单选题 An at-the-money protective put position (comprised of owning the stock and buying a put) :

A. protects against loss at any stock price below the strike price of the put.
B. has limited profit potential when the stock price rises.
C. returns any increase in the stock's value, dollar for dollar, less the cost of the put.

【正确答案】 C

【答案解析】You have no downside risk, so your only loss will be the cost of the put. When the stock price goes up, the put will expire worthless and the stock gives you a dollar for dollar gain. Answer A is not as correct as C. Statement A is true; you are protected against loss at any stock price below the strike price of the put. But the answer didn't mention or consider the cost of the put. The wording of this question was not very dear.