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外汇交易平台比较

最详细的期权组合策略covered call解析

例:B站股票Buy Call(1月7日截图)

An options strategy (specifically, 最详细的期权组合策略covered call解析 an income strategy) whereby an investor takes a long position in an asset and sells call options on that same asset so to generate additional income therefrom. In other words, a covered call position is established when an investor already owns the underlying and writes a call on it. The call is covered since the seller is able, once assigned, to sell the underlying immediately without having to buy it from the market. A covered call could be a worthy strategy in case an investor thinks the price of the underlying will stay stagnant or move up slightly. However, this strategy would be highly risky if the underlying falls. Losses accumulate further if the underlying drops sharply. A covered call position has the same risk-reward characteristics as selling a naked put.

S&P 500 Covered Call ETF

XYLD writes call options on the S&P 500 Index, saving investors the 最详细的期权组合策略covered call解析 time and potential expense of doing so individually.

1 Covered call writing can limit the upside potential of the underlying security

Key Information As of 08/19/22

Inception Date 06/21/13
Total Expense Ratio 0.60%
Net Assets $2.01 billion
NAV $43.71
Fact Sheet

ETF Summary

The Global X S&P 500 Covered Call ETF (XYLD) follows a “covered call” or “buy-write” strategy, in which the Fund buys the stocks in the S&P 500 Index and “writes” or “sells” corresponding call options on the same index.

ETF Objective

The Global X S&P 500 Covered Call ETF (XYLD) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Cboe S&P 500 BuyWrite Index.

Trading Details As of 08/19/22

最详细的期权组合策略covered call解析
Ticker XYLD
Bloomberg Index Ticker BXM
CUSIP 37954Y475
ISIN US37954Y4750
Primary Exchange NYSE Arca
Shares Outstanding 46,060,000
Number of Holdings 504
30-Day Median Bid-Ask Spread 0.05%

Distributions As of 08/19/22

30-Day SEC Yield 1.13%
12-Month Trailing Yield 12.46%
Distribution Yield 11.81%
Distribution Frequency Monthly

ETF Prices As of 08/19/22

NAV $43.71 Daily Change -$0.29 -0.65%
Market Price $43.80 Daily Change -$0.25 -0.57%

Performance History

The Fund’s investment objective and investment strategies changed effective December 15, 2017 and again on August 21, 2020. Hybrid index 最详细的期权组合策略covered call解析 performance (noted as "Index" above in the chart) reflects the performance of the S&P 500 Stock Covered Call Index through December 14, 2017, the Cboe S&P 500 2% OTM BuyWrite Index through August 20, 2020, and the Cboe S&P 500 BuyWrite Index thereafter. The Fund was also re-organized effective December 24, 2018. Fund returns (NAV & Closing Price) presented above reflect the performance of the predecessor Fund through December 21, 2018.

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

CFA三级TIP之期权组合总结

Historically, the middlemen in the sale of bearskins would sell skins they had 最详细的期权组合策略covered call解析 最详细的期权组合策略covered call解析 yet to receive. As such, they would speculate on the future purchase price of these skins from the trappers, hoping they would drop. The trappers would profit from a spread—the difference between the cost price and the selling price. These middlemen became known as "bears," short for bearskin jobbers, and the term stuck for describing a downturn in the market. Conversely, because bears and bulls were widely considered to be opposites due to the once-popular blood sport of bull-and-bear fights, the term bull stands as the opposite of bears.

6、Straddle:long a call and a put 最详细的期权组合策略covered call解析 with the same exercise price and expiration

  • 适用于预期市场会产生大幅波动的情况。如果预期市场波动较小,可采用short straddle 方式

7、Butterfly:long one lower striking in-the-money call, short two at-the-money calls and long another higher striking out-of-the-money cal

8、Calendar spread: sell near-dated call and buy longer-dated 最详细的期权组合策略covered call解析 call with same strike price

能不能具体解释一下short, long, call, put?

期权交易 (分为四种: Buy Call, Sell Call, Buy Put, Sell Put)

Buy Call : (买涨期权- 你作为投资者有履约权利,但是没有履约义务)

例:B站股票Buy Call(1月7日截图)

如上图截图日期B站股价为23.10美金, 你现在和卖家(Robinhood)签订一份合约购买B站100股的期权, 在10天后的1月17日,无论B站股票涨跌你都以25美金每股收购。但是在此期间你要支付每股0.33美金来购买这个权利, 100股便是33美元。对于买家来说1月17日如果B站股票涨到了25美元以上, 那么卖家既可以赚股票上涨的钱,也可以赚到33美金的固定收入。对于买家来说, 只要股票在1月17日前涨到25.33 美金以上就有收益, 如果低于股票价格25.33 美金,那么就是亏损(可以选择放弃权利, 损失33美金)。

例如1月17日, B站股票涨到了28 美金每股, 那卖家必须以25美金合同价格卖给你100股。于是你的收益是 : (28-25)100-33 =267美金, 那么收益率是267/33*100%=809%

Sell Call(卖涨期权- 你作为投资者无履约权利,但是有履约义务)

例: B站股票 Sell Call(1月7日截图)

如上图截图日期B站股价为23.10美金, 你现在和买家签订一份合约购买B站100股的期权, 在10天后的1月17日,无论B站股票涨跌你都要去市场上购买100股B站再以25美金每股卖出给买家。但是在此期间你收到每股0.33美金的权利金, 100股便是33美元。对于你来说1月17日如果B站股票只要不到25美元, 那么你可以空手套白狼拿到33 美金权利金

例如1月17日, B站股票涨到了28 美金每股, 那你家必须以25美金合同价格卖出100股。于是你的损失是 : (28-25)100-33 =267美金(随着股价上涨,损失可以无限大)

Buy Put(买跌期权- 你作为投资者有履约权利,但是没有履约义务)

例: B站股票 Buy Put(1月7日截图)

如上图截图日期B站股价为23.10美金, 你现在和买家(Robinhood)签订一份合约购买B站100股的期权, 在10天后的1月17日,无论B站股票涨跌你都以25美金每股卖出。但是在此期间你要支付每股2美金来购买这个权利, 100股便是200美元。对于你来说1月17日如果B站股票跌到了23美元以下, 那么你就可以开始收益,跌越多收益越多。如果B站股价高于25美金,你可以放弃权利,损失200美金权利金。

Sell Put(卖跌期权- 你作为投资者无履约权利,但是有履约义务)

例: B站股票 Sell Put (1月7日截图)

如上图截图日期B站股价为23.10美金, 你现在和卖家签订一份合约购买B站100股的期权, 在10天后的1月17日,无论B站股票涨跌你都要去市场上购买100股B站再以25美金每股买入。但是在此期间你收到每股2美金的权利金, 100股便是200美元。对于你来说1月17日如果B站股票只要不到跌到23美元以下, 那么你可以空手套白狼拿到200美金权利金

例如1月17日, B站股票跌到了20 美金每股, 那你家必须以25美金合同价格买入100股。于是你的损失是 : (25-20)100-200 =300美金(随着股价下跌,损失最高2300美金)

重点!重点!重点!建议阅读并且理解完上面期权基本交易概念!

期权套利交易

例: B站股票 Sell Call(1月7日截图)

这个套利交易本质是击鼓传花,不建议买短期期权进行套利,高收益对应同时是高风险。期权的价值相对股票涨幅是超涨的,对应的跌幅也是超跌的。所以本身选择的股票就需要慎重考虑!