Most brokerages use Options Levels to help investors understand the complexity and risks of different Options strategies, and help educate investors to prevent them from engaging in risky strategies that do not align with their stated investment objectives and/or experience levels.

Prior to granting you Options trading access on Public, we’re required to evaluate whether various levels of Options strategies are appropriate for customers, based on information such as your equities & Options trading experience, investment goals, financial situation, and risk tolerance. Each brokerage has the discretion to set the specific parameters for their customers.

At Public, our Options levels provide access to different kinds of Options strategies. Our levels are:

Level 1

Covered Calls (only available on Stock & ETF options)

Cash-secured Puts

Level 2

All Level 1 Strategies

Long Calls

Long Puts

Straddles, Strangles, and Collars

Level 3

All Level 1 & 2 Strategies

Spreads, Butterflies, and Condors

Straddles, Strangles, and Collars

Level 4

Level 1 - 3 Strategies

Naked Calls & Puts

Certain options strategies, including Credit Strategies and Naked Calls/Put, require both Level 3 and/or 4, and Margin Investing enabled.

If Public does not approve you for Options trading:

In some instances, Public may not be able to approve you for options trading during Options onboarding. Reasons may include:

For further questions please contact Member Support via in-app chat or email at support@public.com.

Options carry significant risk and are not suitable for all investors. Options investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date. Certain complex options strategies carry additional risk. There are additional costs associated with option strategies that call for multiple purchases and sales of options. Supporting documentation for any claims will be furnished upon request. Prior to buying or selling an option, investors must read and understand the “Characteristics and Risks of Standardized Options,” which can be found at: public.com/ODD. See full terms of the Options Order Flow Rebate Program at public.com/disclosures/rebate-terms. Rebate rates are subject to change for new and existing enrollees.