Don't touch options until you are very clear of it. For VTIOA...

Don't touch options until you are very clear of it. For VTIOA with a strike price of 3 dollars, it mean that at anytime before 28 feb 2024, you have the option to convert the options to real shares at 3 dollars. If you bought the options now at 0.26 and covert it tomorrow, your cost of share is 3.26. But the current share price is 1.2, hence, you're at a lost. But if you choose to wait and only covert the options when the share price touch 5 dollar, you earn 1.74 dollars by just investing 0.26. However if the share price remains below 3 dollar on 28 Feb 2024, you will choose to forgo the 0.26/option you invested(Total loss). Options give you the leverage in investing but I won't recommend this for beginners