Don’t short PG-—at least not now, today, you’ll be liable to pay out a .71/sh dividend in a few days, the 17th or the 18th.
*And* the puts will have embedded the expectation that the common will drop that 70 cents as soon as the stock goes ex.
Wait a few days.
[long PG specifically to collect the divvy and hedged]
Thanks hadn’t checked that yet.