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Concept Checkers P63

1. 97-17= 97+17/32, ÔÙ X  par value
2. Äêinflation rateÊÇ3%£¬ÄÇ°ëÄêºóµ÷Õûpar value¾ÍÊÇ+1.5%
3. TIPSµÄ·ÖºìÊÇinflationµ÷ÕûºóÔÙ ¡Á coupon rate
4. t-note principal strip¸út-billÓÐͬÑùÏÖ½ðÁ÷£¬ËùÒÔ¼Û¸ñÓ¦¸ÃÏàµÈ¡£²»¹ýÓÉÓÚÊг¡µÄÁ÷¶¯ÐÔÇø±ð£¬¿ÉÄÜ»áÓе㲻²î±ð
5. t-billÊÇzero coupon bond£¬²»ÄÜÓÃÓÚ×éºÏstrip¡£stripÊÇÓÉt-bondºÍt-note×é³ÉµÄzero coupon bond
6. revenue bond ·çÏÕ×î´ó£¬yieldsÒ²×î´ó¡£
7. prerefunded bondsÊÇescrow pool of treasury securities²úÉúµÄÏÖ½ðÁ÷¡£insured bondsÓеÚÈý·½µ£±£¡£²»´æÔÚ£¬absolute priority bonds ºÍcredit enhanced obligations
8. shelf registrationÓÃÓÚmedium-term notes,ÔÊÐí¿â´æ·¢ÐÐÉϼܣ¬È»ºóÂýÂýÂô¡£Corporate MBS£¬double-barreled municipal bond¶¼ÊÇÒ»´ÎÐÔÂôÍê¡£
9. ×÷Ϊspecial purpose vehicleÏúÊÛasset¿ÉÒÔ±£»¤²»±»general claims
10. on the run issuesÊÇ×îÐÂissued securities
11. ˽Ͻ»Ò×£¬»áÒªÇóhigher yieldÀ´²¹³¥less liquid
12. bankers acceptances ÊǶÌÆÚ£¬Öм䲻¸¶Ï¢¡£¸ú negotiable CDsÒ»Ñù£¬credit¶¼ºÜºÃ£¬¶þ¼¶Êг¡¶¼±È½ÏÓÐÏÞ¡£
13. CDO, collateralized debt obligationÊÇbacked by an underlying pool of debt±ÈÈçemerging market debt
    CMO£¬backed by a pool of mortgages
    ABS£¬backed by financial assets
    EMD²»´æÔÚ
14. Ò»¼¶Êг¡²»´æÔÚmarket making

Concept Checkers P80

1. pure expectations theory£¬Ëµinverted or downward-sloping yield curve ˵Ã÷short-term rates are expected to decline in the future
2. ÀíÐÔͶ×ÊÕßÈÏΪ³¤ÆÚͶ×Ê·çÏձȶÌÆÚͶ×Ê·çÏմ󣬶ø²»ÊÇÿÈ˶Գ¤ÆÚͶ×Ê̬¶È²»Ò»Ñù¡£Í¶×ÊÕ߸üϲ»¶¶ÌÆÚͶ×Ê£¬³¤ÆÚͶ×ÊÀûÂÊÒª¸ß£¬ÓзçÏÕÒç¼Û¡£
3. Ìض¨µÄ»ú¹¹ºÍͶ×ÊÕßÇãÏòÓÚÌض¨ÆÚÏÞµÄfixed-income market£¬¹©¸øÐèÇó¾ö¶¨yield curveµÄÐÎ×´
4. ÑëÐе÷ÕûÁËÀûÂʵÄ×î³£Ó÷½·¨ÊÇopen market operations
5. yield ratio=1+yield spread
6. absolute yield spread = yield on X year corporate issue ¨C yield on-the-run X year treasury issue
7. relative yield spread= (corporate yield ¨C treasury yield)/treasury yield
8. ÊÕËõ¾­¼Ã˵Ã÷lower corporate earningÔö¼ÓdefaultµÄ¿ÉÄÜÐÔ£¬À©´ócorporate issuesºÍtreasury issuesµÄspread
9. yield ratio = higher yield bond/ lower yield bond
10. marginal tax rate = 1- tax-exempt rate/taxable rate
11. ¾­¼ÃÀ©ÕÅÆÚ£¬credit spread¼õС£¬ÒòΪÆóÒµÊÕÈëÔö¼Ó£¬less likely to default
12. less liquidity ÒªÇóhigher spead£¬ÓÃÓÚcompensate
13. spreadËõС£¬²»Ó°ÏìtreasuryµÄ¼Û¸ñ
14. ÓÐË°ºÍÃâË°µÄծȯ»»Ëã¡£

