老师，不是只有long position 才会在这种情况下

NO.PZ2018062007000058 问题如下 Whiof the following statements best scribes the payoff from a forwarcontract? A.The buyer hmore to gain going long ththe seller hto lose going short. B.The buyer profits if the priof the unrlying expiration excee the forwarprice. C.The gains from owning the unrlying versus owning the forwarcontraare equivalent. B is correct. The buyer is obligateto pthe forwarpriF0(T) expiration anreceives asset worth ST, the priof the unrlying. The contraeffectively pays off ST – F0(T), the value of the contraexpiration. The buyer therefore profits if ST F0(T). A is incorrebecause the long anthe short are engagein a zero- sum game. This is a type of competition in whione participant’s gains are the other’s losses, with their payoffs effectively being mirror images. C is incorrebecause although the gain from owning the unrlying anthe gain from owning the forwarare both iven ST, the priof the unrlying expiration, they are not the same value. The gain from owning the unrlying woulST – S0, the change in its price, wherethe gain from owning the forwarwoulST – F0(T), the value of the forwarexpiration. 中文解析A错误，A的意思是说Forwar约的long方获得的收益会多于short方遭受的亏损，这是不对的，因为远期市场是一个零和的，即long方的收益一定和short方的亏损相等。C错误，C的意思是持有资产，和持有以这种资产为基础资产的远期合约获得的收益是一样的，这是不对的。因为持有资产，收益为ST - S0，而持有相应的远期合约，收益为ST- F0（T）B对，当标的资产在到期时的价格超过了远期价格，买方就会获利。 rt

NO.PZ2018062007000058问题如下 Whiof the following statements best scribes the payoff from a forwarcontract? A.The buyer hmore to gain going long ththe seller hto lose going short.B.The buyer profits if the priof the unrlying expiration excee the forwarprice.C.The gains from owning the unrlying versus owning the forwarcontraare equivalent. B is correct. The buyer is obligateto pthe forwarpriF0(T) expiration anreceives asset worth ST, the priof the unrlying. The contraeffectively pays off ST – F0(T), the value of the contraexpiration. The buyer therefore profits if ST F0(T). A is incorrebecause the long anthe short are engagein a zero- sum game. This is a type of competition in whione participant’s gains are the other’s losses, with their payoffs effectively being mirror images. C is incorrebecause although the gain from owning the unrlying anthe gain from owning the forwarare both iven ST, the priof the unrlying expiration, they are not the same value. The gain from owning the unrlying woulST – S0, the change in its price, wherethe gain from owning the forwarwoulST – F0(T), the value of the forwarexpiration. 中文解析A错误，A的意思是说Forwar约的long方获得的收益会多于short方遭受的亏损，这是不对的，因为远期市场是一个零和的，即long方的收益一定和short方的亏损相等。C错误，C的意思是持有资产，和持有以这种资产为基础资产的远期合约获得的收益是一样的，这是不对的。因为持有资产，收益为ST - S0，而持有相应的远期合约，收益为ST- F0（T）B对，当标的资产在到期时的价格超过了远期价格，买方就会获利。 如题题干中不是说payoff么？B不是在说profits？

NO.PZ2018062007000058问题如下 Whiof the following statements best scribes the payoff from a forwarcontract? A.The buyer hmore to gain going long ththe seller hto lose going short.B.The buyer profits if the priof the unrlying expiration excee the forwarprice.C.The gains from owning the unrlying versus owning the forwarcontraare equivalent. B is correct. The buyer is obligateto pthe forwarpriF0(T) expiration anreceives asset worth ST, the priof the unrlying. The contraeffectively pays off ST – F0(T), the value of the contraexpiration. The buyer therefore profits if ST F0(T). A is incorrebecause the long anthe short are engagein a zero- sum game. This is a type of competition in whione participant’s gains are the other’s losses, with their payoffs effectively being mirror images. C is incorrebecause although the gain from owning the unrlying anthe gain from owning the forwarare both iven ST, the priof the unrlying expiration, they are not the same value. The gain from owning the unrlying woulST – S0, the change in its price, wherethe gain from owning the forwarwoulST – F0(T), the value of the forwarexpiration. 中文解析A错误，A的意思是说Forwar约的long方获得的收益会多于short方遭受的亏损，这是不对的，因为远期市场是一个零和的，即long方的收益一定和short方的亏损相等。C错误，C的意思是持有资产，和持有以这种资产为基础资产的远期合约获得的收益是一样的，这是不对的。因为持有资产，收益为ST - S0，而持有相应的远期合约，收益为ST- F0（T）B对，当标的资产在到期时的价格超过了远期价格，买方就会获利。 只有futures的st和ft会在到期日相等对吗？其他几个衍生品在到期日的st和ft都不相等么？

NO.PZ2018062007000058 The buyer profits if the priof the unrlying expiration excee the forwarprice. The gains from owning the unrlying versus owning the forwarcontraare equivalent. B is correct. The buyer is obligateto pthe forwarpriF0(T) expiration anreceives asset worth ST, the priof the unrlying. The contraeffectively pays off ST – F0(T), the value of the contraexpiration. The buyer therefore profits if ST > F0(T). A is incorrebecause the long anthe short are engagein a zero- sum game. This is a type of competition in whione participant’s gains are the other’s losses, with their payoffs effectively being mirror images. C is incorrebecause although the gain from owning the unrlying anthe gain from owning the forwarare both iven ST, the priof the unrlying expiration, they are not the same value. The gain from owning the unrlying woulST – S0, the change in its price, wherethe gain from owning the forwarwoulST – F0(T), the value of the forwarexpiration. 中文解析 A错误，A的意思是说Forwar约的long方获得的收益会多于short方遭受的亏损，这是不对的，因为远期市场是一个零和的，即long方的收益一定和short方的亏损相等。 C错误，C的意思是持有资产，和持有以这种资产为基础资产的远期合约获得的收益是一样的，这是不对的。因为持有资产，收益为ST - S0，而持有相应的远期合约，收益为ST- F0（T） B对，当标的资产在到期时的价格超过了远期价格，买方就会获利。 老师，不是只有long position 才会在这种情况下获益么

NO.PZ2018062007000058 老师 这个C我不太明白 能详细一下吗 谢谢！