Fund share prices reflect the net asset value of their underlying securities.

Risk potential is the same as for the underlying security, less the coupon payment.

The secondary market price may not immediately reflect changes in the underlying security.

Both calls must have the same underlying security and expiration month.

The Times's figure reports the 12-month total return, which measures yield plus changes in the value of the underlying securities.

In a direct holding system, participants hold the underlying securities directly.

Strategies are often used to engineer a particular risk profile to movements in the underlying security.

The put writer believes that the underlying security's price will rise, not fall.

For example the covered call is a combination of a written call and a long position in the underlying security.

The call writer does not believe the price of the underlying security is likely to rise above the strike price.