ideas

Secured Options May Update: Defensively Positioned Heading into June

June 2, 2021

The Glenmede Secured Option Strategy outperformed the S&P 500 Index but underperformed both the CBOE PutWrite and CBOE BuyWrite benchmarks from April 16, 2021, through May 21, 2021. The slight decline in the S&P 500 during that time period allowed the strategy to deliver a 72-basis-point positive return in a down market. We continue to be defensively positioned with a wider strike selection to create a larger downside buffer heading into June.