这个考的是什么知识点？

NO.PZ201909280100000906 问题如下 The specialist hee funstrategy thMukilteo plansto recommenis most likely: A.cross-asset volatility trang between the US anapanese markets B.selling equity volatility ancollecting thevolatility risk premium C.buying longer-teout-of-the-money options on VIXinx futures C is correct.Mukilteo nee to recommena specialist hee funstrategy thchelp PWPFmaintain a high Sharpe ratio even in a crisis when equity markets fall. Buyinglonger-teout-of-the-money options on VIX inx futures is a long equityvolatility position thworks a protective hee, particularly in equitymarket crisis when volatility spikes anequity prices fall. A long volatilitystrategy is a useful potentiversifier for long equity investments (albeitthe cost of the option premium paithe volatility buyer). Because equityvolatility is approximately 80% negatively correlatewith equity marketreturns, a long position in equity volatility csubstantially retheportfolio’s stanrviation, whiwoulserve to increase its Sharpe ratio.Longer-teoptions will have more absolute exposure to volatility levels (i.e.,vega exposure) thshorter-teoptions, anout-of-the-money options willtypically tra higher implievolatility levels that-the-money options.A is incorrectbecause cross-asset volatility trang, a type of relative value volatility trang,moften involve iosyncratimacro-orienterisks thmhave aerseeffects ring equity market crisis.B is incorrectbecause the volatility seller is the provir of insuranring crises, notthe beneficiary of it. Selling volatility provis a volatility risk premium orcompensation for taking on the risk of proving insuranagainst crises forholrs of equities another securities. On the short si, option premiumsellers generally extrasteaer returns in normmarket environments. 即使在股市下跌的危机中，也可以帮助投资组合保持高夏普比率。购买 VIX 指数期货的长期out of the money期权是一个选择，它是一种多头股票波动率头寸，可作保护性对冲，尤其是在波动率飙升和股价下跌的股市危机中。多头波动率策略是多头股票投资的有用的潜在分散器。由于股票波动率与股票市场回报有大约 80% 的负相关，股票波动率的多头头寸可以大幅降低投资组合的标准差，这将有助于提高其夏普比率。与短期期权相比，长期期权对波动率水平的绝对敞口（即 vega 敞口）更多，而且out of the money期权通常会以比in the money期权更高的隐含波动率水平进行交易。A 不正确，因为 cross-asset volatility trang是一种相对价值波动率交易，通常可能涉及特殊的、面向宏观的风险，这些风险可能在股市危机期间产生不利影响。B 是不正确的，因为波动率卖方是危机期间的保险提供者，而不是危机的受益者。 卖出波动率提供波动率风险溢价或补偿，以承担为股票和其他证券持有人提供危机保险的风险。 在空头方面，期权溢价卖家通常在正常的市场环境中获得更稳定的回报。 虽然答案选对了，但是对a还是不太理解。谢谢！

NO.PZ201909280100000906 问题如下 The specialist hee funstrategy thMukilteo plansto recommenis most likely: A.cross-asset volatility trang between the US anapanese markets B.selling equity volatility ancollecting thevolatility risk premium C.buying longer-teout-of-the-money options on VIXinx futures C is correct.Mukilteo nee to recommena specialist hee funstrategy thchelp PWPFmaintain a high Sharpe ratio even in a crisis when equity markets fall. Buyinglonger-teout-of-the-money options on VIX inx futures is a long equityvolatility position thworks a protective hee, particularly in equitymarket crisis when volatility spikes anequity prices fall. A long volatilitystrategy is a useful potentiversifier for long equity investments (albeitthe cost of the option premium paithe volatility buyer). Because equityvolatility is approximately 80% negatively correlatewith equity marketreturns, a long position in equity volatility csubstantially retheportfolio’s stanrviation, whiwoulserve to increase its Sharpe ratio.Longer-teoptions will have more absolute exposure to volatility levels (i.e.,vega exposure) thshorter-teoptions, anout-of-the-money options willtypically tra higher implievolatility levels that-the-money options.A is incorrectbecause cross-asset volatility trang, a type of relative value volatility trang,moften involve iosyncratimacro-orienterisks thmhave aerseeffects ring equity market crisis.B is incorrectbecause the volatility seller is the provir of insuranring crises, notthe beneficiary of it. Selling volatility provis a volatility risk premium orcompensation for taking on the risk of proving insuranagainst crises forholrs of equities another securities. On the short si, option premiumsellers generally extrasteaer returns in normmarket environments. 即使在股市下跌的危机中，也可以帮助投资组合保持高夏普比率。购买 VIX 指数期货的长期out of the money期权是一个选择，它是一种多头股票波动率头寸，可作保护性对冲，尤其是在波动率飙升和股价下跌的股市危机中。多头波动率策略是多头股票投资的有用的潜在分散器。由于股票波动率与股票市场回报有大约 80% 的负相关，股票波动率的多头头寸可以大幅降低投资组合的标准差，这将有助于提高其夏普比率。与短期期权相比，长期期权对波动率水平的绝对敞口（即 vega 敞口）更多，而且out of the money期权通常会以比in the money期权更高的隐含波动率水平进行交易。A 不正确，因为 cross-asset volatility trang是一种相对价值波动率交易，通常可能涉及特殊的、面向宏观的风险，这些风险可能在股市危机期间产生不利影响。B 是不正确的，因为波动率卖方是危机期间的保险提供者，而不是危机的受益者。 卖出波动率提供波动率风险溢价或补偿，以承担为股票和其他证券持有人提供危机保险的风险。 在空头方面，期权溢价卖家通常在正常的市场环境中获得更稳定的回报。 原文写recommena specialist hee funstrategy thwoulallow PWPF to maintain a high Sharpe ratio even ring a financicrisis when equity markets fall.这里说明left skewness(左侧有收入高峰？）但策略对比的讲义上写volatility trang 呈现右偏。怎么理解呢？

