lapse put

问题如下：

Lin Feng, 55, an executive at newly public NovaGene, built up over $100 million in company shares through various means. Half are restricted, and peer pressure limits his annual sales to $1 million. He aims to retire in five years and liquidate.

Seeking advice from Chen Hao, Feng wants to monetize and diversify without direct share sales. His cost basis is under $10 million. NovaGene shares, though newly traded, are liquid yet highly volatile, with exchange-traded and OTC derivatives as options.

For any financial move, Feng has key goals: locking in substantial gains, dodging heavy taxes, achieving wider diversification, and preventing big pre-liquidation cash outflows.

Regarding a protective put for his goals (lock gains, avoid tax, diversify, limit cash outflows), which is most accurate?

选项：

A.It sets a share price floor for gains, but a worthless put can trigger tax, against his tax goal. B.Buying a put diversifies his portfolio right away. C.A protective put needs no upfront cash, meeting his cash outflow goal.

解释：

Option A: A protective put caps downside, yet a lapsed put may cause a taxable event, conflicting with Feng's tax aim.

Option B: One put doesn't diversify a portfolio.

Option C: A protective put demands upfront premium, so it doesn't meet the cash goal.