Concept Checkers P89

1. ÑëÐв»Ó¦¸ÃÈÃmarkets drive policy¡£ÑëÐлõ±ÒÕþ²ßÖ±½Ó¸úÊг¡¹µÍ¨£¬Ó¦¸ÃÓ볤ÆÚÕþ²ßÄ¿±êÒ»Ö£¬ÈÃÊг¡Àí½â¡£
2. predictable µÄÕþ²ßÓù«²¼Õþ²ßºóµÄshort-term ratesÀ´·´Ó³¡£
3. Êг¡ÀûÂÊ·´Ó³ÏÖÔÚ¼Û¸ñºÍδÀ´µÄÔ¤ÆÚ£¬ËùÒÔÊг¡ÒªÆ½»¬ÎüÊÕ»õ±ÒÕþ²ß¡£
4. ÓÐЧµÄƽ»¬µÄʵʩÕþ²ß£¬Òªcredible£¬predictableºÍtransparent¡£ÊDz»ÊÇÒªinfrequently changeÒª¸ù¾ÝÊг¡Çé¿ö¡£

Concept Checkers P101

1. Ëãcoupon payment
2. ËùÓеÄ10%coupon rateµÄÏÖ½ðÁ÷£¬ÓÃ15%ÕÛÏÖ¡£
3. ͬÉÏ£¬¿´Çå³þÊÇ°ëÄ긶Ϣ
4. ͬÉÏ
5. ͬÉÏ
6. required rateϽµ£¬¼Û¸ñÉÏÉý¡£
7. YTM=stated coupoin rate£¬ ¼Û¸ñ=par value
8. °´ÐµÄyield to maturiryËã¼Û¸ñ£¬ÔÙ³ýÒÔÏÖ¼Û¿´premium
9. ¸ù¾Ý²»Í¬ÆÚµÄYTMËãÏÖÖµ£¬¾ö¶¨Ì×Àû·½Ïò¡£
10. °´20ÄêËãPV£¬ÔÙ°´17ÄêËãPV£¬Ïà¼õËã³ö3ÄêºóÔö¼ÓµÄvalue
11. Ëãzero coupon bondµÄÏÖÖµ

Concept Checkers P127

1. Òç¼Û£¬YTM<coupon rate
2. ÊÔËãYTM
3. ÊÔËãYTC,ÓÃcallµÄÆÚÏÞ
4. ÊÔËãYTP£¬ÓÃputµÄÆÚÏÞ
5. zero coupon bondµÄYTM=[(1000/ÏÖÖµ)^1/ÆÚÊý-1] X 2
6. °ëÄêϢʵ¼ÊÄêÀûÂʸúÃûÒåÄêÀûÂʵÄת»»
7. ÖªµÀÔÂÏ¢£¬»»³É°ëÄêÆÚ£¬ÔÙ»»³ÉÄêÏ¢
8. Òç¼Û¹ºÂòµÄbond£¬premium»áÖð½¥¼õÉÙ(capital loss),¼ÆËãYTMÒÑ¿¼ÂÇ
9. ÖªµÀµÚËÄÄêµÄsopt rate£¬µÚÈýÄêµÄspot rateËãµÚÒ»ÄêµÄforward rate¡£
   (1+y4)^4=(1+y3)^3 X (1+f13)
10. put option cost <0, OAS>Z-spread
11. spot rate£¬ËãS1=µÚÒ»ÄêÀûÂÊ£¬S2=¸ùºÅ(r1Xr2)-1,S3£¬S4¡£ÓÃ4¸öSÕÛÏÖ£¬¼ÓÆðÀ´¾ÍÊÇPV
12. zero coupon Ö»¹ÜS3£¬ÕÛÏÖ¡£
13. ¼ÙÈçyield curve ÊÇflat£¬nominal spread=z-spread£»¼ÙÈçoption free£¬Z-spread=OAS; coupon rateû¹Øϵ
14. treasury spot yield curve»áÈÃt-bondÔÚarbitrage-free priceÉÏ£¬on-the-run treasury bond.ËùÒÔZ-spreadÊÇ0

