美股动荡时期如何对冲波动? 美银：这些备兑看涨策略标的值得考虑

智通财经2022-10-24

智通财经APP获悉，美国银行股票衍生品团队的成员表示，希望从多头股票仓位中获得进一步收益溢价的市场参与者，可能会选择评估一些备兑看涨期权策略，以此达到增强组合收益、降低收益波动的目的。备兑看涨策略是指投资者在持有标的资产的同时卖出看涨期权的策略。备兑看涨策略通过卖出看涨期权获取权利金，以此达到增强收益、对冲组合收益波动的目的。美国银行与股票相关的衍生品分析师Gonzalo Asis在一份投资者报告...

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Bank of America: These covered bullish targets are worth considering","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"830799":1,"830832":1,"830839":1,"830946":1,"830964":1,"WYNN":1,"S":1,"RRC":1,"PENN":1,"MELI":1,"FRPT":1,"EXPE":1,"EXAS":1,"APA":1,"BIDU":1,"QNETCN":0.6},"content_text":"智通财经APP获悉，美国银行股票衍生品团队的成员表示，希望从多头股票仓位中获得进一步收益溢价的市场参与者，可能会选择评估一些备兑看涨期权策略，以此达到增强组合收益、降低收益波动的目的。备兑看涨策略是指投资者在持有标的资产的同时卖出看涨期权的策略。备兑看涨策略通过卖出看涨期权获取权利金，以此达到增强收益、对冲组合收益波动的目的。美国银行与股票相关的衍生品分析师Gonzalo Asis在一份投资者报告中强调:“这种备兑策略最适合看涨期权卖方，尤其是对那些短期持‘中性’观点的股票标的，同时看涨一方除了获取一定的权利金收益，还能够获得看涨期权标的的‘上行趋势参与权’。”此外，该报告还写道:“如果标的股票下跌，备兑策略的表现会优于单纯多头仓位，但如果股票标的大幅上涨，如果看涨权的卖出价格不够高，备兑策略的表现可能会低于多头头寸。”主要因为对手方将会行权，备兑看涨策略将会丧失标的资产大幅上涨所带来的收益。该报告还表示：“担心错失上行机会的投资者可能希望考虑罗素1000指数中的以下候选期权标的，它们在2022年11月18日之前允许至少8%的收益水平，至少6%的溢价水平，并拥有至少500万美元左右的潜在名义期权成交量。”以下是美国银行推荐的排名前10备兑策略候选标的(括号后为股票代码)，它们的期权到期日均为2022年11月18日:精密科学(EXAS)，期权执行价32.5美元，看涨期权投标价3.60美元，看涨和股息溢价11.2%，卖出看涨期权回报水平12.7%，以下数字均一一对应。Penn Entertainment (PENN)， 30美元，2.02美元，6.9%，10%。Range Resources (RRC)，28美元，1.70美元，6.3%，6.9%。Freshpet (FRPT)， 55美元，4.10美元，7.6%，9.5%。MercadoLibre(MELI)， 830美元，68.20美元，8.3%，9.5%。SentinelOne(S)， 23美元，1.75美元，7.7%，9.1%。永利度假村(WYNN)， 57.5美元，3.75美元，6.7%，9.1%。Expedia集团(EXPE)， 95美元，6.30美元，6.8%，8.8%。Apa (APA)， 42.5美元， 2.57美元， 6.2%， 8.6%。百度(BIDU)，95美元，6.30美元，6.7%，8.4%。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"claudebot","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2277203295"}