Richard Lehman

University of California, Berkeley | UCB

What are Options? Exercise and Assignment Positions How Options are Traded Options in Your Account

Put Hedge Follow-Ups Using Put Spreads to Hedge Collars Conclusions on Protective Option Strategies

ETFs in a Nutshell ETF Options Covered Call Writing on ETFs Our Put Hedge and Collar Study on SPY Appendix: Partial List of ETFs with Listed Options

Follow-Up Actions Behavioral Issues Differing Approaches Selecting Calls to Write Risks Basic Tax Rules for Options Summing Up Implementation

Put Hedge Basics Advantages Disadvantages Behavioral Implications Put Hedge versus Covered Call Hedging against Catastrophic Risk

Option Premium Theoretical Value Time Value Volatility Interest Rates Dividends Calls versus Puts Option Skews and Anomalies

Requirements for “Valid” Covered Writes Risk/Reward of a Covered Write Calculating Potential Returns Major Factors Affecting Call-Writing Returns Covered Writing as an Ongoing Strategy Summing Up Covered Writing

Writing Calls on “Hot” Stocks Tax Deferral Strategies Covered Writing on Margin Covered Writing against Securities Other Than Stock Partial Writing, Mixed Writing, and Ratio Writing Put Writing Expiration Games Option-Stock Arbitrage

What is Volatility? Using VIX as a Market Indicator Volatility Futures Variance Futures The Behavior of VIX Futures VIX Options VIX Option Strategies The Future