Derivatives Terminology Crash Course

!
"#$%&'$%"( * '+"
'"#,$-./.01 2#&(+ 2.3#("
8y Iawwad Ahmed Iar|d
D L k I V A 1 I V L S - 1 n L 1 L k M I N C L C G C k A S n C C U k S L

|ease do not photocopy or d|str|bute w|thout perm|ss|on. A|| r|ghts reserved A|chemy Software vt L|m|ted.
http:]]Iouruants.com
age 2 of 1S
CopyrlghL 2006 - 2012, Alchemy SofLware vL. LlmlLed

All rlghLs reserved. LxcepL for brlef passages quoLed for purposes of revlew or scholarly commenL,
no parL of Lhls publlcaLlon may be reproduced, sLored ln a reLrleval sysLem, or LransmlLLed by any
means, elecLronlc, elecLrlcal, chemlcal, mechanlcal, opLlcal, phoLocopylng, recordlng or oLherwlse,
wlLhouL Lhe prlor wrlLLen permlsslon of Lhe copyrlghL owner.

1hls publlcaLlon ls sold sub[ecL Lo Lhe condlLlon LhaL lL shall noL by way of Lrade or oLherwlse, be
resold, or clrculaLed ln any form of blndlng or cover oLher Lhan LhaL ln whlch lL ls publlshed.

LdlLors: !awwad larld and uzma Salahuddln


age 3 of 1S

2.-'"-'(
DLkIVA1IVLS - 1nL 1LkMINCLCG CkASn CCUkSL ........................................................................................... 4
1. IN1kCDUC1ICN .................................................................................................................................. 4
l. WhaL are Lhe dlfferenL Lypes of derlvaLlve lnsLrumenLs? ................................................................... 4
ll. lorward ConLracLs ............................................................................................................................. 3
Lxample - 1he lnvesLmenL 8ank lnLern ......................................................................................... 3
lll. luLure ConLracLs ............................................................................................................................... 3
lv. CpLlons .............................................................................................................................................. 6
MaLurlLles and Lxerclse daLe ........................................................................................................ 6
2. ACII kCIILLS ............................................................................................................................... 7
l. 1he ayoff proflle for a forward conLracL ........................................................................................... 8
ll. ayoff proflles for Calls and uLs ....................................................................................................... 10
3. 8UILDING 8LCCkS AND SN1nL1IC CCNIIGUkA1ICNS .................................................................................. 13
l. Comparlng a Call wlLh a lorward conLracL .......................................................................................... 13
ll. Comparlng a Call and a uL wlLh a lorward conLracL ........................................................................ 14
lll. Comblnlng a long call wlLh a shorL puL Lo creaLe a long forward ...................................................... 14
DISCLAIMLk .............................................................................................................................................. 1S


age 4 of 1S
!"#$%&'$%"( * '+" '"#,$-./.01 2#&(+ 2.3#("
45 $6789:;<7=96
1hlnk abouL a boLLle of lce cold sprlng waLer ln new ?ork, ln Lhe Cobl ueserL and ln Lhe Swlss Alps
where Lhe waLer was boLLled.

?ou can assume LhaL Lhe boLLle can be safely and cheaply beamed (as ln '8eam me up ScoLLle') from
Lhe Alps Lo new ?ork as well as Lo Lhe Cobl ueserL. Would Lhe prlce of Lhe boLLle be dlfferenL aL Lhe
Lhree locaLlons? Why?

1he value of Lhe boLLle aL each locaLlon ls dependenL noL on lLself buL on an exLernal facLor. 1he
envlronmenL! -reflecLed by paylng capaclLy ln new ?ork, abundance ln Lhe Alps and, heaL and
scarclLy ln Lhe Cobl ueserL.

A derlvaLlve lnsLrumenL ls very slmllar Lo boLLled waLer ln Lhe Cobl ueserL. lLs value ls deLermlned
compleLely by exLernal varlables. 1he exLernal facLor could be anyLhlng buL ln general ls elLher a
flnanclal asseL or an economlc varlable (such as lnLeresL raLes). 1he exLernal facLor or varlable ls
called Lhe underlylng.

lor example:
A sLock lndex ls a derlvaLlve lnsLrumenL. A sLock lndex calculaLes lLs value by uslng Lhe currenL prlces
of all Lhe sLocks lncluded ln LhaL lndex.

