GDStill don't really understand why WCUO should be at a discount...

GD

Still don't really understand why WCUO should be at a discount (WCUO price + 0.25) to the WCU.

With WCUO:
* you keep 0.25 cents per share in your pocket so save holding costs (interest)
* your downside is limited (if the heads go below 0.25 then if you have WCU you just keep losing money, but with WCUO if the heads dip below 0.25 then you can never be any further behind than 0.00)
Both of those points should add a premium, not a discout?