NO.PZ201712110100000301
问题如下：
The option strategy Singh is most likely to recommend to Hopewell is a:
选项：
A.collar.
B.covered call.
protective put.
解释：
C is correct.
A protective put accomplishes Hopewell’s goal of short- term price protection. A protective put provides downside protection while retaining the upside potential. Although Hopewell is concerned about the downside in the short term, he wants to remain invested in Walnut shares because he is positive on the stock in the long term.
中文解析：
虽然Hopewell担心短期内的下跌，但他希望继续投资于核桃的股票，因为他对该股票的长期前景持乐观态度。而Protective put不仅提供了下行保护，同时保留了上行潜力。
老师好，突然有点钻牛角尖。想问下protective put=stock+long put
股票下跌时，到了执行价，如果行权岂不是要把手中的stock给对手方，那不就没有持有了？如果不行权，白浪费了期权费？是否long calendar spread更好？
