ResearchBenchmarksOption Hedging on SPY ATM (τ = 56d) 2025Q2Option Hedging on SPY ATM (τ = 56d) 2025Q2Follow22.015ES 5%BS20.9142521.46462522.01522.565375Feb 1, 2026Evaluation resultsMethodMethodLinksES 5%ES 10%Shortfall ProbabilityBSτ=56, ndays=62τ=56, ndays=622026.0222.015——JDτ=56, ndays=62τ=56, ndays=622026.02—14.80623