! An Aslan lndex would lnclude Lhe prlces of selecLed Aslan sLocks.
! A Lechnology lndex would lnclude Lhe prlces of selecLed Lechnology sLocks.
! An lnLerneL lndex would lnclude Lhe prlces of selecLed lnLerneL sLocks.

A sLock lndex would rlse as lL underlylng sLocks rlse and wlll fall as lLs underlylng sLocks fall. WlLhouL
Lhe underlylng sLocks, Lhe lndex has no meanlng or value.

=5 >?@7 @8A 7?A :=BBA8A67 7CDAE 9B :A8=F@7=FA =6E78;GA67EH
1he flve Lypes of derlvaLlve lnsLrumenLs LhaL we wlll cover ln Lhls course are:
! Iorward contracts- for example a forward conLracL LhaL allows you Lo exchange Lhe Luro for
uS dollars 3 monLhs ln Lhe fuLure.
! Iuture contracts- for example a fuLure conLracL LhaL allows you Lo buy sllver on Lhe new
?ork MeLal Lxchange.
! Cpt|ons- for example a uL opLlon on Coogle.
! Swaps- for example an lnLeresL raLe swap LhaL allows you Lo pay a flxed lnLeresL raLe and
recelve a floaLlng lnLeresL raLe on 10 mllllon uS dollars over Lhe nexL Lhree years.
! Lxot|cs- for example a conLracL LhaL allows Lhe buyer Lo llnk whaL he makes Lo Lhe average
spread beLween WesL 1exas lnLermedlaLe (W1l) Crude Cll, 8renL and Arab LlghL prlces ln Lhe
monLh ended 30
Lh
!une 2010.

LeL's Lake a look aL each of Lhese conLracLs one by one.


age S of 1S
==5 I98J@8: 29678@<7E
When you buy a MeLro Card, you enLer lnLo an agreemenL wlLh Lhe 1ranslL AuLhorlLy. ?ou agree Lo
buy LransporL servlces ln Lhe fuLure whlle Lhe M1A agrees Lo sell you Lhe same. 1he prlce for Lhese
fuLure purchases ls seL by M1A Loday.

A forward conLracL ls analogous Lo a MeLro Card. lL ls an agreemenL beLween Lwo parLles Lo buy and
sell an asseL ln Lhe fuLure for a cerLaln prlce (Lhe dellvery prlce) seL Loday.

lf you agree Lo be on Lhe buy slde (you are Lhe parLy purchaslng Lhe asseL) you have a long poslLlon.
lf you agree Lo be on Lhe sell slde (you are Lhe parLy selllng Lhe asseL) you have a shorL poslLlon.

A forward conLracL ls generally an agreemenL beLween lnsLlLuLlons. lL ls noL Lraded on an exchange.
Cn Lhe maLurlLy or seLLlemenL daLe Lhe galn or loss Lo a parLy ls Lhe dlfference beLween Lhe dellvery
prlce and Lhe markeL prlce.

8oLh parLles lnvolved are obllgaLed Lo perform Lhelr slde of Lhe LransacLlon. A forward conLracL ls
also a zero sum game. 1hls means LhaL lf l wln, you wlll mosL deflnlLely lose.

"K@GDLA M '?A $6FAE7GA67 N@6O $67A86
?our flrsL year lnLernshlp ln Lurope wlLh a bulge brackeL lnvesLmenL bank wlll pay you 10,000 pounds
neL of Laxes and expenses. ?ou are worrled LhaL Lhe 8rlLlsh ound ls overvalued rlghL now and by Lhe
Llme you Lake Lhe money home, lL would be worLh less ln dollars.

?ou buy a forward conLracL from Lhe lx desk ln your bank Lo exchange 10,000 pounds for 13,000
dollars Lhree monLhs from now. 1he conLracL locks ln Lhe currenL exchange raLe of 1.3 dollars for a
pound.

1hree monLhs laLer lf your predlcLlon was correcL and Lhe pound falls Lo a new exchange raLe of 1.3
dollars Lo a pound you wln and galn 2,000 dollars [(1.3-1.3) * 10,000)]. lf you had noL used forwards
you could only geL 13,000 dollars for your pounds. WlLh Lhe forward you can geL 13,000 dollars,
hence Lhe galn.

