with regards to how many to buy, you could buy as many PXGOA as...

with regards to how many to buy, you could buy as many PXGOA as you would have bought PXG (example above). With the money saved, you could buy more PXGOA, or not .. is this the point i think about when assessing the increasing risk with regards to PXG underlining, as you wont be able to exercise and will be open to a bigger loss. The loss of the time value of about 6 cents a PXGOA in 2014 very reasonable in this case. 6/25c =0.24 = 12%. Would you pay 12% interest to buy these shares and have some insurance if they went bankrupt.