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+Note that the sale of these calls effectively puts a cap on the profit potential of 
+investor's overall position until the December expiration of the listed calls. If $SPX 
+were to rise substantially above 1,250, his profits would be "capped" because the two 
+were sold. Thus, he has effectively taken his synthetic long call position and con­
+verted it into a bull spread (or a collared index fund, if you prefer that description). 
+In reality, any calls written against the structured product would have to be 
+margined as naked calls. In a virtual sense, the 15,000 shares of the structured prod­
+Ut't "cover" the sale of 2 $SPX calls, but margin rules don't allow for that distinction. 
+In essence, the sale of two calls would create a bull spread. Alternatively, if one thinks 
+uf the structured product as a long index fully protected by a put (which is another 
+way to consider it), then the sale of the $SPX listed call produces a "collar." 
+Of course, one could write more than two $SPX calls, if he had the required 
+margin in his account. This would create the equivalent of a call ratio spread, and 
+would have the properties of that strategy: greatest profit potential at the striking 
+price of the written calls, limited downside profit potential, and theoretically unlim­
+ited upside risk if $SPX should rise quickly and by a large amount. 
+In any of these option writing strategies, one might want to write out-of-the­
+money, short-term calls against his structured product periodically or continuously. 
+Such a strategy would produce good results if the underlying index does not advance 
+quickly while the written calls are in place. However, if the index should rise through 
+the striking price of the written calls, such a strategy would detract from the overall 
+return of the structured product. 
+Changing the Striking Price. Another strategy that the investor could use 
+if he so desired is to establish a vertical call spread in order to effectively change 
+the striking price of the (imbedded) call. For example, if the market had advanced 
+by a great deal since the product was bought, the imbedded call would theoreti­
+cally have a nice profit. If one could sell it and buy another, similar call at a high­
+er strike, he would effectively ~olling his call up. This would raise the striking 
+price and would reduce downside risk greatly (at the cost of slightly reducing 
+upside profit potential). 
+Example: Using the same product as in the previous example, suppose that the 
+investor who owns the structured product considers another alternative. In the pre­
+vious example, he evaluated the possibility of selling a slightly out-of-the-money list­
+ed call to effectively produce a collared position, or a bull spread. The problem with 
+that is that it limits upside profit potential. If the market were to continue to rise, he 
+would only participate up to the higher strike (plus the premium received).