NO.PZ2023010903000006
问题如下：
Smith discusses means of enhancing income for the three funds with the junior analyst, Kolton Frey, including engaging in securities lending or writing covered calls. Frey tells Smith the following:
Statement 1 Securities lending would increase income through reinvestment of the cash collateral but would require the fund to miss out on dividend income from the lent securities.
Statement 2 Writing covered calls would generate income, but doing so would limit the upside share price appreciation for the underlying shares.
Which of Frey’s statements about securities lending and covered call writing is correct?
选项：
A. Only Statement 1
Only Statement 2
Both Statement 1 and Statement 2
解释：
Writing covered calls also generates additional income for an equity portfolio, but doing so limits the upside from share price appreciation of the underlying shares. Therefore, Statement 2 is correct.
A is incorrect because dividends on loaned stock are “manufactured” by the stock borrower for the stock lender—that is, the stock borrower ensures that the stock lender is compensated for any dividends that the lender would have received had the stock not been loaned. Therefore, Statement 1 is incorrect. Frey is incorrect in stating that the funds would miss out on dividend income on lent securities.
Securities lending would increase income through reinvestment of the cash collateral but would require the fund to miss out on dividend income from the lent securities.
这个知识点我是知道的，但是这题的英文表达，我觉得很奇怪。dividend是给lender的，所以borrower会miss out dividend income from the lender, 这不是对的吗
