On this episode, Mark and Dan take a deep dive into the various volatility products available. They also answer a question asking what a typical options trader makes, and much more.
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TRANSCRIPT
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All right, everybody, it is time to dance.
It is Wednesday time for OBC, the premier options educational program known around the globe.
My name, of course, Mark Longo from the optionsinsider.com.
Hope you’re having a good trading week out there.
Remember, two things at the top of the show.
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The optionsinsider.com/pro to learn more.
All right, let’s learn who’s joining us on the old program today.
Beaming in live from his mastermind right now as we speak.
I think he’s, if I could see my video, I probably could confirm he is wearing a black hat.
He is the black-hatted one himself.
Mr.
Dan Pasarelli from Market Taker Mentoring.
Mr.
P, welcome back to the show, sir.
Hello, Mark.
Good to be back.
Back in the saddle again.
It’s been a long time, hasn’t it?
Been a long time, sir.
You know, inquiring minds want to know, did Uncle Mike ever make good on his bet from the election night spectacular last week?
Oh, you mean Mike the Welcher?
No, he didn’t, as a matter of fact.
I know for a fact you sent him a Venmo link.
I know.
I even, he’s like, well, I, you know, nobody sent me a link and it’s like, well, now I did.
Might have to start charging some exorbitant interest is all I’m saying, sir.
I know.
I know who else is saying stuff.
We have Mondo Global.
This is our five star review this week.
I think this comes from one of the international podcast outlets out there because it looks like this is translated.
It would be nice to have even more episodes, please.
At least he is, he is polite.
I don’t know, Dan, we’re already doing one a week for these people.
They want more, Dan, their demand more.
But you know what?
Luckily for you, Mondo and everybody else, we have quite the archive of shows to sink your teeth into.
So there’s hundreds of episodes to go and check on.
I’m guessing you haven’t heard them all.
So by all means, check those out.
And of course, there’s a whole network for you to enjoy as well.
As we keep on rolling, maybe you’ll enjoy some options drills.
Well, in much time for our favorite pastime, option drills.
We’re going to take the strategies learned during the show and teach you how they can be employed to achieve a specific objective.
Do you hear me?
Yes, sir.
All right, everybody, let’s do a little bit of options drills.
This topic this week also submitted by a listener, Mace.
Mace, I like the handle.
Mace, I like it.
He writes in to say, can you do another overview of the VOWL products on the show?
Well, because you asked so nicely, Mace, and because your handle is so cool, we can do that.
If you’re one of our newer listeners, as Mace kind of implies, we have touched on this in the past, but it’s been a little while and a lot has gone on in the VOWL space since we did it last.
So there has been some changes.
If you do want to go check out the previous episodes we have done on this listener, we did a run of them back in 2022.
On March 9th, we did episode 177, everything you wanted to know about VIX, but we’re afraid to ask part one.
We followed it up the next week with episode 178, part two of that.
Episode 179 from March 23rd, we did a whole March in 2022 all about VOWL products.
When VOWL products go crazy, talked a lot about Barclays and VXX going nuts. 1982, talked about Nanos, Reddit, Volatility Products, and FOMO, that was from April of that year.
And then we came back in February of 2023, so that’s been a year and a half since we’ve really touched on these.
Episode 222, exploring the universe of volatility products.
That’s probably the most detailed overview we’ve done to date.
So Mace and everyone else, maybe you’re newer to the program, you want to go check some of those out.
There you go, some good starting points in the archives.
I know the archives are extensive.
It can be overwhelming, but we got a lot of good stuff there for you.
But there is a lot to talk about.
I’m going to run through these.
I want to get Dan’s thoughts on these as well.
Obviously, a lot of products you can trade when you’re talking about.
I think the one most people think about first and foremost, kind of the big dog, the 800 pound gorilla in the room there is VIX, of course.
You see it quoted all the time.
CNBC quotes it now.
You go to the market watches, a lot of these broad financial platforms, they have VIX up there front and center next to the S&P, next to the Dow, all the other things you’re used to seeing quoted on a daily basis.
VIX is kind of just in that conversation now.
So VIX is synonymous for many people with volatility.
So for a lot of you, that’s where you’re going to key around for your vol trading.
And I get it.
It’s probably the best choice for most of you out there.
Couple of things to remember.
