US retail funds increased their exposure to sold equity calls in the first quarter, taking a bearish view as stock markets began rallying.
The combined value of single-stock call positions at mutual funds and exchange-traded funds swelled to approximately $34.4 billion in notional at the end of the first quarter, up from $23 billion in Q4 2022. Most of the new positions were sold calls, according to data from US Securities and Exchange Commission filings compiled by Risk.net’s Counterparty
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