Your manager is currently holding a portfolio of a cash-or-nothing put option and an asset-or-nothing call written on a non-paying dividend stock with an identical strike price. In this case, the payout of the cash-or-nothing option when it is exercised would be similar to the strike price. He is asking you to confirm whether his strategy is equivalent to a protective put position or not. Why is it correct? And why is it not correct?

Please kindly response to his question and give reasonings briefly.