Do I Lose My Shares With Covered Calls?

You might, but only at a price you agreed to when you sold the call.

When You KEEP Your Shares

If at expiration: Stock price < Strike price

Call expires worthless

You keep all shares

You keep all premium

Can sell another call

Example: Sold $240 call, stock at $235 at expiration → Keep shares

When You LOSE Your Shares

If at expiration: Stock price > Strike price

Shares are "called away"

You sell at strike price

You keep the premium

You now have cash, not shares

Example: Sold $240 call, stock at $250 at expiration → Sell shares at $240

Is "Losing" Shares Bad?

No! Consider:

You sold at a price you chose

You made premium + capital gains

You can buy back shares or move on

How to Keep Your Shares

Sell farther OTM strikes (lower delta)

Roll before expiration if ITM

Close the call and keep shares

Avoid earnings and big events

Statistics

With 0.30 delta covered calls:

~70% of the time: Keep shares

~30% of the time: Assigned

You're not constantly "losing" shares—it's the minority of trades.