call: $240
SPCX $110 cash-secured put: $190
ORCL $113 cash-secured put: $130
The total premium income was approximately:
$660
These contracts expired on July 31, 2026, making them the most time-sensitive positions in the portfolio.
Cash-secured puts can generate income, but they also create an obligation to purchase shares if the stock closes below the strike price at expiration. Covered calls generate income but may require me to sell my shares if the stock rises above the strike price.
For this reason, short-option positions require closer monitoring as expiration approaches.
My Closed LDOS Trade
I also closed one LDOS call trade.
Initial cost: $590
Sale value: $800
Realized gain: $210
Return: 35.59%
This was a successful trade and produced the highest realized percentage return in the portfolio review.
The result also highlights the importance of taking profits when an option has appreciated significantly. Long options can lose value quickly if the underlying stock reverses direction or implied volatility decreases.
Portfolio Concentration
My five largest long-option exposures were concentrated in:
GOOGL
ORCL
KLAC
COIN
CRCL
Together, these positions represented approximately 72% of the capital invested in my long options.
This means that although I own several different contracts, the portfolio is not as diversified as the number of positions might suggest.
I also have meaningful exposure to several correlated investment themes.
Technology and Semiconductors
This group includes:
GOOGL
KLAC
ORCL
MSFT
These positions may be affected by artificial-intelligence spending, cloud growth, semiconductor capital expenditures, interest rates, and technology-sector valuations.
Cryptocurrency and Digital Assets
This group includes:
ETHA
IBIT
COIN
CRCL
These positions may move together during periods of strong or weak cryptocurrency-market sentiment.
Metals and Mining
This group includes:
SLV
COPX
These investments are influenced by commodity prices, global economic growth, industrial demand, renewable-energy investment, and supply constraints.
Key Lessons From the Portfolio
The most important lesson from this review is that portfolio risk is driven by position size, not simply by the number of holdings.
I own many different option contracts, but the large GOOGL position has had a disproportionate effect on my total return.
The second lesson is that correlated investments should be evaluated together. ETHA, IBIT, COIN, and CRCL are different securities, but all are influenced by the broader digital-asset market. Similarly, several of my technology positions may decline together if market valuations compress.
The third lesson is that long-dated options still require active risk management. A 2028 expiration date provides more time, but it does not guarantee recovery. The underlying company must still grow enough for the stock price to overcome the strike price, the premium paid, and the effects of time decay.
Final Thoughts
My options portfolio was down approximately $3,832 after accounting for premium income, but the loss was heavily concentrated in the GOOGL position.
Several positions—including KLAC, ETHA, COPX, SLV, CRCL, and COIN—were profitable or close to breakeven. My closed LDOS trade also generated a strong realized return.
Going forward, my main priorities are to monitor position concentration, evaluate whether each investment thesis remains valid, manage assignment risk on short options, and avoid allowing a single position to dominate the performance of the entire portfolio.
Options can provide leverage, income, and exposure to long-term investment themes. However, they also require disciplined position sizing, careful expiration selection, and continuous review of both the underlying company and the option contract itself.
Disclaimer: This article documents my personal portfolio and investment experience. It is not financial advice or a recommendation to buy or sell any security or option contract. Options involve substantial risk and may not be appropriate for every investor.
