NO.PZ2021061002000059
问题如下：
Morgan's
family office currently owns 50,000 QWR shares. Morgan wants to reduce QWR's
stock position, but is delaying a cash sale for three months for tax reasons.
Which of the
following derivative contracts could the Morgan's chief investment officer use that would be
best suited to reduce exposure to a decline in QWR's share price over the next three
months?
选项：
A.
A short futures position in QWR stock that
settles in three months
B.
A long futures position on QWR stock that settles
in three months
C.
A long call position on QWR stock that expires in
three months
解释：
中文解析
本题问的是下列哪种衍生品可以用来降低Morgan的股票敞口，从而来降低风险敞口。
A选项的short futures可以实现在合约到期的时候，按照合约约定的价格将标的资产交割出去，从而可以降低股票的风险敞口，是正确的。
对应的B选项：long futures会增加股票头寸，从而增加了风险敞口，不能选。
C选项，long call的一方在股价上涨高于执行价的时候，会行权按照执行价格买入股票，会增加股票头寸，不能选。
这道题是否可以这样理解: 因为就需要减少所持股票数量，所以肯定不能用long 头寸，同时又担心price下降，所以用了futures。
如果题目改成这个人是为了对冲将来price下跌带来的损失，而不考虑需要减少持仓，那可以考虑用long put对冲
我的理解是否正确？
