问题
单项选择题
In October, James Knight owned stock in Valerio, Inc. , that was valued at $45 per share. At that time, Knight sold a call option on Valerio with an exercise price of $60 for $1.45. In December, at expiration, the stock is trading at $32. What is Knight’s profit (or loss) from his covered call strategy Knight:
A．
| A. gained $11.55. |
B．
| B. lost $13.00. |
C．
| C. lost $11.55. |
答案
参考答案：C
解析：Since the option is out-of-the-money at expiration ( Max (0, S - X) ), the option is worthless. Also, the stock decreased in value from $45 per share to $32 per share, creating a $13 loss. The $13 loss is partially offset by the $1.45 premium Knight received. Therefore, the total loss from the covered call position is $11.55 ( - $13 + $1.45).