Agreed. Each rolled over incur a loss but they did not advertise it. Let's look at optionsmart QQQQ vertical spread they made on 11/30/04. Bought Jul 32 P, Sold Jul 38 P for $0.29, and after many rolls over, bought them back for $0.10 on 7/13/2005, 3.4% gain for 225 days (Rolled over on 01/21/05, 03/17/05, 05/13/05). If you look at this on 1/22/05 one day after the first roll, they would not report a loss.