During his trip, Mr. Swaney sends you an email. After reviewing the recently opened positions to create a Bear Spread portfolio, he wants to know if the portfolio could instead be created using call options. He feels call options are safer than put options in general. In your reply, you explain to him that the Bear Spread can indeed be created with call options, O and that indeed, a (Call) Bear Spread would be less risky for him than the previously discussed (Put) Bear Spread O but he must be aware that the (Call) Bear Spread is riskier than the (Put) Bear Spread because he could suffer losses if the short position is exercised early O and that both a (Call) Bear Spread or a (Put) Bear Spread entail the same level of risk for him