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Options involve risks and are not suitable for everyone. Prior to buying or selling options, an investor must receive a copy of Characteristics and Risks of standardized Options. Copies may be obtained by contacting your broker or the Options Industry Council at 440 S. LaSalle St., Chicago, IL 60605 In order to simplify the computations, commissions, fees, margin interest and taxes have not been included in the examples used in these materials. These costs will impact the outcome of all stock and options transactions and must be considered prior to entering into any transactions. Investors should. | UnderstandingUnderstanding StockStock OptionsOptions LEAPS® for the Experienced Trader Marty Kearney Disclosures Options involve risks and are not suitable for everyone. Prior to buying or selling options, an investor must receive a copy of Characteristics and Risks of standardized Options. Copies may be obtained by contacting your broker or the Options Industry Council at 440 S. LaSalle St., Chicago, IL 60605 In order to simplify the computations, commissions, fees, margin interest and taxes have not been included in the examples used in these materials. These costs will impact the outcome of all stock and options transactions and must be considered prior to entering into any transactions. Investors should consult their tax advisor about any potential tax consequences. Any strategies discussed, including examples using actual securities and price data, are strictly for illustrative and educational purposes only and are not to be construed as an endorsement, recommendation, or solicitation to buy or sell securities. Past performance is not a guarantee of future results. 2 Presentation Outline • Brief review of basics • Why LEAPS®? Why bother? • Strategies – Planning a stock purchase (or gift) – What stock traders should know – “Covered writing” with LEAPS® – LEAPS® protective puts and collars – A year-end (LEAPS®) tax strategy 3 LEAPS® - The Basics • Long-term Equity AnticiPation Securities • Expiration dates up to 2 1/2 years away (i.e., January 2004, January 2005) • Different symbols / strikes • Meaningful strikes, premiums • All types of strategies 4 LEAPS® - Rights & Obligations CALLS PUTS BUYERS RIGHT RIGHT (holders)} to buy to sell SELLERS OBLIGATION OBLIGATION (writers)} to sell to buy 5 LEAPS® Terms • Strike price • Premium • Expiration • Exercise/Assignment (European / American) 6 LEAPS® - Ticker Symbols Different root ticker symbols – Wal Mart Stock symbol: WMT Regular Option symbol: WMT LEAPS Symbols: LWT ZWT – Microsoft Stock symbol: MSFT Regular Option
