1. Suppose you create a portfolio that consists of the following positions: the opposite positions of a covered call, and the positions of long a protective put. What gross payoff profile do you get from this portfolio (Draw a diagram illustrating how the gross payoff depends on the stock price at maturity of the option)? Would you pay or receive net premiums on this portfolio? What is the view taken on the movement of the stock price if you hold this portfolio? What other options strategy does your portfolio remind you of? Assume a common strike for all options of $100