2025年期现结合策略回顾

Group 1 - The article discusses various investment strategies, including covered call, insurance, and collar strategies, highlighting their performance in different market conditions [3][6][7] - The covered call strategy performed well in months with little to no price increase, while underperforming during significant price increases in July and August [3] - The collar strategy, which combines covered call and insurance strategies, showed better performance during sideways and significant downturns, with returns slightly higher than the underlying asset and lower volatility and maximum drawdown [3] Group 2 - The government bond ETF yielded only 0.7% for the year, negatively impacting the performance of the 95/05 strategy and the cash-secured put strategy, although both strategies exhibited lower volatility and maximum drawdown, indicating a more stable performance [3] - The 95/05 strategy involves investing 95% in a government bond ETF and 5% in long-term call options, with quarterly rebalancing based on market conditions [6] - The cash-secured put strategy starts with a cash position and involves selling out-of-the-money put options while using the remaining funds to invest in the government bond ETF, with monthly adjustments based on option expiration [7]