问题如下：
2.Which of the following options strategies is Ferrell most likely to recommend for the client’s portfolio?
选项：
A.Long calls
B.Short calls
C.Short puts
解释：
B is correct.
An index-tracking portfolio without options has a delta of 1. To achieve a delta of 0.9, the delta of the options position must be negative. Of the three choices, only short calls have a negative delta. Long call options have deltas ranging from 0 to 1. Short calls, therefore, have deltas ranging from 0 to -1. The short call position lowers the portfolio’s overall delta as desired.
考点： Sensitivity Risk Measures
解析：
option 用delta衡量风险，正如股票通常用 β ，债券通常用duration & convexity衡量。
delta的定义是期权价格变化 / 标的物资产的价格变化，对于call option，标的物资产价格增加，期权价格越高，所以long call option的delta为正。short call option的delta为负。同理，long put option的delta为负,short put option的delta为正。具体内容在二级衍生这门学科还会学到。
老师这个是covered call的操作吧？因为年龄大，所以担心下跌，应该控制风险，在持有了股票的同时，再short call，可以降低股票下跌带来的冲击。这里考的有点过于衍生品了吧？既与实际相挂钩，还要知道delta的变化和option的关系。。。真题不会跨着学科这么变态吧
