13.3 Naked covered positions ° Naked position(裸期权头寸策略) Take No action Covered position(抵补期权头寸策略) Buy 100,000 shares today Both strategies leave the Fl exposed to significant risk Options, Futures, and Other Derivatives, 4th edition@ 2000 by John C. Hull Tang Yincai, C 2003, Shanghai Normal UniversityOptions, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2003, Shanghai Normal University 13.3 Naked & Covered Positions • Naked position (裸期权头寸策略) Take NO action • Covered position(抵补期权头寸策略) Buy 100,000 shares today Both strategies leave the FI exposed to significant risk