Reardon Metal refered to this trade in another thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=46659&perpage=40&pagenumber=1 I am not an options trader by any means but would like some comments on this trade please. I sold GM common at 32.35 shorted May 32.50 puts at 1.65 long May 32.50 calls at .65 the common stock pays a .50 dividend with an ex date before expiration. Is this not a sure 35 cent profit minus carrying costs and commissions? And since I earn interest on the cash from the short, the carrying costs are actually a credit. Per 1000 shares I would take $33,350 into my account with a sure profit of $350 within 2 1/2 weeks. Isn't that roughly a 25% annualized return? Am I missing something here?