Covered call

Covered call

Ein Covered Call ist eine Optionsstrategie, bei welcher man Wertpapiere und Optionen verbindet. Gelegentlich wird für diese Variante auch der Name Buy-Write-Strategie verwendet.

Bei einem Covered Call erwirbt man ein Underlying (buy) und verkauft eine Call-Option auf dieses Underlying (write). Dadurch hat man Einkünfte aus dem Optionsverkauf, die man dadurch erwirtschaftet, dass das ganze Konstrukt keine Wertsteigerung erfährt, wenn der Wert des Underlyings am Ausübungsdatum über dem Ausübungspreis liegt. Aus diesem Grund bildet man Covered Calls eher dann, wenn man von stagnierenden oder leicht sinkenden Kurswerten des Underlyings ausgeht.

Eine konservativere Strategie, um Risiken von Underlyings zu begrenzen, ist der Protective Put.

Zertifikate, die eine Covered-Call-Strategie implementieren, heißen im Bankenumfeld Discountzertifikat.

Auszahlungsdiagramm zu einem Covered Call
Grundlegende Funktionsweise eines Covered Calls

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