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A portfolio manager has a portfolio of options on a non-dividend-paying stock, one with a 1-month expiration and the other with a 4-month expiration. Which combination of transactions in these two options would reduce the gamma and increase the vega of the current portfolio?
A
Buy both the 1-month and the 4-month options.
B
Buy the 1-month option and sell the 4-month option.
C
Sell the 1-month option and buy the 4-month option.
D
Sell both the 1-month and the 4-month options.