解析没明白，可以再解释一下吗

问题如下：

If an underlying asset’s price is less than a related option’s strike price at expiration, a protective put position on that asset versus a fiduciary call position has a value that is:

选项：

A.

lower.

B.

the same.

C.

higher.

解释：

B is correct. On the one hand, buying a call option on an asset and a risk-free bond with the same maturity is known as a fiduciary call. If the fiduciary call expires in the money (meaning that the value of the call, S_T – X, is greater than the risk-free bond’s price at expiration, X), then the total value of the fiduciary call is (S_T – X) + X, or S_T. On the other hand, holding an underlying asset, S_T, and buying a put on that asset is known as a protective put. If the put expires out of the money, meaning that the value of the asset, S_T, is greater than the put’s value at expiration, 0, then the total value of the protective put is S_T – 0, or S_T. A protective put and a fiduciary call produce the same result.