NO.PZ201809170400000108
问题如下:
Which of Frey’s statements about securities lending and covered call writing is correct?
选项:
A.Only Statement 1
B.Only Statement 2
C.Both Statement 1 and Statement 2
解释:
B is correct. Writing covered calls also generates additional income for an equity portfolio, but doing so limits the upside from share price appreciation of the underlying shares. Therefore, Statement 2 is correct.
A is incorrect because dividends on loaned stock are "manufactured" by the stock borrower for the stock lender—that is, the stock borrower ensures that the stock lender is compensated for any dividends that the lender would have received had the stock not been loaned. Therefore, Statement 1 is incorrect. Frey is incorrect in stating that the funds would miss out on dividend income on lent securities.
这个 the fund是指哪一方?