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Institutional Options Desk Trade Strategy Disclaimer

The foregoing trade idea is for illustration purposes only and under no circumstances should it be construed as an offer to sell or buy any securities or a guarantee of any returns. Results will differ significantly due to market fluctuations. For ease of illustration, the performance figures do not take into consideration any transactions costs. Thus, please be advised that any profits or returns on investments shown would decrease with inclusion of transaction costs and that any losses would increase. Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this commentary. Your Oppenheimer Institutional Sales representative can provide you with any anticipated transactions costs and guide you on including them in the example.

If you buy options, the maximum loss is the premium. If you sell put options, the risk is the entire notional below the strike. If you sell call options, the risk is unlimited. The actual profit or loss from any trade will depend on the price at which the trades are executed. This material provides information and/or alternatives we believe to be appropriate for consideration. The decision whether or not to adopt any strategy or engage in any transaction is your responsibility. Options are not suitable for all investors and there are significant risks inherent in the purchase and sale of options even when options are used for hedging purposes.

The material provides financial markets commentary and trading ideas to Institutional Investors only. This transmission and any market commentary or any other material referenced herein is not a recommendation by Oppenheimer & Co. Inc. This publication is not a research report, and any reference to a research report or research recommendation is not intended to represent the whole report and is not in itself considered a recommendation or research report. On occasion information provided herein might include excerpts, abstracts, other summary material derived from research reports published by Oppenheimer & Co. Inc.’s Research Department.

The investment seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index. ETFs are subject to risk similar to those of their underlying securities, including, but not limited to, market, investment, sector, or industry risks, and those regarding short-selling and margin account maintenance. Some ETFs may involve international risk, currency risk, commodity risk, leverage risk, credit risk, and interest rate risk. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small-capitalization securities, and commodities Carefully consider the investment objectives, risks, charges and expenses before investing. You may obtain prospectuses for listed ETFs of your choice, which describe in detail the investment objectives, investment policies, risks, fees and other matters from the respective listing exchange. Please read the prospectus carefully before you invest.