问

问题如下：

Based on put-call parity, a trader who combines a long asset, a long put, and a short call will create a synthetic:

选项：

long bond.

fiduciary call.

protective put.

解释：

A is correct.

A long bond can be synthetically created by combining a long asset, a long put, and a short call. A fiduciary call is created by combining a long call with a risk free bond. A protective put is created by combining a long asset with a long put.

中文解析：

本题考察put call parity，即P+S=C+K

根据题意，long stock+long put+short call，即P+S-C

根据P+S=C+K，P+S-C=K，K表示long bond，所以long stock+long put+short call可以合成一个债券多头头寸。