Comprehensive problems
1.Ëãcoupon interest£»ËãprincipalµÄgain/loss,ËãÀûÏ¢ÔÚͶ×Ê¡£
2.ʵ¼ÊÀûÂʺÍÃûÒåÀûÂʵĻ»Ëã¡£
3.·´¹ýÀ´
4.Ëãspot rate £¬Í¬11¡£ËãYTM£»nominal spread=YTMbond- YTMtreasury,Ëãz-spread

Ò²¿ÉÒÔÓÃ3¸öz-spread´øÈëËã×î½Ó½üµÄ¡£
5.6.7.ÂÔ¹ý

Concept Checkers P153

1. negative convexity£¬required yield ¼õÉÙ£¬¼Û¸ñÔö¼ÓµÄËٶȼõ»º£¬µ½call price¸½½ü£¬level off
2. ËãÏÖÔÚµÄpvºÍYTMÔö¼ÓºóµÄpv£¬interest rate exposure= (ºóPV-Ç°PV)/Ç°PV
3. ËãV_,V+, duration = (V_ ¨C V+)/2V0*¦¤y
4. callable µÄV_=call price
5. yield¼õÉÙ£¬priceÔö¼Ó£¬
6. convexity effect = convexity X (¦¤y)^2
7. total estimate price change=duration effect + convexity effect= duration X ¦¤y +convexity X (¦¤y)^2
8. ͬÉÏ
9. total percentage change in price=duration effect + convexity effect=effective duration+convexity effect
10. PVBP=³õʼ¼Û¸ñ-ÀûÂʱ䶯1bpµÄ¼Û¸ñ¡£ÏÈËãYTM£¬ÔÙYTM+0.01%£¬ËãPV
11. ×î׼ȷµÄÓÃÓÚ¼ÆËãyield±ä¶¯¶ÔvalueµÄÓ°ÏìµÄ·½·¨£ºfull valuation approach
12. negative convexityµ¼Ö¼۸ñÉÏÉý±ÈϽµËÙ¶ÈÂý¡£
13. effective duration method¿¼ÂÇÁËcall option£¬ËùÒÔ¼Û¸ñËã³öÀ´×îµÍ¡£macaulay durationºÍmodified duration½Ï¸ß¡£

Comprehensive problems
1.portfolioµÄeffective durationÊÇ×éºÏÀïbondsµÄeffective durationµÄweighted average£¬ÓÃÊг¡¼ÛÖµÀ´µ±weight
2.ÓÃ1Ëã³öµÄefective duration¡Á0.01%¡Á×ܼÛÖµ
3.modified duration ºÍeffective durationÏàµÈ£¬¾ÍûÓÐoption.
4.premuimµÄbond¿ÉÄÜÓÐcall option£¬effective duration±Èmodified durationС£¬¶øÇÒÓÐnegative convexity
5.putableÊÇdicount£¬effetive duration±Èmodified durationСºÜ¶à£¬µÍconvexity
6.ͬ7
7.Ëãeffective durationʱ£¬ÒªÑ¡price modelºÍyield change£¬Á½¸ö²»Í¬µ¼ÖÂËã³öµÄeffective duration²»Í¬¡£
8.effective duration»ùÓÚyieldºÜСµÄ±ä»¯Ëã³öyield curveµÄ±ä»¯¡£¿ÉÄܲ»×ãÒÔ˵Ã÷¡£