First off, we said it before, we’ll say it again.
You’re going to see that VIX cash number quoted all the time.
That is not what you trade.
The products don’t key off the cash.
So you have to get familiar with VIX futures and the term structure if you’re going to trade the options out there.
Just something to bear in mind.
Speaking of futures, damn, I’m not sure if you noticed this, but VIX has added some new flavors, some new wrinkles since our last time we really talked about vol products on this show a year and a half ago.
Just in the last couple of weeks, they added futures options.
Now you might say, well, what’s the big deal?
They’ve always been futures options.
No, these were cash settled.
They expired into cash, the previous VIX options.
These new products they just listed a couple of weeks ago now expire into VIX futures.
So Dan, if your dream was to have an option that expired into the physical into VIX futures, there you go, sir.
Now you got it.
So what are your thoughts on people they want to trade vol, keeping to the dance with the one that brung it, which is the big dog, which is VIX, obviously going to be the most liquid game in town.
And also what are your thoughts on this new wrinkle, the futures options they just added, sir?
I mean, those are pretty interesting.
As it has been in the past, people would use the VIX futures just as a proxy to understand what the underlying was for the VIX options because they both had the same settlement.
But now because there’s the futures, I think that ends up becoming useful for people who might want to have a futures hedge on, but don’t want to commit to it and give up upside or downside or whichever way they’re trading it.
So maybe they could buy a call where if VIX ends up going up in the past, what they would have to do is just sell the call or let it expire in cash settle and have the profit.
But there’s a date where your profit would end.
But a lot of people do this with regular securities options like, hey, I want to own shares of spiders, but I don’t want to buy it here because I’m afraid of the downside.
I’m just going to buy a call.
And then I’ll just, you know, if it goes up, I’ll exercise my call and then I’ll have it.
So now you can kind of do that with VIX futures, which really lends a whole other dynamic to risk management.
It’s potentially really useful under certain scenarios.
Yeah, this look, they just launched on October 14th, Dan, so pretty much exactly a month under our belts now for these new VIX.
They haven’t really done a lot of volume yet.
Otherwise we’d probably be breaking them down more.
I’m kind of waiting for them to resonate a little more and grow.
But if that is something that’s been holding you back, listen, as you’re saying, well, this cash settlement is for the birds.
I wanted something that expired into the VIX futures.
There you go.
You now have that option.
Pun intended.
Let’s get into some of the wild or the weird or products out there.
And it has been a lot of changes and new additions in these as well since the last time we talked about these.
So a good time, who was it?
MACE, a good time for MACE to ask for an update out there.
Let’s go to SVIX land out there.
Listen, there’s SVIX, which is of course inverse vol.
And it’s just a contentious thing in and of itself.
Listen, as you’re talking about something that moves inverse or the opposite of VIX.
So obviously VIX rallies, this is going to crash and VIX gets crushed.
This is going to rally pretty hard.
February of 2018, the event known as Balmageddon, one of the infamous results of that is it wiped out the previous big dog in the inverse vol space, which was known as XIV.
Obviously when VIX explodes to the upside, got up to 80 in that ballpark, XIV just couldn’t handle it.
It wiped out.
It went to zero.
This is a product people were buying and holding over the long term in their retirement portfolios because it had gone up quite a bit.
People advisors were telling retired people to put it in their 401k.
It was a bad scene.
It really got way too prevalent.
No one had any idea really what it was.
So a lot of people thought inverse vol would never come back listeners, but it did.
It came back a few years ago.
They approved SVIX and its sibling UVIX will get to in a little bit.
Some people out there are still mad that these are back.
They think they shouldn’t exist.
As long as you understand what they are, then you should be okay.
And also the folks behind SVIX to their credit, they get it.
They understand that a big explosion in vol could wipe them out.
So for the last, I will say six months or so, maybe close to a year now they’ve been doing this.
I’ll have to go check.
They’ve been sprinkling some VIX calls into their portfolio, which of course, if the worst comes to pass, if VIX explodes, they have those in their back pocket.
But last time we talked about it, listeners, February of 2023, they weren’t doing that.
And we had an open question.
Can this thing survive a big drawdown in the market?
We hadn’t really seen it go through one of those.
Well, since then, of course, we have back on August 5th.
We saw a pretty aggressive sell off.
