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strangle\uff09\u300d\u7b56\u7565\uff08\u540c\u6642\u8cb7\u9032\u8cb7\u6b0a\u8207\u8ce3\u6b0a\uff0c\u4ee5\u8ced\u5927\u5e45\u6ce2\u52d5\uff0c\u65b9\u5411\u4e0d\u5fc5\u5148\u731c\u5c0d\uff09\uff0c\u4ee5\u628a\u63e1\u53ef\u80fd\u7684\u5927\u884c\u60c5\uff1a\u8ac7\u5224\u5931\u6557\u5f15\u767c\u4e0a\u6f32\uff0c\u6216\u548c\u5e73\u5354\u8b70\u9020\u6210\u4e0b\u8dcc\u3002\n\n\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\u4e5f\u8b93\u6574\u9ad4\u5e02\u5834\u7684\u300c\u6050\u614c\u6307\u6a19\u300dVIX\uff08\u8861\u91cf\u6a19\u666e 500 \u671f\u6b0a\u96b1\u542b\u6ce2\u52d5\u3001\u5e38\u88ab\u7528\u4f86\u4ee3\u8868\u5e02\u5834\u6050\u614c\u7a0b\u5ea6\uff09\u7dad\u6301\u5728\u7d04 18\u3002\u56de\u9867 2025 \u5e74\u521d\u885d\u7a81\u521d\u671f\uff0cVIX \u66fe\u98c6\u7834 30\uff0c\u986f\u793a\u60c5\u7dd2\u53ef\u80fd\u8fc5\u901f\u8f49\u8b8a\u3002\u8003\u91cf\u98a8\u96aa\u9ad8\uff0c\u7528\u8f03\u4fbf\u5b9c\u7684\u50f9\u4f4d\u8cb7\u5165\u300c\u50f9\u5916\uff08out-of-the-money\uff09\u300d\u6a19\u666e 500 \u7b49\u80a1\u7968\u6307\u6578\u7684\u8ce3\u6b0a\uff08\u884c\u4f7f\u50f9\u96e2\u73fe\u50f9\u8f03\u9060\u3001\u6210\u672c\u8f03\u4f4e\uff0c\u4f46\u9700\u8981\u5e02\u5834\u5927\u8dcc\u624d\u6703\u986f\u8457\u7372\u5229\uff09\u53ef\u4f5c\u70ba\u5c0d\u6c96\uff08\u964d\u4f4e\u7a81\u767c\u5229\u7a7a\u9020\u6210\u640d\u5931\uff09\u7684\u65b9\u5f0f\u3002\n\n\u5c0d\u5916\u532f\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u82e5\u8ac7\u5224\u53d7\u632b\uff0c\u300c\u907f\u96aa\u8cc7\u91d1\u6d41\u300d\u6703\u5feb\u901f\u56de\u6d41\uff08\u8cc7\u91d1\u8f49\u5165\u8f03\u88ab\u8996\u70ba\u5b89\u5168\u7684\u8ca8\u5e63\u6216\u8cc7\u7522\uff09\u30022025 \u5e74\u5347\u6eab\u671f\u9593\uff0c\u745e\u58eb\u6cd5\u90ce\u514c\u6b50\u5143\u5728\u4e0d\u5230\u5169\u9031\u5167\u4e0a\u6f32\u8d85\u904e 3%\uff0c\u53cd\u6620\u8cc7\u91d1\u5c0b\u6c42\u5b89\u5168\u3002\u53ef\u7528\u65e5\u5713\uff08JPY\uff09\u6216\u745e\u58eb\u6cd5\u90ce\uff08CHF\uff09\u7684\u8cb7\u6b0a\uff0c\u53bb\u5c0d\u6297\u6fb3\u5e63\u7b49\u8f03\u53d7\u98a8\u96aa\u60c5\u7dd2\u5f71\u97ff\u7684\u8ca8\u5e63\uff0c\u4ee5\u300c\u98a8\u96aa\u53ef\u63a7\u300d\u65b9\u5f0f\u5728\u8ac7\u5224\u7834\u88c2\u6642\u7372\u5229\uff08\u671f\u6b0a\u6700\u5927\u640d\u5931\u901a\u5e38\u662f\u6b0a\u5229\u91d1\uff09\u3002\n\n\u76f8\u53cd\u5730\uff0c\u82e5\u5354\u8b70\u6210\u529f\uff0c\u53ef\u80fd\u5f15\u767c\u5f37\u52c1\u7684 risk-on \u53cd\u5f48\uff0c\u985e\u4f3c 2015 \u5e74 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