题目
The payoff pattern of a PROTECTIVE PUT is most similar to the payoff pattern of:
选项
A.Long forward position
B.Short forward position
C.Long call option
D.Short call option
答案
C
解析
A protective put (long the stock plus long a put option on the stock) essentially simulates a long call. In regard to (A), this is incorrect because the protective put has a very limited downside.保护性看跌期权类似于看涨期权的多头（从图形上看），这是一种保险策略。在价格下降时损失有限，在价格上升时获利无限。