Which of the following option positions is least likely to have limited upside potential?

A. Short call position
B. Covered call position
C. Protective put position

Correct Answer: C

Short call position has the limited upside potential that is limited to the premium received for the call option. Similarly, there is limited upside potential for the covered call position which is equal to the call option premium plus the difference between the stock price at position initiation and the exercise price. The protective put position has unlimited upside potential.