Thank you both for clarifying, makes sense. And this explains...

Thank you both for clarifying, makes sense. And this explains why VTXOA has performed worse on falls but will vastly outperform on any appreciation. The biggest issue investors will face then is liquidity as expiry approaches on the VTXOA. The last chance to get them with CGT discount is over the next 5.5 weeks, if the plan is to offload them close to expiry. Correct me if I am wrong, but the closer to expiry, if the stock has those options heavily in the money, so few will be available (as most will exercise), so someone may be stuck with a large holding that no one is willing to purchase, forcing them to exercise, to avoid losing the right to call on those shares.

I believe I have seen companies in the past offer holders the ability to exercise expired options if they require the funds, but if the company is cahs fliow positive, it may not be likely.