NO.PZ2016082402000032
问题如下:
A portfolio manager wants to hedge his bond portfolio against changes in interest rates. He intends to buy a put option with a strike price below the portfolio’s current price in order to protect against rising interest rates. He also wants to sell a call option with a strike price above the portfolio’s current price in order to reduce the cost of buying the put option. What strategy is the manager using?
选项: Bear
spread
Strangle
C.Collar
D.Straddle
解释:
ANSWER: C
The manager is long a portfolio, which is protected by buying a put with a low strike price and selling a call with a higher strike price. This locks in a range of profits and losses and is a collar. If the strike prices were the same, the hedge would be perfect.
collar的图形是不是和bull spread一样?
区别是spread要都用call 或者 都用put,collar 要用一个call一个put?