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2008 CFA Level 1 - Sample 样题(3)-Q56

56Which of the following uncovered positions is most likely to have a graph that looks like the graph for a:

      protective put?      covered call?

A.   Long call       Long put

B.    Long call       Short put

C.   Short call       Long put

D.   Short call       Short put

A. Answer A

B. Answer B

C. Answer C

D. Answer D

 

答案和详解如下:

56Correct answer is B

"Risk Management Applications of Option Strategies," Don M. Chance

2008 Modular Level I, Vol. 6, pp. 151-165

Study Session 17-75-a, b

determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and general shape of the graph of the strategies of buying and selling calls and puts and indicate the market outlook of investors using these strategies;

determine the value at expiration, profit, maximum profit, maximum loss, breakeven underlying price at expiration, and general shape of the graph of a covered call strategy and a protective put strategy, and explain the risk management application of each strategy

If put-call parity exists, the graph for a protective put looks like the graph for a long call and the graph for a covered call looks like the graph for a short put.

 

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辛苦

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d

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