为什么对于投资者来说是Long 标的物？
Question
An investor writes a put option on FTSE 100 Index futures. Which of the following best describes the investor’s position with respect to the put contract and her exposure to the underlying index future, respectively?
- Long, short
- Short, long
- Short, short
Solution
B is correct. The investor has written a put contract, which means she is short the option. She, therefore, must satisfy the obligation to purchase the asset if requested to do so by the put owner. The investor has a long exposure to the risk of the underlying index future because she benefits when its quoted price increases—that is, when the put declines in value (or suffers a loss when its quoted price decreases as the put increases in value).
A is incorrect. The investor has a short position in the put contract, not a long position, because she suffers a loss when the quoted price of the contract increases. The investor has a long exposure to the underlying index future, not a short position, because she benefits when its quoted price increases (or suffers a loss when its quoted price decreases).
C is incorrect. The investor has a long exposure to the underlying index future, not a short position, because she benefits when its quoted price increases (or suffers a loss when its quoted price decreases).
