Add training workflow, datasets, and runbook

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+622 Part V: Index Options and Futures 
+For the remainder of this chapter, the call price of the PERCS will be referrea 
+to as the redemption price. Since much of the rest of this chapter will be concemec 
+with discussing the fact that a PERCS is related to a call option, there could be somE 
+confusion when the word call is used. In some cases, call could refer to the price at 
+which the PER CS can be called; in other cases, it could refer to a call option - either 
+a listed one or one that is imbedded within the PERCS. Hence, the word redemp­
+tion will be used to refer to the action and price at which the issuing compa:J)ly may 
+call the PERCS. 
+A PERCS IS A COVERED CALL WRITE 
+It was stated earlier that a PER CS is like a covered write. However, that has not yet 
+been proven. It is known that any two strategies are equivalent if they have the same 
+profit potential. Thus, if one can show that the profitability of owning a PER CS is the 
+same as that of having established a covered call write, then one can conclude that 
+they are equivalent. 
+Example: For the purposes of this example, suppose that there is a three-year listed 
+call option with striking price 39 available to be sold on XYZ common stock. Also, 
+assume that there is a PERCS on XYZ that has a redemption price of 39 in three 
+years. The following prices exist: 
+XYZ common: 35 
+XYZ PERCS: 35 
+3-year call on XYZ common with striking price of 39: 4.50 
+First, examine the XYZ covered call write's profitability from buying 100 XY2 and 
+selling one call. It was initially established at a debit of 30.50 (35 less the 4.50 
+received from the call sale). The common pays $1 per year in dividends, for a total of 
+$3 over the life of the position. 
+XYZ Price Price of a Profit/loss on Total Profit/loss 
+in 3 Years 3-Year Call Securities Incl. Dividend 
+25 0 -$550 -$250 
+30 0 -50 +250 
+35 0 +450 +750 
+39 0 +850 + 1,150 
+45 6 +850 + 1,150 
+50 11 +850 + 1,150