Cn Lhe oLher hand lf Lhe pound rlses Lo a new exchange raLe of 1.9 dollars Lo a pound you would lose
4,000 dollars [(1.9-1.3)* 10,000]. ?ou can geL 19,000 dollars for your pounds buL wlLh Lhe forward
wlll only geL 13,000, hence Lhe loss.

ln boLh cases you would end up wlLh 13,000 uS dollars ln exchange for 10,000 SLerllng.

===5 I;7;8A 29678@<7E
LeL's go back Lo our example ln Lhe prevlous secLlon abouL forward conLracLs. Suppose lnsLead of
buylng Lhe conLracL from Lhe lx desk, you boughL lL from a frlend aL work who dlsagreed wlLh your
assessmenL of Lhe 8rlLlsh pound. 1he Lwo of you agree Lo exchange 10,000 8rlLlsh pounds for 13,000
uS dollars Lhree monLhs laLer.

When Lhe Llme comes Lo seLLle Lhe accounL Lhe pound ls Lradlng aL 1.3 dollars Lo a pound. ?ou saved
Lwo Lhousand dollars and feel very lucky. 1hen your frlend calls up and Lells you LhaL he wlll noL be
able Lo keep hls end of Lhe bargaln. Pe has losL everyLhlng he had on hls beLs on Lhe 8rlLlsh pound.

WhaL can you do now? ?our only opLlon ls Lo exchange pounds aL Lhe currenL raLe of 1.3 dollars Lo a
pound. AlLhough your predlcLlon was correcL and you Look Llmely acLlon, you were sLlll noL able Lo

age 6 of 1S
proLecL yourself. 1hls ls called Counter party or Cred|t r|sk, Lhe rlsk LhaL Lhe parLy on Lhe oLher slde
of Lhe LransacLlon wlll noL be able Lo keep Lhelr end of Lhe deal.

Was Lhere anyLhlng you could have done dlfferenLly? ?es, you could have boughL a fuLure conLracL.
A fuLure conLracL ls very slmllar Lo a forward conLracL excepL LhaL lL has very llLLle CredlL 8lsk. llrsL,
lnsLead of deallng dlrecLly wlLh a Lhlrd parLy, you deal wlLh an exchange. 1he exchange guaranLees
performance of Lhe conLracL. lf Lhe parLy on Lhe oLher slde reneges, Lhe exchange wlll seLLle wlLh you
flrsL and Lhen recover whaL lL can from Lhe Lhlrd parLy.

1o enLer lnLo a fuLure conLracL an lnlLlal margln ls posLed by boLh parLles aL Lhe exchange. 1hls ls
money held on by Lhe exchange as a performance bond. 1he exchange furLher reduces lLs rlsk by
calculaLlng Lhe neL galn and loss on a dally basls from closlng markeL prlces. neL galns and losses aL
Lhe end of each Lradlng day are posLed Lo your margln accounL. lf LoLal losses on your accounL
exceed a seL of Lhe margln you have Lo brlng Lhe margln back Lo lLs orlglnal balance by maklng
addlLlonal deposlLs. ln case of galns you can Lake ouL any amounLs over Lhe lnlLlal margln. lf you fall
Lo do so, your accounL ls closed and Lhe remalnlng margln ls used by Lhe exchange Lo recoup lLs
losses.

A fuLure conLracL ls also dlfferenL from a forward conLracL ln Lwo oLher ways. llrsL a fuLure conLracL
ls a sLandardlzed conLracL used all over Lhe exchange, whlle a forward conLracL ls cusLomlzed.
Second a fuLure conLracL has a seLLlemenL monLh, buL no exacL seLLlemenL daLe. A forward conLracL
has a flxed maLurlLy daLe.

=F5 .D7=96E
1he problem wlLh forwards and fuLures ls LhaL alLhough you are proLecLed agalnsL Lhe downslde, you
also lose Lhe upslde. CpLlons address Lhls problem. 1hey proLecL you agalnsL adverse ouLcomes,
whlle allowlng you Lo proflL from favourable evenLs.

Llke forwards and fuLures, opLlons glve you Lhe rlghL Lo buy or sell a flnanclal asseL for a cerLaln prlce
before a cerLaln daLe ln Lhe fuLure. 1he prlce ls seL Loday and ls known as Lhe exerclse prlce. unllke
forwards and fuLures as a buyer Lhere ls no obllgaLlon Lo perform. ?ou can exerclse Lhe opLlon lf you
beneflL from lL, lf you don'L you can walk away. 8uL unllke forwards and fuLures you have Lo pay a
premlum Lo buy an opLlon.

