Investors selling just out-of-the-money covered call contracts on SPY (or any other underlying security) with close expiry dates, safely earn extra income by pocketing the available premiums. They do give up the opportunity of making even more money if SPY (or any other underlying security) rises above the selected strike price. If that happens, investors get assigned, their underlying shares get called away at the strike price and investors are in cash.
To continue selling just out-of-the-money covered calls on SPY with close expiry dates, investors now need to repurchase SPY, at a higher price this time. Nevertheless, the entire outcome will be profitable.
Here is how.