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training_data/curated/text/99b27d1d4a06a034a13687d2691dbdfde3477e0c81cc5691d373eca4696c7145.txt

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+Otpt,r 32: Structured Products 617 
+Note that his downside risk is not completely eliminated, though. The current 
+prke of the structured product is 16.50 and the cash value at the current S&P price 
+11117.14 (see the previous example for this calculation), so he has risk from these lev­
+down to a price of $14.53. 
+His upside is still unlimited, because he is net long two calls - the S&P 2-year 
+1,,EAPS calls, struck at 1,200. The two LEAPS calls that he sold, struck at 700, effec­
+tively offsets the call imbedded in the structured product, which is also struck at 700. 
+This example showed how one could effectively roll the striking price of his 
+structured product up to a higher price after the underlying had advanced. The indi­
+vidual investor would have to decide if the extra downside protection acquired is 
+worth the profit potential sacrificed. That depends heavily, of course, on the prices of 
+the listed S&P options, which in turn depend on things such as volatility and time 
+remaining until expiration. 
+Of course, one other alternative exists for a holder of a structured product who 
+has built up a good profit, as in the previous two examples: He could sell the prod­
+uct he owns and buy another one with a striking price closer to the current market 
+value of the underlying index. This is not always possible, of course, but as long as 
+these products continue to be brought to market every few months or so by the 
+underwriters, there will be a wide variety of striking prices to choose from. A possi­
+ble drawback to rolling to another structured product is that one might have to 
+extend his holding's maturity date, but that is not necessarily a bad thing. 
+A different scenario exists when the underlying index drops after the structured 
+product is bought. In that case, one would own a synthetic call option that might be 
+quite far out-of the-rrwney. A listed call spread could be used to theoretically lower 
+the call's striking price, so that upside movement might more readily produce prof­
+its. In such a case, one would sell a listed call option with a striking price equal to the 
+striking price of the structured product and would buy a listed call option with a 
+lower striking price - one more in line with current market values. In other words, 
+he would buy a listed call bull spread to go along with his structured product. 
+Whatever debit he pays for this call bull spread will increase his downside risk, of 
+course. However, in return he ~s the ability to make profits more quickly if the 
+underlying index rises above the new, lower striking price. 
+Many other strategies involving listed options and the structured product could 
+be constructed, of course. However, the ones presented here are the primary strate­
+gies that an investor should consider. All that is required to analyze any strategy is to 
+remember that this type of structured product is merely a synthetic long call. Once 
+that concept is in mind, then any ensuing strategies involving listed options can easily 
+be analyzed. For example, the purchase of a listed put with a striking price essential-