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笑笑和啦啦 · 2022年07月26日

covered call. long collar.

Justine Fisher, a client of Erica Taylor, holds a significant position in Dropqik Corporation, which currently trades at $30.50 per share. Fisher remains optimistic about the long-term performance of the stock and does not want to sell the shares. She is, however, concerned about potential future volatility and a short-term loss, and wants to protect the position’s value with minimal cost.

The option strategy Taylor is most likely to recommend to Fisher is a: (2020 MOCK PM 27)

  1. covered call.
  2. long collar.
  3. short straddle. 

这题选了2,但是collar.也会限制upside gain 呀,不明白2比1好的点在哪里。是不是应该要加一个选项short put呢

谢谢老师

1 个答案

Hertz_品职助教 · 2022年07月27日

嗨,从没放弃的小努力你好:


同学你好

Collar相比于covered call策略呢,多了一个long put的头寸,这是和题干中提到的:这个人他担心短期损失,想要给头寸提供保护这一点契合的。对应原文“concerned about potential future volatility and a short-term loss, and wants to protect the position’s value with minimal cost”,而short call是为了满足minimal cost,就是为了降低成本而来的。

Covered call 图形走向类似于short put,没有办法提供下跌保护哈。

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努力的时光都是限量版,加油!

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