Q11. Based on the Greek Letters in the Black-Scholes-Merton option pricing model, which of the following is Correct? (A) Delta of Call option and Delta of Put option are identical (B) Delta is always a constant and does not change over time (C) Gamma hedging is useful to hedge against large changes in the underlying asset price (D) Delta of Put option has a positive sign Answer: _______________

Q12. Assume that the underlying asset is Gold ETF (Gold Exchange Traded Fund), an investment asset with no storage cost and no dividend. The information of the stock price, maturity of the forward contract, and risk-free rate is provided below:

Stock/Spot Price	S0	$380
Maturity date of Forward Contract (2 years)	T	2
Risk-Free Rate	r	3%

Based on the above information, which of the following is closest to the correct No- Arbitrage Forward Price (F0)? (A) 391.5727 (B) 357.8705 (C) 403.4979 (D) 0 Answer: _______________