NO.PZ2022123002000028
问题如下：
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:
选项：
A.covered call
long collar
short straddle
解释：
Correct Answer: B
Fisher is already
holding the Dropqik shares. Taylor should recommend Fisher establish a collar
by buying an OTM or ATM put and writing an OTM call to finance part (or all) of
the put cost in order to minimize the cost of the strategy. Both the put and
the call would have the same expiration date. Fisher is fully protected below
the put’s strike price, less the net cost of the put.
A covered call
offers only limited downside protection for Fisher and is limited to the call premium
received. To reduce the probability that the shares will not be called away, an
OTM call is appropriate. However, the higher the strike price selected to
increase upside potential, the smaller the premium received. This is not the
best strategy.
A short straddle
is a bet against volatility, which is not consistent with the narrative presented.
Like the covered call, it offers only limited downside protection, and in fact additional
shares may have to be purchased as a result of the short put. Having the same strike
price as the put, upside gain is limited and there is an increased probability
that Fisher’s shares will be called because of the short call. This also is not
the best strategy.
collar是s+p-c，题目说不想sell the share，可是long a put不就是会sell吗？
