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training_data/curated/text/e0d008e2f088b4d7bc6df598da199be1398c3af8c9b25151c1b0171a57b24f18.txt

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+616 Part V: Index Options and Futu, 
+A better alternative might be to roll his imbedded call up, thereby taking s01 
+money out of the position but still retaining upside profit potential. Recall that t 
+structured product had these terms: 
+Guarantee price: 10 
+Underlying index: S&P 500 index ($SPX) 
+Striking price: 700 
+As in the earlier example, the investor owns 15,000 shares of the structun 
+product. Furthermore, assume that there are about two years remaining until mat 
+rity of the structured product, and that the current prices are the same as in the pr 
+vious example: 
+Current price of structured product: 16.50 
+Current price of $SPX: 1,200 
+For purposes of simplicity, let's assume that there are listed two-year LEAP 
+options available for the S&P index, whose prices are: 
+S&P 2-year LEAPS, striking price 700: 550 
+S&P 2-year LEAPS, striking price 1,200: 210 
+In reality, S&P LEAPS options are normally reduced-value options, meanin. 
+that they are for one-tenth the value of the index and thus sell for one-tenth the pricE 
+However, for the purposes of this theoretical example, we will assume that the full 
+value LEAPS shown here exist. 
+It was shown in the previous example that the investor would trade two of thest 
+calls as an equivalent amount to the quantity of calls imbedded in his structurec 
+product. So, this investor could buy two of the 1,200 calls and sell two of the 700 calli 
+and thereby roll his striking price up from 700 to 1,200. This roll would bring in 34( 
+points, two times; or $68,000 less commissions. 
+Since the difference in the striking prices is 500 points, you can see that he is 
+leaving something "on the table" by receiving only 340 points for the roll-up. This is 
+common when rolling up: One loses the time value premium of the vertical spread. 
+However, when viewed from the perspective of what has been accomplished, the 
+investor might still find this roll worthwhile. He has now raised the striking price of 
+his call to 1,200, based on the S&P index, and has taken in $68,000 in doing so. Since 
+he owns 15,000 shares of the structured product, that means he has taken in 4.53 p~r 
+share (68,000 / 15,000). Now, for example, if the S&P crashes during the next two 
+years and plummets below 700 at the maturity date, he will receive $10 as the guar­
+antee price plus the $4.53 he got from the roll - a total "guarantee" of $14.53. Thus, 
+he has protected his downside.