CFA derivative 作业第20题
20. Janet Powers writes a covered call on a stock she owns, Billings, Inc. The current price of the stock is $45, and Powers writes the call at a strike price of $50. The call option premium is $3.5. Which of the following statements regarding Powers’ covered call strategy is most accurate?
a) Powers is trading the stock’s upside potential in exchange for current income
b) the price of the stock must rise to at least 48.50$ before Powers will lose money
c) Powers is eliminating downside risk at the same time she is increasing her current income with the covered call strategy
panda 老师回答于2年之前
Powers is betting that the stock’s price will not rise above $50. If she’s right, she will pocket the $3.50 and lose nothing. If the pocket rises above the strike price, she is losing all of upside potential. Once the stock price rises above $53.50, the benefit of the strategy is offset by the gain she has foregone on the stock. 如果股价涨超过了strike price，那么covered call就会被行权，他就可能亏损，但是如果没有，他就收获premium期权费，这就是current income.
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