B选项和D选项的表述

NO.PZ2019052001000069问题如下 ring 2004 an2005, a populstrategy in cret markets for hee fun, banks, anbrokerages wto sell protection on the equity tranche anbuy protection on the mezzanine tranche of the investment-gra C inx. Whiof the following statements regarng this tra is least accurate? A.The tra wsigneto fault-risk neutrinitiation with equcret spresensitivities on the two legs.B.This strategy is profitable when the C inx sprebetween equity anmezzanine wis.C.The motivation of the tra wto have a positively convex payoff profile with the two positions benefiting from cret sprevolatility.The tra wlong cret risk on the equity tranche anshort cret risk on the mezzanine tranche. B is correct. 考点cret market in early 2005解析这个交易是long cret risk on the equity tranche，同时short cret risk on the mezzanine tranche。最开始是fault-neutral的，通过凸性在sprea动中赚差价。equity和mezzanine的sprea大策略会亏钱。 老师，A说two legs是什么意思？谢谢。

NO.PZ2019052001000069问题如下ring 2004 an2005, a populstrategy in cret markets for hee fun, banks, anbrokerages wto sell protection on the equity tranche anbuy protection on the mezzanine tranche of the investment-gra C inx. Whiof the following statements regarng this tra is least accurate? A.The tra wsigneto fault-risk neutrinitiation with equcret spresensitivities on the two legs. B.This strategy is profitable when the C inx sprebetween equity anmezzanine wis. C.The motivation of the tra wto have a positively convex payoff profile with the two positions benefiting from cret sprevolatility. The tra wlong cret risk on the equity tranche anshort cret risk on the mezzanine tranche. B is correct. 考点cret market in early 2005解析这个交易是long cret risk on the equity tranche，同时short cret risk on the mezzanine tranche。最开始是fault-neutral的，通过凸性在sprea动中赚差价。equity和mezzanine的sprea大策略会亏钱。 不是说卖equity C 收到保费，买入mezzanine C 支付保费，如果equity和mezzanine的sprea大，这样收到保费和支付保费之间的gap就会变大，赚到的钱不是更多吗？ 我是这样认为的，不知道哪里错了，请老师指正一下。

NO.PZ2019052001000069问题如下ring 2004 an2005, a populstrategy in cret markets for hee fun, banks, anbrokerages wto sell protection on the equity tranche anbuy protection on the mezzanine tranche of the investment-gra C inx. Whiof the following statements regarng this tra is least accurate? A.The tra wsigneto fault-risk neutrinitiation with equcret spresensitivities on the two legs. B.This strategy is profitable when the C inx sprebetween equity anmezzanine wis. C.The motivation of the tra wto have a positively convex payoff profile with the two positions benefiting from cret sprevolatility. The tra wlong cret risk on the equity tranche anshort cret risk on the mezzanine tranche. B is correct. 考点cret market in early 2005解析这个交易是long cret risk on the equity tranche，同时short cret risk on the mezzanine tranche。最开始是fault-neutral的，通过凸性在sprea动中赚差价。equity和mezzanine的sprea大策略会亏钱。 This strategy is profitable when the C inx sprebetween equity anmezzanine wis.如讲义128页的图所示，不是差距越大的时候portfolio的那条线越凸吗？

This strategy is profitable when the C inx sprebetween equity anmezzanine wis. The motivation of the tra wto have a positively convex payoff profile with the two positions benefiting from cret sprevolatility. The tra wlong cret risk on the equity tranche anshort cret risk on the mezzanine tranche. B is correct. 考点cret market in early 2005 解析这个交易是long cret risk on the equity tranche，同时short cret risk on the mezzanine tranche。最开始是fault-neutral的，通过凸性在sprea动中赚差价。equity和mezzanine的sprea大策略会亏钱。 想问下此题对应讲义第几页？