NO.PZ201909280100000906 问题如下 The specialist hee funstrategy thMukilteo plansto recommenis most likely: A.cross-asset volatility trang between the US anapanese markets B.selling equity volatility ancollecting thevolatility risk premium C.buying longer-teout-of-the-money options on VIXinx futures C is correct.Mukilteo nee to recommena specialist hee funstrategy thchelp PWPFmaintain a high Sharpe ratio even in a crisis when equity markets fall. Buyinglonger-teout-of-the-money options on VIX inx futures is a long equityvolatility position thworks a protective hee, particularly in equitymarket crisis when volatility spikes anequity prices fall. A long volatilitystrategy is a useful potentiversifier for long equity investments (albeitthe cost of the option premium paithe volatility buyer). Because equityvolatility is approximately 80% negatively correlatewith equity marketreturns, a long position in equity volatility csubstantially retheportfolio’s stanrviation, whiwoulserve to increase its Sharpe ratio.Longer-teoptions will have more absolute exposure to volatility levels (i.e.,vega exposure) thshorter-teoptions, anout-of-the-money options willtypically tra higher implievolatility levels that-the-money options.A is incorrectbecause cross-asset volatility trang, a type of relative value volatility trang,moften involve iosyncratimacro-orienterisks thmhave aerseeffects ring equity market crisis.B is incorrectbecause the volatility seller is the provir of insuranring crises, notthe beneficiary of it. Selling volatility provis a volatility risk premium orcompensation for taking on the risk of proving insuranagainst crises forholrs of equities another securities. On the short si, option premiumsellers generally extrasteaer returns in normmarket environments. 即使在股市下跌的危机中，也可以帮助投资组合保持高夏普比率。购买 VIX 指数期货的长期out of the money期权是一个选择，它是一种多头股票波动率头寸，可作为保护性对冲，尤其是在波动率飙升和股价下跌的股市危机中。多头波动率策略是多头股票投资的有用的潜在分散器。由于股票波动率与股票市场回报有大约 80% 的负相关，股票波动率的多头头寸可以大幅降低投资组合的标准差，这将有助于提高其夏普比率。与短期期权相比，长期期权对波动率水平的绝对敞口（即 vega 敞口）更多，而且out of the money期权通常会以比in the money期权更高的隐含波动率水平进行交易。A 不正确，因为 cross-asset volatility trang是一种相对价值波动率交易，通常可能涉及特殊的、面向宏观的风险，这些风险可能在股市危机期间产生不利影响。B 是不正确的，因为波动率卖方是危机期间的保险提供者，而不是危机的受益者。 卖出波动率提供波动率风险溢价或补偿，以承担为股票和其他证券持有人提供危机保险的风险。 在空头方面，期权溢价卖家通常在正常的市场环境中获得更稳定的回报。 out of the money期权通常会以比in the money期权更高的隐含波动率水平进行交易——为什么呢？