A financial option gives the owner the right to buy (in the case of a call option) or to sell ( in the case of a put option) an asset as a specified period. (A European option can be exercised only at a specific date.) Exchange-traded options are available on a large variety of individual securities, as well as on stock indexes, dollar-denominated foreign currencies and futures contracts. Despite the wide availability of exchange-traded options, the demand for option-like payoffs vastly exceeds the supply. A large market in privately negotiated options and in option-replication strategies has emerged. This generates option-like results for assets or portfolios on which exchange-traded options are not available or for terms different from the typical terms of exchange-traded options. This column demonstrates how we can generate an option-like payoff by shifting a fund between two assets.