题目
A covered call position is equivalent to:
选项
A.a long position in the stock and a long position in the call option
B.a short put position
C.a short position in the stock and a long position in the call option
D.a short call position
答案
B
解析
A covered call position is a long position in the stock and a short position on the call option. The payoff to this position is equivalent to a short put position, in which both have eliminated the upside potential but still have the downside exposure.备兑看涨期权策略是卖出看涨期权并买入标的资产（股票），其回报相当于卖出看跌期权。两者都消除了上行风险，但仍有下行的风险敞口。