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2025-06-23 09:34:09 Viraj Alankar: -/-

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`finance/investing.md` ..
@@ 70,13 70,14 @@

	Let's say you wanted to invest in the S&P 500 in a buy and hold fashion. The following are some examples and costs associated:

-	\| Instrument \| Cost \| Exposure \| Leverage \| \|
-	\| ------------------------------------------------- \| --------------- \| -------- \| -------- \| - \|
-	\| 50 shares SPY @ $590 \| $30k \| $30k \| 1x \| \|
-	\| 50 shares SPY @ $590 + 25 shares with margin loan \| $30k + interest \| $45k \| 1.5x \| \|
-	\| 1 90-delta DITM LEAPS SPY call \| $20k \| $40k \| 2x \| \|
-	\| 1 synthetic LEAPS in SPY (long call, short put) \| $2k \| $60k \| 30x \| \|
-	\| 1 /MES future \| $2k \| $30k \| 15x \| \|
+	\| Instrument \| Cost \| Exposure \| Leverage \|
+	\| ------------------------------------------------- \| --------------- \| -------- \| -------- \|
+	\| 50 shares SPY @ $590 \| $30k \| $30k \| 1x \|
+	\| 50 shares SPY @ $590 + 25 shares with margin loan \| $30k + interest \| $45k \| 1.5x \|
+	\| 1 90-delta DITM LEAPS SPY call \| $20k \| $40k \| 2x \|
+	\| 1 synthetic LEAPS in SPY (long call, short put) \| $2k \| $60k \| 30x \|
+	\| 1 ZEBRA LEAPS in SPY (2 long call, 1 short call) \| $14k \| $50k \| 3.5x \|
+	\| 1 /MES future \| $2k \| $30k \| 15x \|

	In all cases but the first, you are paying less to have a higher exposure in the same market. Each has a different risk profile, generally increasing with leverage. In all cases you can lose money.