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training_data/curated/text/0a51542688750f13f8dc0de8191d1c373b3ac2ccd0dd6279dcef16f630b1f0ac.txt

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+Cl,opter 32: Structured Products 637 
+:don. The PERCS is equivalent to a covered write of a long-term call option, which is 
+imbedded in the PERCS value. Although there are not many PERCS trading at the 
+current time, that number may grow substantially in the future. 
+Any strategies that pertain to covered call writing will pertain to PER CS as well. 
+Conventional listed options can be used to protect the PERCS from downside risk, 
+to remove the limited upside profit potential, or to effectively change the price at 
+which the PERCS is redeemable. Ratio writes can be constructed by selling a listed 
+call. Shorting PERCS creates a security that is similar to a long put, which might be 
+quite expensive if there is a significant amount of time remaining until maturity of 
+the PERCS. 
+Neutral traders and hedgers should be aware that a PERCS has a delta of its 
+own, which is equal to one minus the delta of the imbedded call option. Thus, hedg­
+ing PERCS with common stock requires one to calculate the PERCS delta. 
+Finally, the implied value of the call option that is imbedded with the PERCS 
+can be calculated quite easily. That information is used to determine whether the 
+PERCS is fairly priced or not. The serious outright buyer as well as the option strate­
+gist should make this calculation, since a PERCS is a security that is option-related. 
+Either of these investors needs to know if he is making an attractive investment, and 
+calculating the valuation of the imbedded call is the only way to do so. 
+OTHER STRUCTURED PRODUCTS 
+EXCHANGE-TRADED FUNDS 
+Other listed products exist that are simpler in nature than those already discussed, 
+but that the exchanges sometimes refer to as structured products. They often take 
+the form of unit trusts and mutual funds. The general term for these products is 
+Exchange-Traded Funds (ETFs). In a unit trust, an underwriter (Merrill Lynch, for 
+example) packages together 10 to 12 stocks that have similar characteristics; perhaps 
+they are in the same industry group or sector. The underwriter forms a unit trust with 
+these stocks. That is, the shares are held in trust and the resulting entity - the unit 
+trust - can actually be traded as shares of its own. The units are listed on an exchange 
+and trade just like stocks. 
+Example: One of the better-known and popular unit trusts is called the Standard & 
+Poor's Depository Receipt{SPDR). It is a unit trust that exactly matches the S&P 500 
+index, divided by 10. Th&-SPDR unit trust is affectionately called Spiders (or 
+Spyders). It trades on the AMEX under the symbol SPY. If the S&P 500 index itself 
+is at 1,400, for example, then SPY will be trading near 140. Unit trusts are very active, 
+mostly because they allow any investor to buy an index fund, and to move in and out 
+of it at will. The bid-asked spread differential is very tight, due to the liquidity of the