简答题A trader buys a call and sells a put with the same strike price and maturity date. What is the position equivalent to? A、A long forward B、A short forward C、Buying the asset D、None of the above简答题Which of the following describes a protective put? A、A long put option on a stock plus a long position in the stock B、A long put option on a stock plus a short position in the stock C、A short put option on a stock plus a short call option on the stock D、A short put option on a stock plus a long position in the stock简答题A portfolio of derivatives on a stock has a delta of 2400 and a gamma of -10. An option on the stock with a delta of 0.5 and a gamma of 0.04 can be traded. What position in the option is necessary to make the portfolio gamma neutral? A、Long position in 250 options B、Short position in 250 options C、Long position in 20 options D、Short position in 20 options简答题How can a straddle be created? A、Buy one call and one put with the same strike price and same expiration date B、Buy one call and one put with different strike prices and same expiration date C、Buy one call and two puts with the same strike price and expiration date D、Buy two calls and one put with the same strike price and expiration date简答题Maintaining a delta-neutral portfolio is an example of which of the following A、Stop-loss strategy B、Dynamic hedging C、Hedge and forget strategy D、Static hedging简答题Which of the following describes a covered call? A、A long call option on a stock plus a long position in the stock B、A long call option on a stock plus a short put option on the stock C、A short call option on a stock plus a short position in the stock D、A short call option on a stock plus a long position in the stock简答题Six-month call options with strike prices of ¥35 and ¥40 cost ¥6 and ¥4, respectively. What is the maximum gain when a bull spread is created by trading a total of 200 options? A、¥100 B、¥200 C、¥300 D、¥400简答题Which of the following could NOT be a delta-neutral portfolio? A、A long position in call options plus a short position in the underlying stock B、A short position in call options plus a short position in the underlying stock C、A long position in put options and a long position in the underlying stock D、A long position in a put option and a long position in a call option简答题What does theta measure? A、The rate of change of delta with the asset price B、The rate of change of the portfolio value with the passage of time C、The sensitivity of a portfolio value to interest rate changes D、None of the above简答题The delta of a call option on a non-dividend-paying stock is 0.4. What is the delta of the corresponding put option? A、-0.4 B、0.4 C、-0.6 D、0.6