Investors having a long butterfly spread...

a.

construct their butterfly spread position from a mixture of call options and put options on the same underlying asset.

b.

None of the statements about a long butterfly spread is true.

c.

maximise their profit when the price of the underlying asset is equal to the strike price of the options in the short leg.

d.

All of the statements about a long butterfly spread are true.

e.

expect the price of the underlying asset to be highly volatile.