receiver volatility swap

NO.PZ2022062601000026问题如下 Company H hshifteto a hee funstrategy thfocuses specifically on volatility trang. A this fun(Funto the investor's investment portfolio in effort to hee long equity positions. FunA typically implement the following three types of transactions in their strategies:Tra 1: Sell exchange-traanover-the-counter equity call options on a market inx.Tra 2: Sell VIX futures to capture the volatility premium anroll-wn payoff.Tra 3: Purchase a receiver volatility swwith at-inception fair value of zero. Whitransactions are most likely to achieve the goals set Company H a reason for consiring this strategy? A.Tra 1 B.Tra 2C.Tra 3 C is correct. There is a negative correlation between equities anvolatility. A long volatility positions are necessary to hee equity exposure in investment portfolios. Tra 1 is a short volatility position anwill not hee against equity positions it requires a long volatility position. Tra 2 is also a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will carrieout simultaneously with the equity sell-off, proving heing. Tra 3 is a repurchase of volatility through swaps, proving a pure long exposure anheing the existing equity exposure in the portfolio.A is incorrect. A short volatility position will not hee the equity position sina long volatility position is neeB is not correct. Trang 2 is a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will solsimultaneously with the stosell-off, therefore no heing is provi知识点考察volatility trang从题干看出其目的是要对冲做多股票的风险敞口，而股票和波动率成反向关系，所以应该做多波动率来达到题干的目的。而tra1 2 3中只有tra 3是做多波动率的。所以tra 3。 是股票涨的时候波动率小的意思吗，可以一下为什么吗

NO.PZ2022062601000026 问题如下 Company H hshifteto a hee funstrategy thfocuses specifically on volatility trang. A this fun(Funto the investor's investment portfolio in effort to hee long equity positions. FunA typically implement the following three types of transactions in their strategies:Tra 1: Sell exchange-traanover-the-counter equity call options on a market inx.Tra 2: Sell VIX futures to capture the volatility premium anroll-wn payoff.Tra 3: Purchase a receiver volatility swwith at-inception fair value of zero. Whitransactions are most likely to achieve the goals set Company H a reason for consiring this strategy? A.Tra 1 B.Tra 2 C.Tra 3 C is correct. There is a negative correlation between equities anvolatility. A long volatility positions are necessary to hee equity exposure in investment portfolios. Tra 1 is a short volatility position anwill not hee against equity positions it requires a long volatility position. Tra 2 is also a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will carrieout simultaneously with the equity sell-off, proving heing. Tra 3 is a repurchase of volatility through swaps, proving a pure long exposure anheing the existing equity exposure in the portfolio.A is incorrect. A short volatility position will not hee the equity position sina long volatility position is neeB is not correct. Trang 2 is a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will solsimultaneously with the stosell-off, therefore no heing is provi知识点考察volatility trang从题干看出其目的是要对冲做多股票的风险敞口，而股票和波动率成反向关系，所以应该做多波动率来达到题干的目的。而tra1 2 3中只有tra 3是做多波动率的。所以tra 3。 老师您好，能理解hee long equity应该用long volatility, 此处如果答案写了long put是不是更准确？A写的short call，在衍生品角度可以hee，为什么这里结论不能用？

NO.PZ2022062601000026 问题如下 Company H hshifteto a hee funstrategy thfocuses specifically on volatility trang. A this fun(Funto the investor's investment portfolio in effort to hee long equity positions. FunA typically implement the following three types of transactions in their strategies:Tra 1: Sell exchange-traanover-the-counter equity call options on a market inx.Tra 2: Sell VIX futures to capture the volatility premium anroll-wn payoff.Tra 3: Purchase a receiver volatility swwith at-inception fair value of zero. Whitransactions are most likely to achieve the goals set Company H a reason for consiring this strategy? A.Tra 1 B.Tra 2 C.Tra 3 C is correct. There is a negative correlation between equities anvolatility. A long volatility positions are necessary to hee equity exposure in investment portfolios. Tra 1 is a short volatility position anwill not hee against equity positions it requires a long volatility position. Tra 2 is also a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will carrieout simultaneously with the equity sell-off, proving heing. Tra 3 is a repurchase of volatility through swaps, proving a pure long exposure anheing the existing equity exposure in the portfolio.A is incorrect. A short volatility position will not hee the equity position sina long volatility position is neeB is not correct. Trang 2 is a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will solsimultaneously with the stosell-off, therefore no heing is provi知识点考察volatility trang从题干看出其目的是要对冲做多股票的风险敞口，而股票和波动率成反向关系，所以应该做多波动率来达到题干的目的。而tra1 2 3中只有tra 3是做多波动率的。所以tra 3。 老师，请问如果使用option来 hee long equity positions该怎么做，谢谢.

