640 Part V: Index Options and Futures 
STRUCTURED PRODUCT SUMMARY 
Structured products whether of the simple style of the Exchange-Traded Fund or 
the more complicated nature of the PERCS, bull spreads, or protected index funds 
- can and should be utilized by investors looking for unique ways to protect long­
term holdings in indices or individual stocks. 
The number of these products is constantly evolving and changing. Thus, 
anyone interested in trading these items should check the Web sites of the exchanges 
where the shares are listed. Analytical tools are available on the Web as well. 
For example, the site www.derivativesmodels.com has over 40 different models 
especially designed for evaluating options and structured products. They range from 
the simple Black-Scholes model to models that are designed to evaluate extremely 
complicated exotic options. 
All of these products have a place, but the most conservative seem to be the 
structured products that provide upside market potential while limiting downside 
risk- the products discussed at the beginning of the chapter. As long as the credit­
worthiness of the underwriter is not suspect, such products can be useful longer­
term investments for nearly everyone who bothers to learn about and understand 
them.