1he Lwo slmplesL (aka vanllla) opLlons Lype LhaL we wlll work wlLh ln Lhls course are ca|| and put
opLlon conLracLs.

Ca||s glve you Lhe rlghL Lo buy a flnanclal asseL for a seL prlce ln Lhe fuLure. ?ou would use a call lf
you expecL Lhe underlylng prlce Lo go up. ?ou would exerclse Lhe call lf Lhe underlylng prlce aL
maLurlLy was greaLer Lhan Lhe exerclse prlce. lor Lhls reason a call ls classlfled as a bulllsh
lnsLrumenL.

A ut opLlon ls Lhe opposlLe of a call opLlon. A uL opLlon glves you Lhe rlghL Lo sell a securlLy aL a seL
prlce aL a seL daLe ln Lhe fuLure. ?ou would use a uL lf you expecL Lhe underlylng prlce Lo go down.
?ou would exerclse Lhe puL lf Lhe underlylng prlce aL maLurlLy was less Lhan Lhe exerclse prlce. lor
Lhls reason puLs are classlfled as bearlsh lnsLrumenLs.

,@7;8=7=AE @6: "KA8<=EA :@7A
CpLlons generally come wlLh exerclse cholces. CpLlons LhaL can be exerclsed aL any Llme prlor Lo
maLurlLy are known as Amer|can opLlons. CpLlons LhaL can only be exerclsed aL maLurlLy are known

age 7 of 1S
as Luropean opLlons. CLher conflguraLlons are also posslble and lnclude 8ermudan or M|d-At|ant|c
(exerclsable on mulLlple pre-seL daLes before explry) and As|an (based on an average of prlces LhaL
replaces Lhe exerclse prlce of Lhe opLlon or Lhe prlce of Lhe underlylng aL maLurlLy.)

P5 Q@C9BB Q89B=LAE

A payoff proflle shows Lhe scenarlos under whlch a Lrade wlll make money and Lhe scenarlos under
whlch a Lrade wlll lose money. ln Lhe mosL common case lL ls a slmple graph LhaL ploLs Lhe change ln
prlce of Lhe underlylng securlLy on Lhe horlzonLal axls and Lhe change ln prlce of Lhe derlvaLlve
securlLy on Lhe verLlcal axls.

uependlng on Lhe Lype of lnsLrumenL Lhe changes ln value may elLher be llnear or non llnear. ln our
case Lhe horlzonLal and verLlcal axls have Lhe same unlLs lmplylng LhaL Lhe change ln value ls llnear.
C or orlgln represenLs Lhe currenL underlylng prlce, and Lhe change ln Lhe underlylng as well as Lhe
derlvaLlve lnsLrumenL ls marked ln a slngle unlL (+1, +2, +3).

lor mosL conLracL Lypes, Lhls slmple Lool can be used Lo hlghllghL Lhe cashflow proflle of a
LransacLlon Lype. We use Lhe same Lool for lorwards, luLures, lnLeresL 8aLe Swaps and CpLlons as
well as Lo dlssecL exoLlc producLs lnLo more baslc forms.


age 8 of 1S

=5 '?A Q@C9BB D89B=LA B98 @ B98J@8: <9678@<7
A long poslLlon (you are a buyer) forward conLracL ls used when you wlsh Lo hedge yourself agalnsL
Lhe rlsk of rlslng prlces ln Lhe fuLure. A shorL poslLlon (you are a seller) ls used when you wlsh Lo
hedge yourself agalnsL Lhe rlsk of falllng prlces ln Lhe fuLure. 1he nexL four flgures walk Lhrough Lhe
calculaLlon of payoff proflles for a long forward conLracL.

1here are four quadranLs, l, ll, lll, lv, roLaLlng clockwlse Lhrough Lhe grld above (sLarLlng from Lhe Lop
lefL hand quadranL).