We saw vol spike.
It’s certainly the most aggressive sell off and vol spike we’ve seen since SVIX has been alive as a product.
And what happened, listeners?
Well, the product got hit.
It got hit pretty hard.
It went from about 43 and a half bucks on July 31st.
It dropped all the way to 19 on August 5th.
So cut more than in half.
But about two weeks later, actually, it was back up to 32 again.
So it had recovered.
So we answered one of the questions, I think, Dan, which is, will it survive a pretty big drawdown?
The answer is yes.
I think those VIX calls played a decent part in that.
So something to bear in mind, also something to bear in mind, the liquidity out there, if you’re coming from the options lens, and obviously we’re an option show, the liquidity still sucks.
The ADV is 6,500 contracts a day.
They did add weekly since the last time we talked about it, which is a good thing.
I’ve been arguing for those for a while.
But those spreads are atrocious in the weeklies.
You’re going to see no bid or a nickel bid at like $1.90.
They’re terrible.
So good luck trading in between those.
But something to bear in mind, liquidity is rough.
But one of the big questions we had about it, can it survive a drawdown?
The answer, at least for what we saw on August 5th, is yes.
Mr.
Dan, what are your thoughts on the inverse vol space as a whole and S-VIX in particular, sir?
I mean, the vol space as a whole, I’m a fan of.
And I go a little back and forth with personally trading them or not.
A lot of it has to do with how much time I have to put into it and whether I see opportunities there.
And to be fair, there’s probably always opportunities there.
But when there’s a change that happens that maybe I feel other people don’t understand and I can step in and capitalize on that, I do things like S-VIX.
I don’t know.
Like, I typically don’t trade any of these short ETFs or ETNs or whatever.
I just feel like they’re weird because I can buy puts if I want to bet on it going down.
But when there’s different nuances to it where it’s short but it has calls and it’s something like that, sometimes I kind of really try and analyze it and see if I can figure out an edge there.
But when it’s so illiquid like that, man, like, jeez Louise, there’s no edge.
I mean, it’s just the only thing you can do with mega illiquid stuff like that is sell options, put in an offer to sell options close to the offer and hope you get lucky and get filled and know you’re going to have to hold it until expiration.
So I don’t know, man, I tend to shy away from those kind of things.
Well, if you shy away from that, Dan, you’re going to love this next one.
Since we have done our last episode, a new player has entered the inverse vol game.
They are S-Vol.
This is the Simplify Volatility Premium ETF ticker symbol, as I said, S-V-O-L.
Another inverse product, you might say, well, what’s the difference between this and S-VIX?
And good question.
And this is brand news.
I haven’t really had a chance to sink my teeth into their methodology fully yet.
I have talked to our buddy Dr.
Vicks about it and he has had a chance to look at it a little more and I think to say he was underwhelmed is kind of putting it mildly out there.
You can just compare and contrast for yourself, listeners.
In terms of performance, they were both trading S-Vol and S-VIX close to the same level heading into the election.
They both bottomed out right around Halloween.
S-Vol hit a 2089 and S-VIX hit about a 22.5.
So they were within about 1.7 points of each other, pretty close, price-wise.
So it’s a pretty good point of comparison.
Since then, S-VIX gained six points in the vol crash that we’ve seen.
So it went from about 22.5 to about 28.5 and it got even higher.
Now it’s 29.25.
So it has had a nice run whereas S-Vol only moved about a point.
It went from about 20.9 to about 21.9.
So just bear that in mind and it’s hanging out still at that level right now, 21.92.
So I need to sink my teeth into it more.
On the surface, just comparing the two from a very similar price point and their performance subsequently, I would definitely have to pick S-VIX.
Also as I mentioned, liquidity is an issue.
If liquidity is an issue in S-VIX with 6,500 contracts a day, the ADV and S-Vol right now, listeners, is 344.
So just something to bear in mind.
It’s going to be even more illiquid.
So I would say maybe hold off on S-Vol for now.
If you want really, if you need inverse vol in your life, go the S-VIX route just for all the reasons I just said, the performance.
The S-Vol folks say they have the VIX calls in their back pocket as well.
I need to go check out exactly how they’re doing it.
So for now, I’d probably be a little bit reticent about picking that one up of the two.
All right.
I mentioned the sibling product of S-VIX.
