Consider European-style options whose underlying is the S&P 500 index and maturity in one month. Suppose that the price of the index today goes up from 1000 to 1100. Which of the following investors with positions on these options does NOT benefit from this price increase?

a)

An investor who has a long position on a call.

b)

All the investors benefit.

c)

An investor with a long position on a call with strike 1000 and a long position on a put with strike 1000

d)

An investor who has a short position on a put with strike 1000 and a short position on a call with strike 1000.

e)

An investor who has a short position on a put