NO.PZ2022062601000026 问题如下 Company H hshifteto a hee funstrategy thfocuses specifically on volatility trang. A this fun(Funto the investor's investment portfolio in effort to hee long equity positions. FunA typically implement the following three types of transactions in their strategies:Tra 1: Sell exchange-traanover-the-counter equity call options on a market inx.Tra 2: Sell VIX futures to capture the volatility premium anroll-wn payoff.Tra 3: Purchase a receiver volatility swwith at-inception fair value of zero. Whitransactions are most likely to achieve the goals set Company H a reason for consiring this strategy? A.Tra 1 B.Tra 2 C.Tra 3 C is correct. There is a negative correlation between equities anvolatility. A long volatility positions are necessary to hee equity exposure in investment portfolios. Tra 1 is a short volatility position anwill not hee against equity positions it requires a long volatility position. Tra 2 is also a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will carrieout simultaneously with the equity sell-off, proving heing. Tra 3 is a repurchase of volatility through swaps, proving a pure long exposure anheing the existing equity exposure in the portfolio.A is incorrect. A short volatility position will not hee the equity position sina long volatility position is neeB is not correct. Trang 2 is a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will solsimultaneously with the stosell-off, therefore no heing is provi知识点考察volatility trang从题干看出其目的是要对冲做多股票的风险敞口，而股票和波动率成反向关系，所以应该做多波动率来达到题干的目的。而tra1 2 3中只有tra 3是做多波动率的。所以tra 3。 这道题目的正确答案是但是老师讲的时候明明讲过，payer or receiver 是针对fixe说的。 Long一个receiver volatility swap，在下面的讲义可以看到，receiver （B）是收到fixe5% 不是收到volatility。 所以是不是答案写错了，谢谢！

NO.PZ2022062601000026 问题如下 Company H hshifteto a hee funstrategy thfocuses specifically on volatility trang. A this fun(Funto the investor's investment portfolio in effort to hee long equity positions. FunA typically implement the following three types of transactions in their strategies:Tra 1: Sell exchange-traanover-the-counter equity call options on a market inx.Tra 2: Sell VIX futures to capture the volatility premium anroll-wn payoff.Tra 3: Purchase a receiver volatility swwith at-inception fair value of zero. Whitransactions are most likely to achieve the goals set Company H a reason for consiring this strategy? A.Tra 1 B.Tra 2 C.Tra 3 C is correct. There is a negative correlation between equities anvolatility. A long volatility positions are necessary to hee equity exposure in investment portfolios. Tra 1 is a short volatility position anwill not hee against equity positions it requires a long volatility position. Tra 2 is also a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will carrieout simultaneously with the equity sell-off, proving heing. Tra 3 is a repurchase of volatility through swaps, proving a pure long exposure anheing the existing equity exposure in the portfolio.A is incorrect. A short volatility position will not hee the equity position sina long volatility position is neeB is not correct. Trang 2 is a short position in volatility; Its purpose is to charge a premium for selling volatility. This type of transaction will solsimultaneously with the stosell-off, therefore no heing is provi知识点考察volatility trang从题干看出其目的是要对冲做多股票的风险敞口，而股票和波动率成反向关系，所以应该做多波动率来达到题干的目的。而tra1 2 3中只有tra 3是做多波动率的。所以tra 3。 如图示tra 2vix futures是short头寸，需要long头寸，所以不选tra 3receiver swap中，realize动率也是short头寸，为什么就要选呢？谢谢