CuadranL l - underlylng prlces fall, derlvaLlve value lncreases
CuadranL ll - underlylng prlces rlse, derlvaLlve value rlses
CuadranL lll - underlylng prlces rlse, derlvaLlve value falls
CuadranL lv - underlylng prlces fall, derlvaLlve value falls


age 9 of 1S

ln Lhe case of a forward conLracL, Lhe resulLlng payoff proflle across all four quadranLs ls Lhe same as
lf you acLually own and hold Lhe securlLy. 1he value of your porLfollo lncreases as Lhe underlylng
prlces rlse and decreases as Lhe underlylng prlces falls.


age 10 of 1S
==5 Q@C9BB D89B=LAE B98 2@LLE @6: Q;7E
Compare Lhls Lo an opLlon:

unllke a forward, Lhere ls only a llmlLed downslde wlLh opLlon conLracLs. An opLlon glves lLs owner
Lhe rlghL Lo exerclse buL noL Lhe obllgaLlon Lo perform lf Lhe exerclse would resulL ln a loss. lor LhaL
addlLlonal proLecLlon Lhere ls a prlce and lL ls charged upfronL as a premlum.

Cnce agaln, a Call opLlon glves lL owner Lhe rlghL Lo buy Lhe underlylng aL a prlce and Llme agreed
upon on Lhe daLe of purchase of Lhe opLlon conLracL.

A uL opLlon glves lL owner Lhe rlghL Lo sell Lhe underlylng aL a prlce and Llme agreed upon on Lhe
daLe of purchase of Lhe opLlon conLracL.


age 11 of 1S
A Call opLlon ls a bulllsh lnsLrumenL, whlch ls purchased when you expecL prlces Lo rlse and wanL Lo
beneflL from LhaL rlse. As you can see ln Lhe payoff dlagram above Lhe value of call opLlon lncreases
when prlces rlse buL Lhe downslde when prlces fall ls llmlLed Lo Lhe premlum losL when Lhe opLlon ls
noL exerclsed.

unllke Lhe buyer of a call, Lhe seller of a call ls obllgaLed Lo perform. Pls upslde ls Lhe premlum LhaL
he reLalns when Lhe call opLlon ls noL exerclsed, hls downslde ls Lhe dlrecL lnverse of Lhe payoff
proflle of Lhe buyer of Lhe call.


age 12 of 1S
1he same rules hold Lrue for Lhe buyer and seller of Lhe puL opLlon as shown ln Lhe nexL Lwo
dlagrams:

1he followlng Lable summarlzes and revlews Lhe above concepLs.

kCDUC1 CSI1ICN 1kANSLA1ICN DCWNSIDL
Ca|| Long 8oughL - Cwns Lhe opLlon remlum pald
Ca|| ShorL Sold - WroLe Lhe opLlon lf Lhe opLlon ls exerclsed, Lhe dlfference beLween MarkeL prlce
and SLrlke prlce
ut Long 8oughL - Cwns Lhe opLlon remlum pald
ut ShorL Sold - WroLe Lhe opLlon lf Lhe opLlon ls exerclsed, Lhe dlfference beLween SLrlke prlce and
MarkeL prlce
Iorward Long 8oughL Lhe underlylng 1he dlfference beLween lorward prlce and MarkeL prlce, lf prlces
decllne
Iorward ShorL Sold Lhe underlylng 1he dlfference beLween MarkeL prlce and forward prlce, lf prlces
rlse

age 13 of 1S
R5 N;=L:=6S TL9<OE @6: EC67?A7=< <96B=S;8@7=96E
1he baslc bulldlng blocks ln Lhe derlvaLlve world are Lhe Lhree conLracL Lypes LhaL we have [usL
dlscussed. lL ls posslble Lo comblne any number of Lhem ln a conflguraLlon LhaL has a deslred payoff
proflle.

kCDUC1 CSI1ICN DIkLC1ICN
Ca|| Long 8ulllsh
Ca|| ShorL 8earlsh
ut Long 8earlsh
ut ShorL 8ulllsh
Iorward Long 8ulllsh
Iorward ShorL 8earlsh

A user can comblne any Lwo of Lhe above Lhree producLs Lo synLheLlcally creaLe Lhe Lhlrd. lor
example we can comblne calls and puLs Lo synLheLlcally creaLe boLh long and shorL forward
conLracLs.

kCDUC1 A kCDUC1 8 = kCDUC1 1nkLL
Long Ca|| ShorL uL Long lorward
Long ut ShorL Call ShorL lorward

1he concepL ln Lhe above Lable ls lllusLraLed ln Lhe followlng Lhree dlagrams.

=5 29GD@8=6S @ 2@LL J=7? @ I98J@8: <9678@<7

age 14 of 1S
==5 29GD@8=6S @ 2@LL @6: @ Q;7 J=7? @ I98J@8: <9678@<7

===5 29GT=6=6S @ L96S <@LL J=7? @ E?987 D;7 79 <8A@7A @ L96S B98J@8:

!"#$%&$' $)$'*+,$ - ./%0 +, 1'234 1+0/ 0/$ &+%4'%5 +3 6+++ %728$!"