self-test P159

1. ÑëÐиù¾ÝÊг¡ÀûÂʺÍÑÜÉúÆ·¼Û¸ñ¹À¼ÆͶ×ÊÕßÔ¤ÆÚºÍδÀ´ÀûÂÊ£»¼ÙÈçpredictable£¬Êг¡ÀûÂÊÒѾ­·´Ó³Á˼´½«¹«²¼µÄÕþ²ß£¬¶ø²»ÊǸôÒ¹Á¢¿Ì·´Ó¦¡£
2. Ëã°ëÄ긶µÄYTM£¬ËãÁ½ÄêºóPVͬP153-2
3. market segmentation theory»ùÓÚ²»Í¬Í¶×ÊÕßÆ«ºÃ²»Í¬ÆÚÏ޵IJúÆ·¡£pure expectation theoryµÄȱµãÊÇûÓг¤ÆÚ¼Û¸ñ·çÏյĵ÷Õû¡£
4. ÍⲿÐÅÓüÓÇ¿ÊǵÚÈý·½Ö§³Ö¡£portfolio insurance²»ÊÇ¡£bond insuranceÊÇ£¬corporate guaranteeÊÇ£¬LCÊÇ
5. ÓÐoptionµÄbondÒªÓÃeffective durationËã¡£
6. ÀûÂÊϵøbenefit duration×î¸ßµÄbond¡£couponÔ½µÍ£¬YTMÔ½µÍ£¬µ½ÆÚʱ¼äÔ½³¤£¬durationÔ½¸ß¡£
7. ¶ÔbuyerÓÐÀûµÄoption£¬¿ÉÒÔ½µµÍYTM
8. Ëã³ö¦¤yÓÃduration = (V_ ¨C V+)/2V0*¦¤yËãduration
9. yield volatilityµÄ¼õÉÙ£¬µ¼ÖÂoption valueµÄ¼õÉÙ¡£prepayment valueµÄ¼õÉÙ£¬Ôö¼Óbong value£¬required yield¼õÉÙ¡£put option value¼õÉÙ£¬required yieldÔö¼Ó¡£
10. OAS<z-spread, optionÊǼõСrequired yield£¬ÊÇput option£»OASÊÇÈ¥³ýoptionµÄ£¬ËùÒÔÔ½¸ß£¬value¾ÍÔ½¸ß¡£
11. forward rate=[(1+µÚËÄÄêµÄspot rate)4´Î·½/(1+µÚ¶þÄêµÄspot rate)ƽ·½-1]¿ª¸ùºÅ-1£¬
    ½üËƼÆËã[(µÚËÄÄêµÄspot rate)4´Î·½/(µÚ¶þÄêµÄspot rate)]/2
12. CMOÊÇdiferent claim to mortgage cash flows

Concept Checkers P168

1. ÑÜÉúÆ·µÄvalueÊÇanother asset derive³öÀ´µÄ
2. exchange-traded derivatives ÓеÍÎ¥Ô¼·çÏÕ£¬ÒòΪclearing houseÔÚ½»Ò×Ë«·½Öм䡣ÊDZê×¼»¯µÄºÏÔ¼£¬ºÜÇ¿Á÷¶¯ÐÔ£¬Ìṩ¼Û¸ñÐÅÏ¢
3. ·Ç±ê×¼»¯µÄcontractÊÇforward commitment
4. future contractÊÇliquid£¬exchange-traded£¬Ã¿Ììµ÷ÕûgainºÍloss¡£contingent claimÓÐpayoffsºÍdepend on some future event(ÀàËÆoption)
5. swapÊÇһϵÁÐforward contract
6. call optionÊÇholderÓÐright È¥ÒÔÌض¨¼Û¸ñbuy asset
7. Ì×Àû·ÀÖ¹Á½¸öͬÑùµÄasset½»Òײ»Í¬µÄ¼Û¸ñ¡£
8. ÑÜÉúÆ·²»»áÌṩ»òÕßÌá¸ßinflation reduction

