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  Exercise:
  A covered call position is equivalent to:
  A.      a long position in the stock and a long position in the call option
  B.      a short put position
  C.      a short position in the stock and a long position in the call option
  D.      a short call position
  Answer: B
  A covered call position is a long position in the stock and a short position on the call option. The payoff to this position is equivalent to a short put position, in which both have eliminated the upside potential but still have the downside exposure.
  相關(guān)知識(shí)點(diǎn):Covered Call and Protective Put
  Covered call: Long stock plus short call.
  Protective put: Long stock plus long put. Also called portfolio insurance.
        FRM考試在線高清視頻指導(dǎo)