Maintain NKE at current exposure with a tightened stop at $40.75 and sell covered calls against the September $46 strike to monetize elevated implied volatility ahead of the Q1 FY27 print and potential US-China tariff deal. Do not initiate new positions at current levels, and only modestly trim positions exceeding 3-4% portfolio concentration using a 10-15% reduction rather than the aggressive 30-50% trim.