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Call Over Right and Cash Secure Puts - Is There a Risk Premium?
A typical traditional call over right program on a day-to-day basis is going to be dominated by the delta, right? Because you're still your long stocks and you're selling some options. And that's just what they do. A lot of times you have non-economic hedgers, not even just price insensitive, but hedgers may have a non-economic purpose because their book is really $200 billion. Yeah, no, that's absolutely right. So there, so every Friday, or every expiration, a couple days before expiration, they come and they do, they roll all these puts, and they sell a bunch of new ones. Right.