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hLLp://flnanceLralnlngcourse.com/educaLlon/2012/01/derlvaLlves-crash-course-for-dummles-whaL-
ls-wrong-wlLh-Lhe-payoff-proflle-of-Lhe-synLheLlc-forward/


age 1S of 1S
!$(2/&$,"#
1hls maLerlal ls for lnformaLlonal purposes only and should noL be consldered as advlce abouL rlsk or
Lhe relaLlve rlsk of a speclflc securlLy ln lsolaLed or porLfollo seLLlngs. 1he lnformaLlon shared ln Lhls
documenL ls generaLed from Lhe appllcaLlon of approxlmaLe maLhemaLlcal models on prlce daLa
capLured from flnanclal markeLs. Some of Lhls prlce daLa ls lndlcaLlve ln naLure whlch leads Lo
dlsLorLlons ln rlsk and prlce levels when acLual Lrades hlL local markeLs and slgnlflcanL dlsLorLlons ln
rlsk and prlce levels when Lhe slze of Lhese Lrades ls larger Lhan average volumes.

1he basls for Lhese models and Lhe daLaseL used are shared wlLhln Lhe documenL.

Any oplnlons expressed hereln are glven ln good falLh, are sub[ecL Lo change wlLhouL noLlce, and are
only correcL as of Lhe sLaLed daLe of Lhelr lssue and dependenL on Lhe underlylng daLaseL and
maLhemaLlcal models menLloned above.

A reference Lo a parLlcular lnvesLmenL or securlLy ls noL a recommendaLlon Lo buy, sell, or hold such
lnvesLmenL or securlLy, nor ls lL consldered Lo be lnvesLmenL advlce. Accordlngly, Alchemy does noL
assess Lhe sulLablllLy (or Lhe poLenLlal value) of any parLlcular lnvesLmenL or provlde Lax advlce on
Lhe lmpacL of an lnvesLmenL declslon.

We uLlllze Lhlrd-parLy daLa. Whlle Alchemy belleves such Lhlrd-parLy lnformaLlon ls rellable, we do
noL guaranLee lLs accuracy, Llmellness or compleLeness. ?ou should revlew and conslder any recenL
markeL or company speclflc news before Laklng any acLlon. SLocks go down as well as up and
lnvesLors (lncludlng cllenLs) may lose money, lncludlng Lhelr orlglnal lnvesLmenL. asL hlsLory ls no
lndlcaLlon of fuLure performance and reLurns are noL guaranLeed.

Alchemy provldes a wlde range of servlces Lo, or relaLlng Lo, many organlzaLlons, lncludlng lssuers of
securlLles, lnvesLmenL advlsers, broker-dealers, lnvesLmenL banks, oLher flnanclal lnsLlLuLlons and
flnanclal lnLermedlarles, and accordlngly may recelve fees or oLher economlc beneflLs from Lhose
organlzaLlons, lncludlng organlzaLlons whose securlLles or servlces Lhey may recommend, raLe,
lnclude ln model porLfollos, evaluaLe or oLherwlse address.

Where an lnvesLmenL ls descrlbed as belng llkely Lo yleld lncome, please noLe LhaL Lhe amounL of
lncome LhaL Lhe lnvesLor wlll recelve from such an lnvesLmenL may flucLuaLe. Where an lnvesLmenL
or securlLy ls denomlnaLed ln a dlfferenL currency Lo Lhe lnvesLor's currency of reference, changes ln
raLes of exchange may have an adverse effecL on Lhe value, prlce or lncome of or from LhaL
lnvesLmenL Lo Lhe lnvesLor.

1hls maLerlal ls noL lnLended for any speclflc lnvesLor and does noL Lake lnLo accounL your parLlcular
lnvesLmenL ob[ecLlves, flnanclal slLuaLlons or needs and ls noL lnLended as a recommendaLlon of
parLlcular securlLles, flnanclal lnsLrumenLs or sLraLegles Lo you.

8efore acLlng on any recommendaLlon (lf any) ln Lhls maLerlal, you should conslder wheLher lL ls
sulLable for your parLlcular clrcumsLances and, lf necessary, seek professlonal advlce.

Derivatives Terminology Crash Course

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