NO.PZ2023040401000093
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, ST – X, is greater
than the risk-free bond’s price at expiration, X), then the total value of the
fiduciary call is (ST – X) + X, or ST. On the other hand,
holding an underlying asset, ST, 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, ST, is greater than the put’s value at
expiration, 0, then the total value of the protective put is ST – 0,
or ST. A protective put and a fiduciary call produce the same
result.
题目意思不是S小于K？
