Nike is expecting a payment of 10 mio in 6 months (they are long GBP). The Forward is : $1.3000/ Nike Purchases a 6 month Put/$ Call Struck at $1.3000/ , for $.06/ If at Expiration, in 6 months, spot ends up at $1.1000/, then 1- the profit or loss on on the 10mio will be $ 2- the profit or loss of the option by itself (including the premium) will be $ and 3- the total profit or loss of the exposure will be $ Nike is expecting a payment of 10 mio in 6 months (they are long GBP). The Forward is : $1.3000/ Nike Purchases a 6 month Put/$ Call Struck at $1.3000/ , for $.06/ If at Expiration, in 6 months, spot ends up at $1.1000/, then 1- the profit or loss on on the 10mio will be $ 2- the profit or loss of the option by itself (including the premium) will be $ and 3- the total profit or loss of the exposure will be $