Ben Eifert
speaker
517 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Ben Eifert’s voice in public audio — every appearance, attributed to the second.
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Appearances
So you can, it can be very costly.
thinking about.
That's exactly right.
And there's three legs to the trade.
So there's lots of bid offer spread and lots of commissions.
So salespeople and traders really like that.
And they're very, very, very popular.
Now, buffer ETFs these days all enable a retail investor or a high net worth individual to go and get that just by buying an ETF, you know, with a 70 basis points management fee or whatever it is, instead of having to, you know, be involved with Wall Street banks or doing trading themselves.
People love that.
There are very famous mutual funds like the JP Morgan one.
That everybody talks about, it's $22 billion of assets or something like that.
And now there's, I think, something like $90 billion of buffer ETFs doing the same kind of thing.
And they're all doing something very, very similar, which is again, they're m selling, call it an 8% or a 10% out of the money call or 7% out of the money call.
They're buying an at-the-money or slightly downside put and then selling out another like a 10% down or 15% down put to kind of give yourself this buffer.
On the way down, you're giving up upside on the way up.
So this is exactly the right question.
So the first thing that uh, you know, a derivatives person looks at when you look at a trade like this is okay, what does this do to the delta, the equity exposure of your position?
Right.
So if you buy some equities, that is a a one delta, a derivatives guys would say.
It's just a delta one position.
Showing 81–100 of 517 · page 5 of 26
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