Concept Checkers P182

1. short in forward contractÓÐobligationÔÚsettlement  dateÒÔcontract price½»³ö asset¡£initiationûÓÐpayment£¬ÈκÎÒ»·½²»ÂÄÐУ¬¶¼ÓÐÎ¥Ô¼·çÏÕ¡£
2. forward contract¿ÉÒÔcall for settlement in cash»òÕßdelivery of the asset¡£Ò»°ã²»»áÈÃÑ¡Ôñ£¬Ö»»á¹æ¶¨Ò»¸ö·½Ê½
3. early termination¸úµÚÈý·½offset²»»áÈ¥³ýÎ¥Ô¼·çÏÕ£¬¸úÔ­À´µÄ¶Ô·½£¬¿ÉÒÔÈ¥³ýdefault risk£»offsetÕâ¸ö¶¯×÷²»ÐèÒª¸¶Ç®¡£
4. forward contract dealorÒ»°ãÊÇÒøÐкʹ󾭼ù«Ë¾£¬Í¨³£¸ú±ðµÄdealor×ö½»Òס£ÓÃÓÚoffset long»òÕßshort
5. index forward contract¿ÉÒÔÊÇtotal return contract°üÀ¨dividends¡£contract¿ÉÒÔsettle in cash£¬¿ÉÒÔdeliver£¬¿ÉÒÔÊÇcustom portfolios¡£contactÖеÄshort position²»ÄÜhedge½«À´ÂòµÄ risk£»long positionÓÃÀ´¼õС½«À´ÂòµÄrisk
6. short-term rateÔö¼ÓµÄʱºò£¬t-bill¼Û¸ñϵø£¬short position»áÓÐprofit¡£t-billµÄ¼Û¸ñÔÚµ½ÆÚÇ°×ÜÊÇСÓÚface value¡£forwardÓÐdefault risk
7. eurodollar time depositsÊÇÃÀԪΪ»õ±Ò»ù×¼µÄ£¬ÃÀ¹ú¹úÍâÒøÐз¢Ðеġ£ÓÐadd-on yield¶ø²»ÊÇdiscount basis
8. LIBORÊÇÃÀÔª»ù×¼£¬euriborÊÇÅ·Ôª»ù×¼¡£¶¼ÊÇÿÌì±ä¶¯£¬²»Ï޵ص㣬default riskÒ»Ñù¡£
9. LIBOR based contractÊÇ»ùÓÚLIBOR£¬settled in cash£¬contract rateÊÇfixed¡£LIBOR¸ßÓÚcontract rateʱ£¬long»áµÃµ½payment
10. (LIBOR-contract rate)X(ÆÚÏÞ/360) X ×ÜÖµX 1/(1+0.06/6)
11. (ÀÏex-rate-ÐÂex-rate)¡ÁÔ­Öµ£¬
12. (ÀÏdiscount rate-ÐÂdiscount rate)XÆÚÏÞ/360XÔ­Öµ£¬ discount¼õС£¬valueÔö¼Ó
13. (LIBOR+premium)X ÌìÊý/360 X Ô­Öµ
14. 2¸öÔºó½èÈë6¸öÔÂÆÚµÄeuro£¬ÊÇ2X8µÄFRA£¬long

Concept Checkers P195

1. hedge½»Ò×¼õµÍpreexisting risk exposure£¬clearinghouse±£Ö¤future marketµÄobligation£¬margin½»Ò×ÿÌìÇåËãgainºÍloss
2. ÿÌìÇåËã½»marking to market
3. T-billºÍeurodollar future contractÓ¯¿÷ÊÇÒ»¸öbp=$25
4. ²»Äܽ»Ò×£¬ÒòΪlocked limit¿ÉÄÜlimit up»òÕßlimit down£¬³¬³öÁËÔÊÐíµÄ·¶Î§¡£
5. deliviery optionÒâζ×ÅshortÓÐoption to deliver any of a number of permitted bonds
6. long positionµÄholder¸úÒ»¸öshort position holder˽ÏÂ̸£¬À´close out both positions£¬½Ð×öexchange of physicals.ÕâÖÖ½»Ò×ÊÇex-pitºÍÒ»¸öÀýÍâ(fed law¹æ¶¨ËùÓн»Ò×±ØÐëÔÚexchange floor·¢Éú¡£)¶àÊý»¹ÊÇÓÃoffsetting tradeÀ´×ö¡£
7. conversion factor X future priceÀ´¾ö¶¨ delivery price
8. ËãÍâ»ãmargin
9. future marketÀïÃæclearinghouseÉèÖÃinitial and maintenance margin£¬×÷Ϊ½»Ò×µÄÁíÒ»·½£¬´ÓbrokerÊÖÀïÊÕmargin deposit¡£exchangeÀ´¾ö¶¨which contract will trade
10. ÿÌì²¹×ãµÄvariation marginÀ´Âú×ãmargin call
11. forwardsºÍfutures²»Í¬µÄÔÚÓÚsize¡£future¶¼ÊÇstandardizeµÄ£¬forwardÊǶ¨ÖƵÄ