This is UVIX.
This is a 2X levered VIX product.
So if you think VIX is too boring, listeners, UVIX is your huckleberry.
Some of the problems you mentioned last time at 2023 and 2022 still exist.
This product suffers badly from roll yield.
If you don’t understand what that is, go check out our previous episodes where you did deep dives into this.
But it’s going to decay and erode and go to zero, all other things being held equal.
Look at a long-term chart of UVIX.
It’s an impressive array of value destruction.
So something to bear in mind.
In fact, it has eroded again.
It’s down to sub $3.50, I believe, as we speak.
In fact, let’s see where it’s hanging out right now.
$341.
So I guess on the plus side, it was $40 not too long ago.
So it’s gotten a lot cheaper if you want to take a flyer on it.
But this thing is probably going to keep eroding to zero.
So we have talked about Russell’s secret weekend UVIX trade.
We have mentioned it even here on the show.
If you want more information on that, check out our volatility of use program.
It is kind of a fun little flyer for weekend risk out there, as long as you know what you’re getting into.
But UVIX has gotten beat up and it looks like it’s going to continue to get beat up.
In fact, it’s probably overdue for a reverse split.
Once it gets sub $5, they usually tend to reverse split it back up to at least 20, if not more.
So something to bear in mind, the ADV out there in UVIX right now, 38,000 contracts a day.
So it has gotten more liquid, which is one of the few things that is good about it.
Dan, any thoughts on Levered VIX, AKA UVIX?
Yeah, I mean, I haven’t talked to Russell in a while, except for on the election show.
Is he still a fan of that trade?
I’ve been trading that trade mostly, ironically, since I heard of it, since I heard about it from you, the one time that I didn’t trade it was the best time to have traded it.
The one week I didn’t do it was August 5th.
How did that work out that weekend?
Yeah, pretty good.
Yeah, same, same.
Stupid.
But I would say, I don’t know, I haven’t actually went through the numbers, but I think I probably eked out just a smidge on that.
But in times where vol is just getting creamed, I just wonder if there’s too big of a disadvantage to it.
I don’t know.
Let me flip it back to you.
You have any insight?
Are you hearing any insight from Russell on that one?
I haven’t done it the last few weeks.
I’m glad I didn’t because it kind of got smoked.
You’re right.
And that was one of the reasons why I didn’t do it.
And he has admitted it got smoked the last few weeks.
He also usually does it in conjunction with SVIX.
So that helps to offset some of the dramatic ones.
He likes to hold SVIX over the long term and he gets hit sometimes on the weekends, which is why he came up with this strategy.
And again, if you want more details, listeners dive in on vol views.
But yeah, it’s interesting.
It’s been a little rough going of late with SVIX or UVIX is down to 340.
So it hasn’t been light in the world on fire, but it can turn around and get 10 handles at a clip.
And those are the bangers.
So those are the times you want to be in there.
Some geopolitical risk pops off on the weekend.
Having that in your back pocket, not the worst things.
If you’re saying yourself, I like a little levered VIX, but maybe two X, a little bit too rich for my blood.
Allow me to present UVXY.
It’s levered, but not quite as much one and a half times levered.
You might say, what the hell is the purpose of that?
Well, a lot of people would ask that, but it’s a result.
It was neutered back in the volume again.
And I mentioned earlier of 2018 when XIV went the way of the dodo UVXY got neutered mid cycle, which suck because I had a whole bunch of upside in UVXY and they came in overnight during the options lifespan and just changed the rules of the game.
I’ve never really seen that before.
I wasn’t really a fan of OCC allowing that to happen.
Quite frankly, you buy an options contract in good faith that those terms will be upheld through the life of that option.
If you want to change the terms for new ones, that’s fine, but they changed it from two X to one and a half X pretty much overnight.
The calls got annihilated.
It was a bad scene.
I haven’t really traded a lot of UVXY since the one benefit it has.
And one thing people point to who argue UVXY over UVX is it’s more liquid.
That said, that gap is closing.
As I mentioned, the ADV and UVX 38,000 contracts a day, the ADV and UVXY 60,000.
So it’s more.
It was up close to 100,000 not too long ago.
Both of them have come off a little bit in the last month or so.
But in general, liquidity, not quite the thing it was in UVXY versus UVX, let’s say a year or two ago.
