They also carry downside protection, typically up to 10-30% on most Reverse Convertible offerings.

"We are willing to trade some of our potential profits for downside protection," a Disney executive said.

However, if the S&P has gone down, the bank will pay me back the entire $100 - an advantage known as downside protection.

These strategies may provide a small downside protection as well.

The combination of upside opportunity and downside protection has proved attractive to investors this year.

"It is pretty good downside protection," he said.

That offer, too, has downside protection in case Global's stock falls.

"There's more interest in downside protections," he said.

Because the call already has value to its owner, the premium is typically heftier, providing more downside protection.

"Even horse racing has more downside protection than the theater."