Concept Checkers P219

1. s>x, put optionÊÇout of the money
2. ÃÀʽȨ֤ÔÊÐíµ½ÆÚÈÕ֮ǰÈκÎʱ¼äÐÐȨ£¬Å·Ê½Ö»ÄÜÔÚµ½ÆÚÈÕ¡£ÃÀʽµÄ¼ÛÖµ¾Í¸ß¡£
3. Ȩ֤¼Û¸ñ²¨¶¯±ÈÕý¹ÉÒª´ó¡£µ½ÆÚʱ¼äÔ½³¤£¬¼ÛÖµÔ½¸ß£¬XÔ½µÍ£¬callԽֵǮ£¬XÔ½¸ß£¬putԽֵǮ
4. call ºÍputµÄÒåÎñºÍȨÁ¦¸ãÇå³þ¡£
5. ÀûÂʸúput¼Û¸ñ·´Ïò£¬¸úcall¼Û¸ñͬÏò
6. intrinsic value=S-X£¬time value= option price ¨C intrinsic value
7. ÃÀʽput£¬ÔÚµ½ÆÚÇ°£¬¼Û¸ñ²»»áµÍÓÚintrinsic value£¬lower boundÊÇmax[0,X-St]
8. ÓÐcall optionµÄowner£¬¿ÉÒÔÐÐȨ£¬take a long position in oil future
9. ŷʽputµÄlower boundÊÇmax[0, ÐÐȨ¼ÛÏÖÖµ-ÏÖÔڹɼÛ]£¬ÐÐȨ¼ÛÏÖÖµ°´RFRÕÛÏÖ
10. ÃÀʽcallµÄlower boundÊÇmax[0,ÏÖ¼Û-ÐÐȨ¼ÛµÄÏÖÖµ]£¬°´RFRÕÛÏÖ
11. put-call parity formulaÀïÃ濼Âǵ½ÆÚÇ°µÄÏÖ½ðÁ÷£¬Òª´ÓSÖмõÈ¥ÏÖ½ðÁ÷µÄPV
12. FRAµÈÓÚlong interest rate call optionºÍshort interest rate put option
13. long put interest µÄpaymentËæ×Åstrike rateÔö¼Ó¶øÔö¼Ó¡£Ö»ÔÚ½áÊøºó²Åpay
14. short interest rate putsÒªÇó½áÊøʱ£¬Êг¡ÀûÂʵÍÓÚstrike rate¡£
15. S+P=C+X/(1+RFR)^T
16. ÓÃ15µÄ¹«Ê½¼ÆËã
17. ²¨¶¯ÐÔµÄÔö¼ÓÔö¼ÓoptionµÄ¼ÛÖµ

Concept Checkers P235

1. interest rate swapÀֻËã¾»interest  payment£¬²»½»»»±¾½ð¡£swapÊг¡×î´óµÄÏÞÖÆÊÇdefault£»plain vanillaÀûÂÊ»¥»»ÊÇfixed rate»»variable rate
2. currency swapÒª½»»»±¾½ð¡£swapÊÇ0ºÍÓÎÏ·£¬time frame½Ðtenor
3. swap²»¼õСdefault risk¡£¸øtrader privacy£¬Ë½Ï½»Òס£»ù±¾Ã»regulation¡£¿ÉÒÔ¶¨ÖÆ¡£
4. equity swapsÊÇÒ»·½ÓÃstock»òÕßindexµÄreturnÀ´½»»»fixed return
5. ͬ1
6. swapÖеľºÕùʹswapÓÐЧÂÊ
7. currency swap£¬ÃÀ¹ú¹«Ë¾¸øÍâ¹ú¹«Ë¾ÃÀ½ð¡£
8. °´Ô¼¶¨ÀûÂÊ»¥ÏึÀûÏ¢¡£
9. µ½ÆÚʱ£¬»¥Ïà¹é»¹±¾½ð£¬²»¹Üµ±Ê±µÄ»ãÂÊ
10. ͬÉÏ
11. µÚÒ»´Îswap paymentÊÇknown at the initiation of the swap
12. µÚ¶þ´ÎÊÇÀûÏ¢²î
13. µÚ5´Îpayment»ùÓÚµÚËļ¾¶ÈµÄÀûÏ¢²î¡£

Concept Checkers P247

1. call option×î¶à¿÷call optionµÄ¼ÛÖµ£¬×î¶à׬infinite
2. put option×î¶à׬Strike price-premium,×î¶à¿÷put option
3. Âòput»òÕßcall£¬×î¶à¿÷option value¡£·¢put£¬×î¶à¿÷Strike price-premium£»·¢uncovered call£¬¹É¼ÛÒ»Ö±ÕÇ£¬¿÷ËðÎÞÏÞ¡£
4. Ö»Òª¹É¼ÛµÍÓÚStrike price£¬ÓÐputµÄͶ×ÊÕ߾ͻáÐÐȨ¡£premiumÊÇÓÃÀ´¼ÆËãnet profitµÄ¡£