问题如下：
Aline Nuñes, a junior analyst, works in the derivatives research division of an international securities firm. Nuñes’s supervisor, Cátia Pereira, asks her to conduct an analysis of various option trading strategies relating to shares of three companies: IZD, QWY, and XDF. On 1 February, Nuñes gathers selected option premium data on the companies, presented in Exhibit 1.
Nuñes considers the following option strategies relating to IZD:
Strategy 1: Constructing a synthetic long put position in IZD
Strategy 2: Buying 100 shares of IZD and writing the April €95.00 strike call option on IZD
Strategy 3: Implementing a covered call position in IZD using the April €97.50 strike option
Based on Exhibit 1, Nuñes should expect Strategy 2 to be least profitable if the share price of IZD at option expiration is:
选项：
A.less than €91.26.
B.between €91.26 and €95.00.
C.more than €95.00.
解释：
A is correct.
Strategy 2 is a covered call, which is a combination of a long position in shares and a short call option. The breakeven point of Strategy 2 is €91.26, which represents the price per share of €93.93 minus the call premium received of €2.67 per share (S0 – C0). So, at any share price less than €91.26 at option expiration, Strategy 2 incurs a loss. If the share price of IZD at option expiration is greater than €91.26, Strategy 2 generates a gain.
老师您好，想咨询一下这里的“least profitable”可不可以就是等价理解成loss？而不是说，在loss形成之前可以获得的最小收益，因为从答案来看，91,26刚好是breakeven point price，less 91.26其实已经构成loss了~和我自己理解的least profitable不大一样呢~
