bear put 头寸

问题如下：

Based on the information in Exhibit 2, the total option premium to hedge Raghav’s NAIC holdings is closest to:

选项：

A.$42,800. B.$45,000. C.$47,200.

解释：

Collar Option strategy = Buy an ATM put and sell an OTM call = $2.67 – 0.53 =$2.14

Cost per collar option contract = $2.14 × 100 = $214

Cost to hedge half of NAIC holdings = $214 × (10,000/100) = $21,400

Bear put option = Buy an ATM put and sell an OTM put = $2.67 – 0.31 = $2.36

Cost per bear put option contract = $2.36 × 100 = $236

Cost to hedge half of NAIC holdings = $236 × (10,000/100) = $23,600

Total premium paid = $45,000

The total cost to hedge 20,000 shares of NAIC is $45,000.