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training_data/curated/text/4fe8c9c6cbcc9e78b2ef73256b1b68198731e05e84e1f3c1d31e24b992be8097.txt

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+612 Part V: Index Options and Futures 
+Hence, even though the Internet index is at 525 - far above the equivalent cal 
+price of 375 - the structured product is expected to be trading at a price well belo\\ 
+its maximum price of 25. 
+Figure 32-5 shows the values over a broad spectrum of prices and for various 
+expiration dates. One can clearly see that the structured product will not trade"near 
+its maximum price of 25 until time shrinks to nearly the maturity date, or until the 
+underlying index rises to very high prices. In particular, note where the theoretical 
+values for the bull spread product lie when the index is at the higher striking price of 
+375 (there is a vertical line on the chart to aid in identifying those values). The struc­
+tured product is not worth 20 in any of the cases, and for longer times to maturity, it 
+isn't even worth 15. Thus, the call feature tends to dampen the upside profit poten­
+tial of this product in a dramatic manner. 
+The curves in Figure 32-5 were drawn with the assumption that volatility is 
+50%. Should volatility change materially during the life of the structured product, 
+then the values would change as well. A lower volatility would push the curves up 
+toward the "at maturity" line, while an increase in volatility would push the curves 
+down even further. 
+FIGURE 32-5. 
+Value of bull spread structured product. 
+At Maturity 
+25 
+1 Year Left 
+20 3Years Left 
+15 
+5 
+100 150 200 250 300 350 400 450 500 550 600 
+Price of Index