1. Which of the following statements is correct?

   	A.	The payoff of a short position is less exposed to rapid and large stock price appreciation compared to a put option.
   	B.	Selling ATM put options on the S&P 500 index is profitable on average.
   	C.	A long position in a stock market index with downside protection through repeated purchases of OTM put options would earn higher average returns in the long run compared to the index itself.
   	D.	An OTM call option is typically more expensive than the ITM call options on the same underlying asset.