So if you like levered, if you want that bang for your buck, you might as well get it all.
That’s why I go UVX.
Dan, any thoughts on the neutered UVXY, sir?
You know, we were just talking about something similar at lunch.
Do you remember Mark long ago in a time we call COVID?
When oil traded negative and USO just got, Rickon, annihilated and was about to be delisted and then they changed the rules of the game on that one.
And you know, it sucks when they do that.
So I don’t know that that’s one to just bring to the forefront of memory because every now and then that happens.
And yeah, you know, we got to look out for those things, man.
I think I think in situations where something’s just really getting annihilated and you understand the specs very well, which you should if you’re trading it and you realize that, holy crap, this whole thing could blow up so bad it could get delisted or it could trade negative or something.
Probably the best thing to do is get the heck out of it before they change it or before it gets delisted.
So yeah, that’s my two cents.
That’s a good point.
We don’t bring that up too often.
We always talk about the negative futures from that day, April of 2020, a dark time in the WTI futures world listeners.
But yeah, USO got impacted as well.
We always focus on UVXY, which that’s a good one to bring up.
So yeah, there’s been a couple of examples in recent memory there, which again, not a good thing.
We don’t like changing the game mid cycle here in these contracts.
Kind of dubious.
All right.
VXX is the last big one we’ll talk about here.
Then we’ll get some of you folks.
VXX, of course, attempts to replicate that near dated VIX futures position as with all products.
USO is another example.
All of these ETFs that attempt to replicate some sort of underlying futures position.
They all have different methodologies of doing it.
Do they just buy the front month and then they roll it at a certain time?
Do they buy kind of a basket of different duration futures and roll them at different times?
There’s a million different ways to do it.
At the end of the day, almost all of them suffer from roll yield at the end of the day.
VXX is no different.
Look at a long term chart of VXX.
It’s the same deal.
It wants to go to zero.
That gravitational pull is sucking it to zero.
So just something to bear in mind.
Not going to erode as fast as a UVIX.
Obviously, it’s not a levered product, but it does have that same long term tendency.
So the long term play for most people in these products is going to be to the downside.
It’s going to be puts.
Just something to bear in mind.
They can pop in the near term.
You can’t play them near term to the upside.
Any of those types of upside trades really should be very near dated.
If you’re going to do this thing longer term, it’s going to be more of a set it and forget it longer term put.
That’s the way most people tend to play it.
All right.
That’s kind of our rundown here for all things vol product.
Good question here, Mace, because a lot has changed.
The vol complex is evolving.
And I expect the next time we do this in about a year or so, there probably will be a lot more to discuss then as well.
But speaking of things to discuss, it is time for the Mail Call.
Time to look at questions submitted by our listeners.
All right, listeners, and I know you’ve been waiting for it anxiously.
You have to wait no longer.
It is time for the Market Taker question of the week.
And now it’s the moment you’ve been waiting for.
It’s time for the Market Taker question of the week.
All right, everybody.
Let’s do it.
Mr.
Black had it.
One of the floor is yours.
What are the people hitting you up with that mastermind this year?
Well, I just got asked this very question at the mastermind while we were having lunch.
And that was, in percentage terms, what does a typical option trader make?
Now, I’m just going to predicate this answer with, I hate getting asked this question.
Because, I mean, look, man, there’s no such thing as a typical option trader.
There’s just not.
Everybody trades different with different objectives and different backgrounds.
And with certain people, when I predicate the answer to this, they’re like, oh, yeah, you’re trying to skirt the answer.
Or you’re trying to appease those lawyers.
But the fact of the matter is, it is kind of an unreasonable question.
But I do want to give somewhat of a range.
I have had some of our student traders who are very, very, very conservative trade, just like the wheel strategy.
And they trade options as an augmentation to their investments.
And some of them do like 20% a year.
They tell me they do 20% of the year.
And I know some people lie.
And I’m talking about the ones that I trust are telling me the truth.
And I think I can tell the difference.
And they might do 15%, 20% a year consistently beating the S&P 500 on average.
This year, they probably didn’t, we’ve covered calls cash-care puts.
We talked about that today, too.
But overall, you can.
The other side of that is the more aggressive traders, air quotes, I guess, if you will, are traders who are trading more option-centric short-term strategies.
And some of them have told me they’ve been able to consistently do 35%, 40% a year.
Some say tell me 50%, and I believe them.
I of course have heard everything from you’re going to lose all your money to I make 300% a year.
And neither of those tails are sustainable.
I guess neither are sustainable because if you lose all your money, it’s gone.
And you’re not making 300 a year every year.
So that’s probably a pretty reasonable range, something like 20% to 40%.
All right, Mr.
Dan, that music means we are done here for this week.
There’s a lot of good questions coming in.
We got more to do, Dan.
People want to talk about all kinds of fun stuff.
I’m looking forward.
They want to talk about the binaries, Dan, and the event marketplaces, setting up stops, all kinds of fun.
So we got some grists for the middle of your future episodes.
But Dan, I know you’re hungry to get back to your mentees over there at Mastermind.
So thanks for taking some time out of your day, sir, to chat with our folks here on OBC.
And before we go, if folks are intrigued either to do a Mastermind in the future or maybe just hit you up for some good old fashioned one on one options, love it.
Where should they go?
What should they do?
Anytime make your way on over to markettaker.com market like stock market taker like tick was rightfully yours to tease in a row.
Second T for Theta.
And we’d love to help you out to answer any questions we didn’t get answered on the show.
Is that how you market it?
Sign up for one on one options.
Love it with Dan Pasarelli.
You might get an interesting clientele if that was the case, sir.
I don’t know.
One on one.
Love it with the black headed one himself.
Yeah, but I want to see that on the billboard.
I think that would be fun.
All right.
Sign up for your own one on one options.
Love it over there at Market Taker.
Don’t forget the second T for Theta listeners market taker.com.
Now while you’re checking things out online, if you like this show, and I know a lot of you do, I see the numbers head on over to public.com/optionsbootcamp.
It’s literally the easiest way you can support the show.
Just go to that URL.
That’s all you got to do.
If you want to click around, kick the tires and light the fires, you could certainly do that.
If you want to sample the rebate, you certainly can do that.
If you want to look at their platform and say, hey, I like this, maybe request some features.
Guess what?
You’re a boot camp listener.
They’re probably going to listen to you because they like you folks.
So head on over to public.com/optionsbootcamp.
It’s a great way to thank them for supporting the show that’s been coming to you now for over a decade, and we’ll continue to do so thanks to folks like that.
That’s going to do it for us on the network today, back again tomorrow with our usual double header of all things option block first, not live from the C-ball this time, but live from the studio.
And then of course, this week and future’s options coming after that.
So a good double header Friday, of course, volatility views, and we’re back one final time for the week for options oddities.
You want to get your hands on that exclusive show, only one place to do it, the options insider.com/pro, the place to go to learn more.
And we’re back again next week, all the way through to next education Wednesday, another episode of options boot camp.
Stay safe out there.
Never you trade options on public, your savings are automatically applied.
So don’t change your strategy, change your platform, and see the difference in your bottom line.
No commissions, no per contract fees.
And it’s the only options trading platform where you can earn a rebate on every contract traded.
To learn more, please visit public.com/optionsbootcamp.
Paid for by public investing, options not suitable for all investors and carry significant risk.
Full disclosures and podcast description.
You’re listening to the options insider radio network, the home of the options podcast.
For more quality options programs, visit the options insider.com or search for options insider radio network in your podcast provider of choice.
Listeners can also access all of our programming through our mobile app available on the iTunes and Google play stores.
Select programs are also available via live stream at mixler.com/options-insider.
That’s mixlr.com/options-insider.
Don’t forget to follow along with your favorite programs and submit your own questions for the host set twitter.com/options, stocktwits.com/options, facebook.com/theoptionsinsider or via questions@theoptionsinsider.com.
Options are not suitable for all investors and carry significant risk. Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date. Certain complex options strategies carry additional risk. There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.
Prior to buying or selling an option, investors must read and understand the “Characteristics and Risks of Standardized Options”, also known as the options disclosure document (ODD) which can be found at: www.theocc.com/company-information/documents-and-archives/options-disclosure-document
Supporting documentation for any claims will be furnished upon request.
If you are enrolled in our Options Order Flow Rebate Program, The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule, Order Flow Rebate FAQ, and Order Flow Rebate Program Terms & Conditions.
Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.
All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.